6,530 Shares in NewJersey Resources Corporation (NYSE:NJR) Acquired by TIAA Trust National Association

Key Points

• TIAA Trust National Association made a new investment of approximately $320,000 in NewJersey Resources Corporation by acquiring 6,530 shares in the first quarter.
• Institutional investors now own 70.98% of NewJersey Resources' stock, with several firms increasing their positions in the company during the same period.
• Analysts have mixed ratings for NewJersey Resources, with the stock currently holding an average rating of "Hold" and an average target price of $51.29.

TIAA Trust National Association acquired a new position in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 6,530 shares of the utilities provider's stock, valued at approximately $320,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hexagon Capital Partners LLC raised 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 valued at $41,000 after acquiring an additional 248 shares in the last quarter. Xponance Inc. boosted its position in shares of NewJersey Resources by 1.9% during the 1st quarter. Xponance Inc. now owns 15,310 shares of the utilities provider's stock valued at $751,000 after purchasing an additional 288 shares in the last quarter. Good Life Advisors LLC raised its holdings in NewJersey Resources by 1.0% during the 1st quarter. Good Life Advisors LLC now owns 34,976 shares of the utilities provider's stock worth $1,716,000 after buying an additional 333 shares during the period. Choreo LLC grew its holdings in shares of NewJersey Resources by 4.1% during the first quarter. Choreo LLC now owns 9,404 shares of the utilities provider's stock valued at $465,000 after buying an additional 372 shares in the last quarter. Finally, Federated Hermes Inc. boosted its stake in shares of NewJersey Resources by 3.9% during the 1st quarter. Federated Hermes Inc. now owns 10,093 shares of the utilities provider's stock valued at $495,000 after buying an additional 378 shares during the period. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

NewJersey Resources Stock Performance

NJR stock traded up $0.69 during trading on Thursday, reaching $47.21. 695,779 shares of the stock were exchanged, compared to its average volume of 651,344. NewJersey Resources Corporation has a twelve month low of $43.80 and a twelve month high of $51.94. The company has a current ratio of 0.76, a quick ratio of 0.73 and a debt-to-equity ratio of 1.25. The company has a market capitalization of $4.74 billion, a P/E ratio of 11.54 and a beta of 0.64. The stock has a 50 day simple moving average of $45.43 and a 200-day simple moving average of $46.94.

NewJersey Resources (NYSE:NJR - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The utilities provider reported $0.06 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.12. The company had revenue of $298.95 million for the quarter, compared to analyst estimates of $305.05 million. NewJersey Resources had a return on equity of 17.08% and a net margin of 19.64%. NewJersey Resources's revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.09) EPS. As a group, sell-side analysts anticipate 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 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 sale, the chief operating officer directly owned 35,690 shares of the company's stock, valued at approximately $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 can be accessed through this link. Insiders own 0.72% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NJR. Wall Street Zen upgraded shares of NewJersey Resources from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Mizuho reduced 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. Wells Fargo & Company increased their price objective on NewJersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Raymond James Financial assumed coverage on NewJersey Resources in a report on Friday, June 13th. They issued an "outperform" rating and a $49.00 target price for the company. Finally, JPMorgan Chase & Co. lowered 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. Five 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, NewJersey Resources presently has an average rating of "Hold" and an average target price of $51.29.

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.