NewJersey Resources Corporation $NJR Shares Bought by MetLife Investment Management LLC

Key Points

• MetLife Investment Management LLC increased its stake in New Jersey Resources Corporation by 22.1%, acquiring an additional 25,059 shares during the 1st quarter.
• New Jersey Resources reported a net income of $0.06 earnings per share, exceeding analyst expectations, despite having revenues slightly below forecasts.
• The company has a current consensus rating of "Hold" from analysts with a target price of $51.43 based on recent evaluations.

MetLife Investment Management LLC grew its position in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 22.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 138,465 shares of the utilities provider's stock after purchasing an additional 25,059 shares during the quarter. MetLife Investment Management LLC owned 0.14% of NewJersey Resources worth $6,793,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of NJR. Wealth Enhancement Advisory Services LLC grew its holdings in shares of NewJersey Resources by 8.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,228 shares of the utilities provider's stock worth $551,000 after acquiring an additional 881 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of NewJersey Resources by 2.1% during the first quarter. Principal Financial Group Inc. now owns 232,427 shares of the utilities provider's stock valued at $11,403,000 after buying an additional 4,770 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of NewJersey Resources by 27.4% during the first quarter. GAMMA Investing LLC now owns 2,915 shares of the utilities provider's stock valued at $143,000 after buying an additional 627 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of NewJersey Resources by 83.7% during the first quarter. Farther Finance Advisors LLC now owns 1,859 shares of the utilities provider's stock valued at $91,000 after buying an additional 847 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in shares of NewJersey Resources by 3.8% during the first quarter. State of Alaska Department of Revenue now owns 11,741 shares of the utilities provider's stock valued at $576,000 after buying an additional 430 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

NewJersey Resources Price Performance

Shares of NYSE:NJR opened at $47.44 on Thursday. NewJersey Resources Corporation has a fifty-two week low of $43.80 and a fifty-two week high of $51.94. The business has a 50-day moving average of $46.07 and a two-hundred day moving average of $46.93. The stock has a market capitalization of $4.77 billion, a P/E ratio of 11.60 and a beta of 0.64. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.76 and a quick ratio of 0.48.

NewJersey Resources (NYSE:NJR - Get Free Report) last announced 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 return on equity of 17.08% and a net margin of 19.64%.The company had revenue of $298.95 million during the quarter, compared to analysts' expectations of $305.05 million. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. The business's quarterly revenue was up 8.5% compared to the same quarter last year. On average, equities research analysts predict that NewJersey Resources Corporation will post 3.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on NJR shares. Wall Street Zen upgraded NewJersey Resources from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Wells Fargo & Company lifted their price objective on NewJersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 7th. Mizuho reduced their price objective on NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating for the company in a research report on Thursday, May 15th. Raymond James Financial reissued 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. Finally, JPMorgan Chase & Co. reduced their price objective on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a research report on Wednesday, May 28th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $51.43.

Insider Buying and Selling at NewJersey Resources

In other NewJersey Resources news, COO Patrick J. Migliaccio sold 1,500 shares of the business's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $44.22, for a total value of $66,330.00. Following the completion of the sale, the chief operating officer owned 35,690 shares of the company's stock, valued at $1,578,211.80. The trade was a 4.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.72% of the stock is owned by corporate insiders.

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.

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