Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 27.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 33,640 shares of the utilities provider's stock after acquiring an additional 7,281 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in NewJersey Resources were worth $1,650,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of NJR. Crews Bank & Trust purchased a new stake in NewJersey Resources in the first quarter worth about $37,000. Hexagon Capital Partners LLC boosted 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 acquiring an additional 248 shares during the period. Ameriflex Group Inc. bought a new position in shares of NewJersey Resources in the fourth quarter worth about $51,000. Lazard Asset Management LLC boosted its stake in shares of NewJersey Resources by 6,245.8% in the fourth quarter. Lazard Asset Management LLC now owns 1,523 shares of the utilities provider's stock worth $71,000 after acquiring an additional 1,499 shares during the period. Finally, Quarry LP boosted its stake in shares of NewJersey Resources by 13,692.3% in the fourth quarter. Quarry LP now owns 1,793 shares of the utilities provider's stock worth $84,000 after acquiring an additional 1,780 shares during the period. Hedge funds and other institutional investors own 70.98% of the company's stock.
Insider Buying and Selling at NewJersey Resources
In other NewJersey Resources 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 transaction of $66,330.00. Following the transaction, the chief operating officer directly owned 35,690 shares in the company, valued at $1,578,211.80. This trade represents a 4.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.72% of the company's stock.
Analyst Ratings Changes
A number of research firms have recently weighed in on NJR. Wall Street Zen raised NewJersey Resources from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Raymond James Financial began coverage on NewJersey Resources in a research note on Friday, June 13th. They set an "outperform" rating and a $49.00 price target for the company. Mizuho dropped their price target on NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating for the company in a research note on Thursday, May 15th. JPMorgan Chase & Co. dropped their price target on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a research note on Wednesday, May 28th. Finally, Wells Fargo & Company increased their price target on NewJersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, NewJersey Resources has a consensus rating of "Hold" and an average target price of $51.29.
View Our Latest Research Report on NJR
NewJersey Resources Trading Down 0.0%
Shares of NYSE NJR traded down $0.02 during midday trading on Wednesday, hitting $46.65. The company's stock had a trading volume of 304,290 shares, compared to its average volume of 629,019. The company has a current ratio of 0.93, a quick ratio of 0.73 and a debt-to-equity ratio of 1.20. The business's 50 day moving average is $45.38 and its two-hundred day moving average is $46.94. NewJersey Resources Corporation has a 12-month low of $43.70 and a 12-month high of $51.94. The firm has a market cap of $4.68 billion, a P/E ratio of 11.40 and a beta of 0.64.
NewJersey Resources (NYSE:NJR - Get Free Report) last issued its quarterly earnings results 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. NewJersey Resources had a return on equity of 17.25% and a net margin of 19.64%. The firm had revenue of $298.95 million for the quarter, compared to the consensus estimate of $305.05 million. During the same period in the prior year, the business 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, equities research analysts expect that NewJersey Resources Corporation will post 3.15 EPS for the current year.
NewJersey Resources Company Profile
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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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