Ethic Inc. Grows Position in NewJersey Resources Corporation $NJR

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

Ethic Inc. raised its position in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 23.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 39,455 shares of the utilities provider's stock after purchasing an additional 7,596 shares during the quarter. Ethic Inc.'s holdings in NewJersey Resources were worth $1,938,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its position in NewJersey Resources by 8.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,228 shares of the utilities provider's stock valued at $551,000 after purchasing an additional 881 shares during the period. Principal Financial Group Inc. grew its position in shares of NewJersey Resources by 2.1% during the 1st quarter. Principal Financial Group Inc. now owns 232,427 shares of the utilities provider's stock worth $11,403,000 after buying an additional 4,770 shares during the period. GAMMA Investing LLC grew its position in shares of NewJersey Resources by 27.4% during the 1st quarter. GAMMA Investing LLC now owns 2,915 shares of the utilities provider's stock worth $143,000 after buying an additional 627 shares during the period. Farther Finance Advisors LLC grew its position in NewJersey Resources by 83.7% in the 1st quarter. Farther Finance Advisors LLC now owns 1,859 shares of the utilities provider's stock valued at $91,000 after purchasing an additional 847 shares during the period. Finally, State of Alaska Department of Revenue grew its position in NewJersey Resources by 3.8% in the 1st quarter. State of Alaska Department of Revenue now owns 11,741 shares of the utilities provider's stock valued at $576,000 after purchasing an additional 430 shares during the period. Institutional investors and hedge funds own 70.98% of the company's stock.

NewJersey Resources Stock Up 1.9%

NJR traded up $0.8730 during mid-day trading on Friday, reaching $47.8830. 492,188 shares of the stock were exchanged, compared to its average volume of 618,437. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.48 and a current ratio of 0.76. The stock has a market capitalization of $4.81 billion, a PE ratio of 11.71 and a beta of 0.64. The company has a 50 day moving average price of $45.89 and a two-hundred day moving average price of $46.92. NewJersey Resources Corporation has a 1 year low of $43.80 and a 1 year high of $51.94.

NewJersey Resources (NYSE:NJR - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The utilities provider reported $0.06 earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.12. The company had revenue of $298.95 million for the quarter, compared to the consensus estimate of $305.05 million. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%. The firm's quarterly revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.09) EPS. As a group, research analysts anticipate that NewJersey Resources Corporation will post 3.15 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on NJR shares. Mizuho reduced their price target on shares of NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating for the company in a research report on Thursday, May 15th. JPMorgan Chase & Co. reduced their price target on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a research report on Wednesday, May 28th. Raymond James Financial reissued an "outperform" rating and issued a $50.00 price target (up previously from $49.00) on shares of NewJersey Resources in a research report on Friday, August 8th. Wall Street Zen raised shares of NewJersey Resources from a "sell" rating to a "hold" rating in a research report on Friday. Finally, Wells Fargo & Company lifted their price objective on shares of NewJersey Resources from $51.00 to $53.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $51.43.

Insider Buying and Selling at NewJersey Resources

In related news, COO Patrick J. Migliaccio sold 1,500 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $44.22, for a total value of $66,330.00. Following the transaction, the chief operating officer directly owned 35,690 shares of the company's stock, valued at approximately $1,578,211.80. The trade was a 4.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.72% of the company's stock.

NewJersey Resources Company Profile

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.