NewJersey Resources Corporation $NJR Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. reduced its stake in NewJersey Resources Corporation by 4.7%, resulting in ownership of approximately 407,128 shares valued at around $19.97 million.
• NewJersey Resources reported $0.06 earnings per share for the most recent quarter, exceeding analysts' expectations, but revenue of $298.95 million fell short of the forecast.
• The stock has a market capitalization of $4.72 billion and its twelve-month trading range is between $43.80 and $51.94.

Invesco Ltd. lowered its position in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 4.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 407,128 shares of the utilities provider's stock after selling 20,093 shares during the quarter. Invesco Ltd. owned about 0.41% of NewJersey Resources worth $19,974,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NJR. Crews Bank & Trust acquired a new stake in NewJersey Resources during the 1st quarter worth about $37,000. Hexagon Capital Partners LLC lifted its position in NewJersey Resources by 42.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 839 shares of the utilities provider's stock worth $41,000 after acquiring an additional 248 shares during the period. Ameriflex Group Inc. acquired a new stake in NewJersey Resources during the 4th quarter worth about $51,000. Lazard Asset Management LLC grew its position in NewJersey Resources by 6,245.8% during the 4th quarter. Lazard Asset Management LLC now owns 1,523 shares of the utilities provider's stock worth $71,000 after purchasing an additional 1,499 shares during the period. Finally, Quarry LP grew its position in NewJersey Resources by 13,692.3% during the 4th quarter. Quarry LP now owns 1,793 shares of the utilities provider's stock worth $84,000 after purchasing an additional 1,780 shares during the period. Institutional investors and hedge funds own 70.98% of the company's stock.

NewJersey Resources Stock Performance

NYSE NJR opened at $47.0050 on Friday. The stock has a market capitalization of $4.72 billion, a price-to-earnings ratio of 11.49 and a beta of 0.64. NewJersey Resources Corporation has a twelve month low of $43.80 and a twelve month high of $51.94. The company has a current ratio of 0.76, a quick ratio of 0.48 and a debt-to-equity ratio of 1.25. The stock has a 50-day moving average of $45.83 and a 200 day moving average of $46.91.

NewJersey Resources (NYSE:NJR - Get Free Report) last released 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 during the quarter, compared to analysts' expectations of $305.05 million. NewJersey Resources had a return on equity of 17.08% and a net margin of 19.64%.NewJersey Resources's quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.09) EPS. Sell-side analysts anticipate that NewJersey Resources Corporation will post 3.15 EPS for the current fiscal year.

Insider Transactions at NewJersey Resources

In related news, COO Patrick J. Migliaccio sold 1,500 shares of NewJersey Resources 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 sale, the chief operating officer directly owned 35,690 shares in the company, valued at approximately $1,578,211.80. The trade was a 4.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.72% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on NJR shares. Wells Fargo & Company upped their target price on NewJersey Resources from $51.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. Mizuho lowered their target price on NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating on the stock in a research note on Thursday, May 15th. Wall Street Zen downgraded NewJersey Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Raymond James Financial restated an "outperform" rating and issued a $50.00 target price (up previously from $49.00) on shares of NewJersey Resources in a research note on Friday, August 8th. Finally, JPMorgan Chase & Co. lowered their target price on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 28th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $51.43.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.