Vanguard Group Inc. Sells 457,093 Shares of NewJersey Resources Corporation $NJR

Key Points

• Vanguard Group Inc. decreased its stake in NewJersey Resources Corporation by 4.0%, owning about 11 million shares worth approximately $542.6 million after selling 457,093 shares in the first quarter.
• Multiple institutional investors have also modified their holdings in NJR, with notable increases from Hexagon Capital Partners LLC and Lazard Asset Management LLC.
• Analyst ratings vary, with NewJersey Resources receiving an average price target of $51.43 and a consensus "Hold" rating following recent price adjustments by firms such as Wells Fargo and Raymond James.

Vanguard Group Inc. lessened its holdings in NewJersey Resources Corporation (NYSE:NJR - Free Report) by 4.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,059,550 shares of the utilities provider's stock after selling 457,093 shares during the quarter. Vanguard Group Inc. owned approximately 11.03% of NewJersey Resources worth $542,582,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Crews Bank & Trust acquired a new position in shares of NewJersey Resources in the 1st quarter valued at about $37,000. Hexagon Capital Partners LLC raised its stake in shares of NewJersey Resources by 42.0% in the first quarter. Hexagon Capital Partners LLC now owns 839 shares of the utilities provider's stock worth $41,000 after purchasing an additional 248 shares during the last quarter. Ameriflex Group Inc. purchased a new position in NewJersey Resources during the 4th quarter worth $51,000. Lazard Asset Management LLC grew its position in NewJersey Resources by 6,245.8% in the 4th quarter. Lazard Asset Management LLC now owns 1,523 shares of the utilities provider's stock worth $71,000 after purchasing an additional 1,499 shares in the last quarter. Finally, Quarry LP increased its position in shares of NewJersey Resources by 13,692.3% during the fourth quarter. Quarry LP now owns 1,793 shares of the utilities provider's stock valued at $84,000 after acquiring an additional 1,780 shares during the last quarter. Institutional investors own 70.98% of the company's stock.

NewJersey Resources Trading Up 1.0%

Shares of NYSE NJR traded up $0.44 during midday trading on Tuesday, hitting $46.68. 36,635 shares of the company traded hands, compared to its average volume of 626,867. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.48 and a current ratio of 0.76. NewJersey Resources Corporation has a 12-month low of $43.80 and a 12-month high of $51.94. The stock has a 50-day moving average price of $45.70 and a 200 day moving average price of $46.92. The firm has a market cap of $4.69 billion, a P/E ratio of 11.40 and a beta of 0.64.

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

Insider Buying and Selling

In other NewJersey Resources news, COO Patrick J. Migliaccio sold 1,500 shares of the firm'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 completion of the sale, the chief operating officer directly owned 35,690 shares in the company, valued at approximately $1,578,211.80. This trade represents a 4.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.72% of the company's stock.

Wall Street Analyst Weigh In

NJR has been the subject of several research analyst reports. JPMorgan Chase & Co. decreased their target price on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a research report on Wednesday, May 28th. Wall Street Zen downgraded NewJersey Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Raymond James Financial reiterated an "outperform" rating and issued a $50.00 price objective (up previously from $49.00) on shares of NewJersey Resources in a research report on Friday, August 8th. Wells Fargo & Company boosted their price target 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. Finally, Mizuho cut their price objective on NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating for the company in a report on Thursday, May 15th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $51.43.

NewJersey Resources 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.