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% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. 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 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Proficio Capital Partners LLC bought a new position in NewJersey Resources in the 4th quarter worth about $1,495,000. Raymond James Financial Inc. purchased a new position in NewJersey Resources during the 4th quarter worth $3,665,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of NewJersey Resources by 11.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,359 shares of the utilities provider's stock worth $1,230,000 after buying an additional 2,804 shares during the period. HighTower Advisors LLC grew its position in shares of NewJersey Resources by 24.9% during the 4th quarter. HighTower Advisors LLC now owns 31,803 shares of the utilities provider's stock worth $1,484,000 after buying an additional 6,339 shares in the last quarter. Finally, Swiss National Bank increased its stake in shares of NewJersey Resources by 0.9% during the fourth quarter. Swiss National Bank now owns 195,100 shares of the utilities provider's stock valued at $9,101,000 after buying an additional 1,700 shares during the period. 70.98% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. JPMorgan Chase & Co. cut their target price on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 28th. Jefferies Financial Group began coverage on shares of NewJersey Resources in a report on Tuesday, April 1st. They set a "hold" rating and a $51.00 price objective on the stock. Raymond James Financial assumed coverage on NewJersey Resources in a report on Friday, June 13th. They set an "outperform" rating and a $49.00 target price for the company. Wells Fargo & Company increased their price target on shares of NewJersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 7th. Finally, Wall Street Zen raised shares of NewJersey Resources from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $51.29.

NewJersey Resources Stock Performance

Shares of NewJersey Resources stock traded up $0.35 during midday trading on Wednesday, hitting $46.26. The company had a trading volume of 866,494 shares, compared to its average volume of 555,552. The company has a fifty day simple moving average of $45.52 and a 200 day simple moving average of $46.97. The stock has a market cap of $4.64 billion, a price-to-earnings ratio of 11.23 and a beta of 0.61. 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 Corporation has a 12-month low of $42.33 and a 12-month high of $51.95.

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

Insider Activity

In related news, COO Patrick J. Migliaccio sold 1,500 shares of the company's stock in a transaction that occurred on 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.72% of the stock is currently owned by insiders.

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.