Y Intercept Hong Kong Ltd Buys 10,759 Shares of NewJersey Resources Corporation (NYSE:NJR)

Key Points

• Y Intercept Hong Kong Ltd increased its stake in NewJersey Resources Corporation by 211.6% during Q1, now holding shares valued at $777,000.
• Several other institutional investors also raised their positions in NewJersey Resources, with 70.98% of the stock held by institutional investors and hedge funds.
• NewJersey Resources reported a $1.76 EPS in its latest earnings, exceeding estimates and showing a 38.8% revenue increase year-over-year.

Y Intercept Hong Kong Ltd increased its stake in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 211.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,844 shares of the utilities provider's stock after purchasing an additional 10,759 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in NewJersey Resources were worth $777,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Crews Bank & Trust acquired a new stake in shares of NewJersey Resources during the first quarter worth approximately $37,000. Hexagon Capital Partners LLC boosted its holdings in shares of NewJersey Resources by 42.0% during 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 period. Ameriflex Group Inc. acquired a new stake in shares of NewJersey Resources during the fourth quarter worth approximately $51,000. Lazard Asset Management LLC raised its position in NewJersey Resources by 6,245.8% during the fourth quarter. Lazard Asset Management LLC now owns 1,523 shares of the utilities provider's stock valued at $71,000 after acquiring an additional 1,499 shares in the last quarter. Finally, Quarry LP raised its position in 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 in the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at NewJersey Resources

In related news, COO Patrick J. Migliaccio sold 1,500 shares of the business'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 transaction, the chief operating officer owned 35,690 shares of the company's stock, valued at approximately $1,578,211.80. The trade was a 4.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.72% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on NJR. JPMorgan Chase & Co. cut their price objective on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 28th. Jefferies Financial Group began coverage on shares of NewJersey Resources in a research report on Tuesday, April 1st. They set a "hold" rating and a $51.00 price objective on the stock. Mizuho cut their price objective on shares of NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating on the stock in a research report on Thursday, May 15th. Wall Street Zen raised shares of NewJersey Resources from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Finally, New Street Research set a $51.00 price objective on shares of NewJersey Resources in a research report on Tuesday, April 1st. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $51.29.

NewJersey Resources Stock Performance

Shares of NYSE:NJR traded up $0.01 during trading on Tuesday, reaching $45.45. The stock had a trading volume of 73,283 shares, compared to its average volume of 623,349. NewJersey Resources Corporation has a 52 week low of $42.33 and a 52 week high of $51.94. The firm has a market capitalization of $4.56 billion, a price-to-earnings ratio of 11.03 and a beta of 0.61. The company has a quick ratio of 0.73, a current ratio of 0.93 and a debt-to-equity ratio of 1.20. The stock has a fifty day simple moving average of $45.37 and a two-hundred day simple moving average of $46.97.

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 analysts' consensus estimates of $1.65 by $0.11. NewJersey Resources had a net margin of 20.03% and a return on equity of 16.95%. The company had revenue of $913.03 million for the quarter, compared to analyst estimates of $732.00 million. During the same quarter last year, the firm posted $1.41 earnings per share. The company's quarterly revenue was up 38.8% compared to the same quarter last year. As a group, analysts anticipate that NewJersey Resources Corporation will post 3.15 earnings per share for the current fiscal year.

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.