NewJersey Resources Corporation $NJR Shares Sold by Millennium Management LLC

Key Points

• Millennium Management LLC reduced its shareholding in New Jersey Resources Corporation by 22%, now owning approximately $52.18 million in stock after selling 299,901 shares.
• New Jersey Resources reported $0.06 earnings per share for the last quarter, surpassing analysts' estimates of ($0.06), while revenue increased by 8.5% year-over-year.
• Several institutional investors, including Deutsche Bank AG and Captrust Financial Advisors, have recently increased their positions in New Jersey Resources, highlighting strong institutional interest in the company.

Millennium Management LLC lessened its stake in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 22.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,063,594 shares of the utilities provider's stock after selling 299,901 shares during the quarter. Millennium Management LLC owned about 1.06% of NewJersey Resources worth $52,180,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NJR. Crews Bank & Trust acquired a new position in NewJersey Resources in the 1st quarter valued at $37,000. Hexagon Capital Partners LLC boosted its holdings in shares of NewJersey Resources by 42.0% in the first quarter. Hexagon Capital Partners LLC now owns 839 shares of the utilities provider's stock valued at $41,000 after acquiring an additional 248 shares in the last quarter. Ameriflex Group Inc. acquired a new position in shares of NewJersey Resources during the fourth quarter worth about $51,000. Brooklyn Investment Group raised its holdings in NewJersey Resources by 1,715.4% during the first quarter. Brooklyn Investment Group now owns 1,416 shares of the utilities provider's stock worth $69,000 after purchasing an additional 1,338 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its position in NewJersey Resources by 6,245.8% in the fourth quarter. Lazard Asset Management LLC now owns 1,523 shares of the utilities provider's stock valued at $71,000 after purchasing an additional 1,499 shares during the period. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

NewJersey Resources Price Performance

NYSE NJR traded down $0.24 during mid-day trading on Friday, hitting $47.16. The stock had a trading volume of 409,548 shares, compared to its average volume of 525,561. The company has a 50 day simple moving average of $46.57 and a 200 day simple moving average of $46.98. The company has a market cap of $4.74 billion, a price-to-earnings ratio of 11.53 and a beta of 0.67. NewJersey Resources Corporation has a 52-week low of $43.80 and a 52-week high of $51.94. The company has a quick ratio of 0.48, a current ratio of 0.76 and a debt-to-equity ratio of 1.25.

NewJersey Resources (NYSE:NJR - Get Free Report) last posted its earnings results on Monday, August 4th. The utilities provider reported $0.06 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.12. NewJersey Resources had a return on equity of 17.08% and a net margin of 19.64%.The company had revenue of $298.95 million for the quarter, compared to analyst estimates of $305.05 million. During the same quarter in the prior year, the company earned ($0.09) earnings per share. NewJersey Resources's revenue was up 8.5% compared to the same quarter last year. Equities analysts forecast that NewJersey Resources Corporation will post 3.15 EPS for the current fiscal year.

NewJersey Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 22nd will be issued a dividend of $0.475 per share. This is an increase from NewJersey Resources's previous quarterly dividend of $0.45. The ex-dividend date is Monday, September 22nd. This represents a $1.90 annualized dividend and a yield of 4.0%. NewJersey Resources's payout ratio is 44.01%.

Insiders Place Their Bets

In other NewJersey Resources news, COO Patrick J. Migliaccio sold 1,500 shares of NewJersey Resources stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $44.22, for a total transaction of $66,330.00. Following the completion of the transaction, the chief operating officer owned 35,690 shares in the company, valued at approximately $1,578,211.80. The trade was a 4.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.72% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on NJR shares. Raymond James Financial reiterated an "outperform" rating and set a $50.00 target price (up previously from $49.00) on shares of NewJersey Resources in a research report on Friday, August 8th. Wall Street Zen raised NewJersey Resources from a "sell" rating to a "hold" rating in a report on Saturday. Finally, JPMorgan Chase & Co. reduced their target price on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a report on Wednesday, May 28th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, NewJersey Resources presently has an average rating of "Hold" and a consensus target price of $51.43.

About NewJersey Resources

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.