NewJersey Resources Corporation $NJR Shares Bought by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC increased its stake in NewJersey Resources Corporation by 181.6% in the first quarter, owning approximately 0.11% of the company worth around $5.16 million.
• During the same period, other institutional investors also made significant moves, with 70.98% of the stock currently held by institutions and hedge funds.
• NewJersey Resources reported earnings of $0.06 per share for the last quarter, exceeding expectations, despite a revenue figure that was slightly below analyst forecasts.

Hsbc Holdings PLC raised its holdings in NewJersey Resources Corporation (NYSE:NJR - Free Report) by 181.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 105,449 shares of the utilities provider's stock after purchasing an additional 67,997 shares during the quarter. Hsbc Holdings PLC owned about 0.11% of NewJersey Resources worth $5,161,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of NJR. Nuveen LLC acquired a new position in NewJersey Resources in the first quarter valued at $29,509,000. Millennium Management LLC increased its stake in NewJersey Resources by 66.0% in the fourth quarter. Millennium Management LLC now owns 1,363,495 shares of the utilities provider's stock valued at $63,607,000 after purchasing an additional 542,089 shares during the period. Northern Trust Corp increased its stake in NewJersey Resources by 18.5% in the fourth quarter. Northern Trust Corp now owns 1,350,358 shares of the utilities provider's stock valued at $62,994,000 after purchasing an additional 210,538 shares during the period. GAMMA Investing LLC raised its position in NewJersey Resources by 6,150.4% during the 1st quarter. GAMMA Investing LLC now owns 143,010 shares of the utilities provider's stock worth $7,016,000 after buying an additional 140,722 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its position in NewJersey Resources by 67.6% during the 4th quarter. Point72 Asset Management L.P. now owns 305,102 shares of the utilities provider's stock worth $14,233,000 after buying an additional 123,100 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on NJR shares. Wall Street Zen upgraded shares of NewJersey Resources from a "sell" rating to a "hold" rating in a research report on Friday. Mizuho cut their price objective 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. Wells Fargo & Company upped their price objective on shares of NewJersey Resources from $51.00 to $53.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. cut their price objective 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. Finally, Raymond James Financial restated an "outperform" rating and set a $50.00 price objective (up previously from $49.00) on shares of NewJersey Resources in a research report on Friday, August 8th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $51.43.

Insider Buying and Selling

In related news, COO Patrick J. Migliaccio sold 1,500 shares of the 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 sale, the chief operating officer directly owned 35,690 shares of the company's stock, valued at approximately $1,578,211.80. This represents a 4.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.72% of the company's stock.

NewJersey Resources Stock Performance

NYSE:NJR opened at $47.3440 on Tuesday. 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 Corporation has a fifty-two week low of $43.80 and a fifty-two week high of $51.94. The stock has a market cap of $4.76 billion, a PE ratio of 11.58 and a beta of 0.64. The firm's fifty day simple moving average is $45.95 and its 200-day simple moving average is $46.93.

NewJersey Resources (NYSE:NJR - Get Free Report) last posted 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. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%. The business had revenue of $298.95 million for the quarter, compared to analysts' expectations of $305.05 million. During the same period in the prior year, the company posted ($0.09) EPS. The business's revenue for the quarter was up 8.5% on a year-over-year basis. Analysts expect that NewJersey Resources Corporation will post 3.15 earnings per share for the current fiscal year.

NewJersey Resources 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.

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