NewJersey Resources Corporation (NYSE:NJR) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its stake in NewJersey Resources Corporation (NYSE:NJR - Free Report) by 2.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,182,176 shares of the utilities provider's stock after selling 29,526 shares during the period. Bank of New York Mellon Corp owned about 1.18% of NewJersey Resources worth $57,998,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Crews Bank & Trust purchased a new stake in NewJersey Resources in the first quarter valued at $37,000. Ameriflex Group Inc. purchased a new stake in NewJersey Resources in the fourth quarter valued at $51,000. Lazard Asset Management LLC lifted its position in NewJersey Resources by 6,245.8% in the fourth 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 last quarter. Quarry LP lifted its position in NewJersey Resources by 13,692.3% in the fourth quarter. Quarry LP now owns 1,793 shares of the utilities provider's stock valued at $84,000 after acquiring an additional 1,780 shares during the last quarter. Finally, UMB Bank n.a. lifted its position in NewJersey Resources by 107.9% in the first quarter. UMB Bank n.a. now owns 1,744 shares of the utilities provider's stock valued at $86,000 after acquiring an additional 905 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

NewJersey Resources Trading Down 0.6%

NYSE NJR opened at $45.73 on Friday. The stock has a market capitalization of $4.59 billion, a P/E ratio of 11.10 and a beta of 0.61. NewJersey Resources Corporation has a 52-week low of $42.33 and a 52-week high of $51.95. The firm has a 50-day moving average price of $45.64 and a 200 day moving average price of $46.98. The company has a quick ratio of 0.73, a current ratio of 0.93 and a debt-to-equity ratio of 1.20.

NewJersey Resources (NYSE:NJR - Get Free Report) last issued its earnings results on Monday, May 5th. The utilities provider reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.11. NewJersey Resources had a net margin of 20.03% and a return on equity of 16.95%. The company had revenue of $913.03 million for the quarter, compared to analyst estimates of $732.00 million. During the same period in the prior year, the business posted $1.41 earnings per share. The firm's revenue for the quarter was up 38.8% compared to the same quarter last year. Equities research analysts expect that NewJersey Resources Corporation will post 3.15 EPS for the current year.

NewJersey Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 10th were given a $0.45 dividend. The ex-dividend date of this dividend was Tuesday, June 10th. This represents a $1.80 annualized dividend and a dividend yield of 3.94%. NewJersey Resources's dividend payout ratio is presently 43.69%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on NJR shares. New Street Research set a $51.00 price target on shares of NewJersey Resources in a research report on Tuesday, April 1st. Jefferies Financial Group started coverage on shares of NewJersey Resources in a report on Tuesday, April 1st. They issued a "hold" rating and a $51.00 target price for the company. Mizuho reduced their target price on shares of NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating for the company in a report on Thursday, May 15th. Wells Fargo & Company upped their target price on shares of NewJersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Finally, Raymond James Financial assumed coverage on shares of NewJersey Resources in a report on Friday, June 13th. They issued an "outperform" rating and a $49.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $51.29.

Insider Activity at NewJersey Resources

In other news, COO Patrick J. Migliaccio sold 1,500 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were 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 $1,578,211.80. This represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.72% of the stock is owned by corporate insiders.

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.

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