Deutsche Bank AG Sells 74,781 Shares of NewJersey Resources Corporation $NJR

Key Points

• Deutsche Bank AG has reduced its stake in NewJersey Resources Corporation by 39.3%, with their holdings now at 115,281 shares valued at approximately $5.66 million.
• NewJersey Resources reported earnings of $0.06 per share, surpassing the consensus estimate of ($0.06), while quarterly revenue increased by 8.5% year-over-year.
• Analysts have mixed views on NewJersey Resources, with an average rating of "Hold" and a price target consensus of $51.43, reflecting varying growth forecasts.

Deutsche Bank AG trimmed its stake in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 39.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 115,281 shares of the utilities provider's stock after selling 74,781 shares during the period. Deutsche Bank AG owned about 0.11% of NewJersey Resources worth $5,656,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its stake in NewJersey Resources by 7.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,309,166 shares of the utilities provider's stock valued at $154,372,000 after buying an additional 216,000 shares during the last quarter. Millennium Management LLC increased its stake in NewJersey Resources by 66.0% in the 4th quarter. Millennium Management LLC now owns 1,363,495 shares of the utilities provider's stock valued at $63,607,000 after buying an additional 542,089 shares during the last quarter. Northern Trust Corp increased its stake in NewJersey Resources by 18.5% in the 4th quarter. Northern Trust Corp now owns 1,350,358 shares of the utilities provider's stock valued at $62,994,000 after buying an additional 210,538 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in NewJersey Resources by 0.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,274,588 shares of the utilities provider's stock valued at $62,531,000 after buying an additional 7,132 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its stake in NewJersey Resources by 2.9% in the 4th quarter. Nuveen Asset Management LLC now owns 475,830 shares of the utilities provider's stock valued at $22,197,000 after buying an additional 13,580 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Wall Street Zen lowered shares of NewJersey Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Mizuho lowered their price target on shares of NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating on the stock in a research note on Thursday, May 15th. Raymond James Financial reiterated an "outperform" rating and issued a $50.00 price target (up from $49.00) on shares of NewJersey Resources in a research note on Friday, August 8th. JPMorgan Chase & Co. decreased their price objective on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a research report on Wednesday, May 28th. Finally, Wells Fargo & Company boosted their price objective on shares of NewJersey Resources from $51.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $51.43.

NewJersey Resources Stock Performance

Shares of NewJersey Resources stock traded up $0.0250 during trading on Thursday, hitting $47.0050. 379,384 shares of the stock were exchanged, compared to its average volume of 628,826. The stock has a market capitalization of $4.72 billion, a price-to-earnings ratio of 11.49 and a beta of 0.64. The company has a fifty day moving average price of $45.83 and a 200-day moving average price of $46.91. NewJersey Resources Corporation has a 1-year low of $43.80 and a 1-year 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.

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

Insider Activity 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 shares were 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 of the company's stock, valued at approximately $1,578,211.80. The trade was a 4.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.72% of the company's stock.

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.