Reaves W H & Co. Inc. Boosts Position in NewJersey Resources Corporation (NYSE:NJR)

Key Points

• Reaves W H & Co. Inc. increased its holdings in NewJersey Resources Corporation (NYSE:NJR) by 276.5%, owning over 47,000 shares valued at $2.31 million after adding 34,581 shares.
• NewJersey Resources reported earnings of $0.06 per share in August, surpassing estimates of a loss and reflecting an 8.5% increase in revenue year-over-year.
• Analyst ratings for NJR show a consensus of "Hold" with an average price target of around $51.29, highlighting mixed outlooks from various financial institutions.

Reaves W H & Co. Inc. increased its holdings in NewJersey Resources Corporation (NYSE:NJR - Free Report) by 276.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 47,086 shares of the utilities provider's stock after acquiring an additional 34,581 shares during the quarter. Reaves W H & Co. Inc.'s holdings in NewJersey Resources were worth $2,310,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC raised its stake in shares of 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 in the last quarter. Xponance Inc. increased its holdings in NewJersey Resources by 1.9% in the 1st quarter. Xponance Inc. now owns 15,310 shares of the utilities provider's stock worth $751,000 after buying an additional 288 shares during the period. Good Life Advisors LLC increased its holdings in NewJersey Resources by 1.0% in the 1st quarter. Good Life Advisors LLC now owns 34,976 shares of the utilities provider's stock worth $1,716,000 after buying an additional 333 shares during the period. Choreo LLC increased its holdings in NewJersey Resources by 4.1% in the 1st quarter. Choreo LLC now owns 9,404 shares of the utilities provider's stock worth $465,000 after buying an additional 372 shares during the period. Finally, Federated Hermes Inc. increased its holdings in NewJersey Resources by 3.9% in the 1st quarter. Federated Hermes Inc. now owns 10,093 shares of the utilities provider's stock worth $495,000 after buying an additional 378 shares during the period. 70.98% of the stock is owned by hedge funds and other institutional investors.

NewJersey Resources Trading Down 0.5%

NYSE NJR traded down $0.25 during trading on Friday, hitting $46.98. The stock had a trading volume of 709,266 shares, compared to its average volume of 654,852. The firm has a 50 day moving average price of $45.45 and a 200 day moving average price of $46.93. The company has a quick ratio of 0.73, a current ratio of 0.76 and a debt-to-equity ratio of 1.25. The company has a market capitalization of $4.72 billion, a PE 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.

NewJersey Resources (NYSE:NJR - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The utilities provider reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.12. The business 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%. The business's quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.09) EPS. As a group, equities research analysts forecast that NewJersey Resources Corporation will post 3.15 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on NJR shares. Wall Street Zen cut shares of NewJersey Resources from a "hold" rating to a "sell" rating in a research note on Saturday. Mizuho decreased their price objective on NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating on the stock in a report on Thursday, May 15th. Wells Fargo & Company lifted their price target on NewJersey Resources from $51.00 to $53.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Raymond James Financial lifted their price target on NewJersey Resources from $49.00 to $50.00 and gave the stock an "outperform" rating in a report on Friday. Finally, JPMorgan Chase & Co. cut 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. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $51.43.

Insider Activity

In other 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 completion of the transaction, the chief operating officer owned 35,690 shares in the company, valued at approximately $1,578,211.80. This trade represents a 4.03% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.72% of the company's stock.

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.