Reaves W H & Co. Inc. Grows Holdings 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. lifted its position in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 276.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,086 shares of the utilities provider's stock after buying an additional 34,581 shares during the period. 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 have also added to or reduced their stakes in the company. Crews Bank & Trust purchased a new position in NewJersey Resources during the 1st quarter valued at $37,000. Hexagon Capital Partners LLC boosted its holdings in NewJersey Resources by 42.0% in the first quarter. Hexagon Capital Partners LLC now owns 839 shares of the utilities provider's stock worth $41,000 after purchasing an additional 248 shares during the last quarter. Ameriflex Group Inc. purchased a new position in NewJersey Resources in the fourth quarter worth about $51,000. Lazard Asset Management LLC grew its position in shares of 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 valued at $71,000 after acquiring an additional 1,499 shares during the period. Finally, UMB Bank n.a. raised its stake in shares of NewJersey Resources by 107.9% in the first quarter. UMB Bank n.a. now owns 1,744 shares of the utilities provider's stock worth $86,000 after buying an additional 905 shares during the period. 70.98% of the stock is owned by institutional investors.

NewJersey Resources Trading Up 1.5%

NJR traded up $0.69 on Thursday, reaching $47.21. 695,779 shares of the company traded hands, compared to its average volume of 651,344. The company has a market cap of $4.74 billion, a P/E ratio of 11.54 and a beta of 0.64. The company has a quick ratio of 0.73, a current ratio of 0.76 and a debt-to-equity ratio of 1.25. NewJersey Resources Corporation has a one year low of $43.80 and a one year high of $51.94. The firm has a fifty day simple moving average of $45.43 and a two-hundred day simple moving average of $46.94.

NewJersey Resources (NYSE:NJR - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The utilities provider reported $0.06 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.12. NewJersey Resources had a return on equity of 17.08% and a net margin of 19.64%. The firm had revenue of $298.95 million for the quarter, compared to analyst estimates of $305.05 million. During the same quarter last year, the firm posted ($0.09) earnings per share. The business's revenue for the quarter was up 8.5% on a year-over-year basis. As a group, equities research analysts expect that NewJersey Resources Corporation will post 3.15 earnings per share for the current year.

Insider Activity

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

Analysts Set New Price Targets

NJR has been the topic of several research analyst reports. Wells Fargo & Company boosted their target price on shares of NewJersey Resources from $51.00 to $53.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Mizuho dropped their price target 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 initiated coverage on NewJersey Resources in a research note on Friday, June 13th. They issued an "outperform" rating and a $49.00 price objective for the company. JPMorgan Chase & Co. decreased their price target on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a report on Wednesday, May 28th. Finally, Wall Street Zen raised shares of NewJersey Resources from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, NewJersey Resources currently has a consensus rating of "Hold" and an average price target of $51.29.

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.