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TIAA Trust National Association Buys Shares of 6,530 NewJersey Resources Corporation (NYSE:NJR)

NewJersey Resources logo with Utilities background

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.
  • Looking to export and analyze NewJersey Resources data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

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

Several other institutional investors and hedge funds also recently made changes to their positions in NJR. Crews Bank & Trust acquired a new position in NewJersey Resources during the 1st quarter worth about $37,000. Hexagon Capital Partners LLC increased its stake in shares of NewJersey Resources by 42.0% in the 1st 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 during the last quarter. Ameriflex Group Inc. bought a new stake in NewJersey Resources during the 4th quarter worth approximately $51,000. Lazard Asset Management LLC raised its holdings in NewJersey Resources by 6,245.8% during the 4th quarter. Lazard Asset Management LLC now owns 1,523 shares of the utilities provider's stock worth $71,000 after buying an additional 1,499 shares during the period. Finally, Quarry LP boosted its stake in NewJersey Resources by 13,692.3% in the 4th quarter. Quarry LP now owns 1,793 shares of the utilities provider's stock worth $84,000 after purchasing an additional 1,780 shares during the period. Institutional investors and hedge funds own 70.98% of the company's stock.

Insider Activity at NewJersey Resources

In related news, COO Patrick J. Migliaccio sold 1,500 shares of the firm's stock in a transaction 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 transaction, the chief operating officer owned 35,690 shares in the company, valued at approximately $1,578,211.80. This trade represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.72% of the company's stock.

NewJersey Resources Stock Performance

Shares of NJR traded down $0.25 during midday trading on Friday, reaching $46.98. 709,266 shares of the stock were exchanged, compared to its average volume of 654,852. NewJersey Resources Corporation has a twelve month low of $43.80 and a twelve month high of $51.94. The company has a quick ratio of 0.73, a current ratio of 0.76 and a debt-to-equity ratio of 1.25. The company has a market cap of $4.72 billion, a P/E ratio of 11.49 and a beta of 0.64. The stock's 50 day simple moving average is $45.45 and its 200 day simple moving average is $46.93.

NewJersey Resources (NYSE:NJR - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The utilities provider reported $0.06 EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.12. NewJersey Resources had a return on equity of 17.08% and a net margin of 19.64%. The company had revenue of $298.95 million for the quarter, compared to analysts' expectations of $305.05 million. During the same quarter last year, the business earned ($0.09) earnings per share. NewJersey Resources's revenue was up 8.5% on a year-over-year basis. On average, sell-side analysts expect that NewJersey Resources Corporation will post 3.15 earnings per share for the current year.

Wall Street Analysts Forecast Growth

NJR has been the subject of several research reports. JPMorgan Chase & Co. decreased their price target on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a research note on Wednesday, May 28th. Mizuho cut their price target on 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 raised their price target on NewJersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Wall Street Zen downgraded NewJersey Resources from a "hold" rating to a "sell" rating in a report on Saturday. Finally, Raymond James Financial raised their price target on NewJersey Resources from $49.00 to $50.00 and gave the company an "outperform" rating in a report on Friday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, NewJersey Resources has a consensus rating of "Hold" and a consensus target price of $51.43.

View Our Latest Research Report on NJR

NewJersey Resources Company Profile

(Free Report)

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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Institutional Ownership by Quarter for NewJersey Resources (NYSE:NJR)

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