ProShare Advisors LLC Decreases Position in NewJersey Resources Corporation $NJR

Key Points

• ProShare Advisors LLC reduced its NewJersey Resources stake by 4.9% in the fourth quarter, while institutional ownership of the company remains high at 70.98%.
• Several analysts have turned positive on NJR, with a consensus Buy rating and an average price target of $56.17; Wells Fargo initiated coverage with an Overweight rating and a $63 target.
• NewJersey Resources beat quarterly expectations with $2.20 EPS and $939.4 million in revenue, and it also announced a quarterly dividend of $0.475 per share for a 3.3% annualized yield.

ProShare Advisors LLC cut its stake in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 4.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 871,644 shares of the utilities provider's stock after selling 44,962 shares during the period. ProShare Advisors LLC owned 0.86% of NewJersey Resources worth $40,200,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Thrivent Financial for Lutherans raised its position in NewJersey Resources by 200.1% during the third quarter. Thrivent Financial for Lutherans now owns 71,444 shares of the utilities provider's stock valued at $3,440,000 after purchasing an additional 47,635 shares during the period. Advisors Preferred LLC raised its position in NewJersey Resources by 147.1% during the third quarter. Advisors Preferred LLC now owns 133,438 shares of the utilities provider's stock valued at $6,361,000 after purchasing an additional 79,436 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in NewJersey Resources by 603.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 81,289 shares of the utilities provider's stock valued at $3,784,000 after purchasing an additional 69,736 shares during the period. Victory Capital Management Inc. raised its position in NewJersey Resources by 68.2% during the third quarter. Victory Capital Management Inc. now owns 610,166 shares of the utilities provider's stock valued at $29,379,000 after purchasing an additional 247,310 shares during the period. Finally, Aptus Capital Advisors LLC raised its position in NewJersey Resources by 14.9% during the third quarter. Aptus Capital Advisors LLC now owns 200,427 shares of the utilities provider's stock valued at $9,651,000 after purchasing an additional 26,020 shares during the period. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, SVP Richard Reich sold 5,449 shares of the stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $52.99, for a total value of $288,742.51. Following the transaction, the senior vice president owned 26,975 shares of the company's stock, valued at $1,429,405.25. This represents a 16.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Patrick J. Migliaccio sold 3,000 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $55.84, for a total value of $167,520.00. Following the completion of the transaction, the chief operating officer directly owned 35,202 shares in the company, valued at approximately $1,965,679.68. This trade represents a 7.85% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 22,554 shares of company stock worth $1,241,448. Corporate insiders own 0.70% of the company's stock.

Analyst Upgrades and Downgrades

NJR has been the topic of a number of recent research reports. Wall Street Zen upgraded NewJersey Resources from a "sell" rating to a "hold" rating in a research report on Saturday, February 7th. Mizuho upped their price objective on NewJersey Resources from $54.00 to $61.00 and gave the company an "outperform" rating in a research report on Tuesday, April 21st. Wells Fargo & Company began coverage on NewJersey Resources in a research report on Tuesday, May 12th. They set an "overweight" rating and a $63.00 price objective on the stock. Argus raised NewJersey Resources to a "strong-buy" rating in a research note on Thursday, January 22nd. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of NewJersey Resources in a research note on Tuesday, February 3rd. Two research analysts have rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $56.17.

NewJersey Resources Trading Up 1.1%

NJR opened at $58.24 on Wednesday. The stock has a market cap of $5.88 billion, a price-to-earnings ratio of 17.28 and a beta of 0.51. The stock's 50 day moving average price is $55.55 and its 200-day moving average price is $50.96. NewJersey Resources Corporation has a one year low of $43.46 and a one year high of $58.57. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.80 and a current ratio of 0.94.

NewJersey Resources (NYSE:NJR - Get Free Report) last released its earnings results on Monday, May 4th. The utilities provider reported $2.20 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.31. The firm had revenue of $939.40 million for the quarter, compared to analysts' expectations of $849.95 million. NewJersey Resources had a return on equity of 14.58% and a net margin of 15.67%.The company's quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.78 earnings per share. NewJersey Resources has set its FY 2026 guidance at 3.480-3.630 EPS. On average, equities analysts forecast that NewJersey Resources Corporation will post 3.5 EPS for the current year.

NewJersey Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 10th will be paid a dividend of $0.475 per share. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.3%. NewJersey Resources's dividend payout ratio is currently 56.38%.

About NewJersey Resources

New Jersey Resources Corporation is a publicly traded energy services holding company headquartered in Wall Township, New Jersey. The firm's primary focus is on the safe and reliable distribution of natural gas, along with complementary energy services and renewable energy investments. Its operations center on delivering cost-effective solutions to residential, commercial and industrial customers throughout the state.

The company's principal subsidiary, New Jersey Natural Gas, owns and operates an extensive pipeline network that spans northern, central and southern New Jersey.

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