NewJersey Resources Corporation $NJR Shares Sold by Corient Private Wealth LP

Corient Private Wealth LP lessened its stake in NewJersey Resources Corporation (NYSE:NJR - Free Report) by 37.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,059 shares of the utilities provider's stock after selling 21,896 shares during the quarter. Corient Private Wealth LP's holdings in NewJersey Resources were worth $2,022,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of NewJersey Resources during the second quarter worth about $1,008,340,000. Energy Income Partners LLC acquired a new stake in NewJersey Resources during the 2nd quarter valued at approximately $78,592,000. Norges Bank acquired a new stake in NewJersey Resources during the 4th quarter valued at approximately $60,075,000. Bank of New York Mellon Corp purchased a new stake in NewJersey Resources during the 2nd quarter worth approximately $57,722,000. Finally, Caisse de depot et placement du Quebec purchased a new stake in NewJersey Resources during the 2nd quarter worth approximately $29,905,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Weiss Ratings cut NewJersey Resources from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. JPMorgan Chase & Co. dropped their price target on shares of NewJersey Resources from $64.00 to $63.00 and set an "overweight" rating for the company in a research note on Friday, September 11th. Wells Fargo & Company cut shares of NewJersey Resources from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $63.00 to $61.00 in a report on Wednesday, August 5th. Huntington assumed coverage on shares of NewJersey Resources in a report on Monday, September 14th. They set an "outperform" rating and a $68.00 price objective for the company. Finally, New Street Research set a $68.00 price objective on shares of NewJersey Resources in a report on Monday, September 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $61.50.

NewJersey Resources Price Performance

Shares of NYSE:NJR opened at $52.18 on Thursday. The company has a quick ratio of 0.45, a current ratio of 0.66 and a debt-to-equity ratio of 1.21. The firm has a 50-day simple moving average of $55.35 and a 200 day simple moving average of $55.66. NewJersey Resources Corporation has a fifty-two week low of $43.46 and a fifty-two week high of $60.86. The company has a market cap of $5.29 billion, a PE ratio of 14.41, a P/E/G ratio of 2.94 and a beta of 0.50.

NewJersey Resources (NYSE:NJR - Get Free Report) last posted its earnings results on Monday, August 3rd. The utilities provider reported $0.11 EPS for the quarter, beating the consensus estimate of $0.06 by $0.05. The company had revenue of $349.18 million during the quarter, compared to analyst estimates of $342.13 million. NewJersey Resources had a return on equity of 14.46% and a net margin of 16.42%.The business's revenue was up 16.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.15) earnings per share. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. On average, sell-side analysts anticipate that NewJersey Resources Corporation will post 3.59 EPS for the current year.

NewJersey Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Thursday, September 24th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Thursday, September 24th. This is an increase from NewJersey Resources's previous quarterly dividend of $0.47. NewJersey Resources's dividend payout ratio (DPR) is currently 52.49%.

Insiders Place Their Bets

In other NewJersey Resources news, COO Patrick Migliaccio sold 3,000 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $55.63, for a total value of $166,890.00. Following the sale, the chief operating officer directly owned 32,202 shares of the company's stock, valued at $1,791,397.26. This trade represents a 8.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.70% of the stock is owned by corporate insiders.

NewJersey Resources Profile

New Jersey Resources Corporation NYSE: NJR is an energy services holding company based in Wall, New Jersey. Through its subsidiaries, the company provides regulated natural gas distribution, energy management, wholesale energy services, renewable energy development, and natural gas storage and transportation solutions.

Its principal subsidiary, New Jersey Natural Gas, operates a regulated natural gas utility serving residential, commercial, and industrial customers in central and northern New Jersey.

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