Victory Capital Management Inc. Decreases Holdings in NewJersey Resources Corporation (NYSE:NJR)

Victory Capital Management Inc. decreased its stake in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 6.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 340,869 shares of the utilities provider's stock after selling 23,157 shares during the quarter. Victory Capital Management Inc. owned about 0.34% of NewJersey Resources worth $16,723,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Crews Bank & Trust acquired a new position in NewJersey Resources during the 1st quarter valued at approximately $37,000. Hexagon Capital Partners LLC increased its stake in NewJersey Resources by 42.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 839 shares of the utilities provider's stock valued at $41,000 after purchasing an additional 248 shares in the last quarter. Ameriflex Group Inc. acquired a new position in NewJersey Resources during the 4th quarter valued at approximately $51,000. Lazard Asset Management LLC increased its stake 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 valued at $71,000 after purchasing an additional 1,499 shares in the last quarter. Finally, UMB Bank n.a. increased its stake in NewJersey Resources by 107.9% during the 1st quarter. UMB Bank n.a. now owns 1,744 shares of the utilities provider's stock valued at $86,000 after purchasing an additional 905 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company's stock.

NewJersey Resources Stock Performance

NJR stock traded up $0.07 during midday trading on Friday, hitting $45.96. 624,296 shares of the stock traded hands, compared to its average volume of 617,645. The firm has a market cap of $4.61 billion, a P/E ratio of 11.16 and a beta of 0.61. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.93 and a quick ratio of 0.73. The stock's fifty day simple moving average is $45.41 and its 200-day simple moving average is $46.96. NewJersey Resources Corporation has a 1-year low of $42.33 and a 1-year high of $51.94.

NewJersey Resources (NYSE:NJR - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The utilities provider reported $1.76 EPS for the quarter, beating the consensus estimate of $1.65 by $0.11. The company had revenue of $913.03 million for the quarter, compared to analyst estimates of $732.00 million. NewJersey Resources had a net margin of 20.03% and a return on equity of 16.95%. The firm's revenue was up 38.8% on a year-over-year basis. During the same quarter last year, the business earned $1.41 earnings per share. On average, analysts expect that NewJersey Resources Corporation will post 3.15 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Jefferies Financial Group started coverage on shares of NewJersey Resources in a research note on Tuesday, April 1st. They set a "hold" rating and a $51.00 price target on the stock. Raymond James Financial started coverage on shares of NewJersey Resources in a report on Friday, June 13th. They issued an "outperform" rating and a $49.00 price objective on the stock. JPMorgan Chase & Co. dropped their price objective on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a report on Wednesday, May 28th. Wall Street Zen raised shares of NewJersey Resources from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, New Street Research set a $51.00 price objective on shares of NewJersey Resources in a report on Tuesday, April 1st. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, NewJersey Resources has an average rating of "Hold" and a consensus price target of $51.29.

Insider Buying and Selling

In related news, COO Patrick J. Migliaccio sold 1,500 shares of the firm's stock in a transaction on 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate 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.