NewJersey Resources Corporation (NYSE:NJR) COO Sells $66,330.00 in Stock

NewJersey Resources Corporation (NYSE:NJR - Get Free Report) COO Patrick J. Migliaccio sold 1,500 shares of the company'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 sale, the chief operating officer now owns 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

NewJersey Resources Stock Up 2.2%

Shares of NYSE:NJR traded up $0.98 during midday trading on Monday, reaching $45.27. The company's stock had a trading volume of 480,320 shares, compared to its average volume of 548,365. 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 firm has a 50 day moving average of $46.85 and a 200-day moving average of $47.20. The firm has a market capitalization of $4.54 billion, a P/E ratio of 10.99 and a beta of 0.62. NewJersey Resources Corporation has a 12-month low of $41.68 and a 12-month high of $51.95.

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

NewJersey Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Tuesday, June 10th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, June 10th. This represents a $1.80 annualized dividend and a dividend yield of 3.98%. NewJersey Resources's payout ratio is currently 43.69%.

Analyst Ratings Changes

A number of research firms have recently weighed in on NJR. New Street Research set a $51.00 target price on shares of NewJersey Resources in a report on Tuesday, April 1st. Jefferies Financial Group began coverage on shares of NewJersey Resources in a report on Tuesday, April 1st. They set a "hold" rating and a $51.00 target price for the company. Wall Street Zen upgraded shares of NewJersey Resources from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. JPMorgan Chase & Co. dropped their target price on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a report on Wednesday, May 28th. Finally, Wells Fargo & Company increased their target price on shares of NewJersey Resources from $51.00 to $53.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $51.29.

Institutional Trading of NewJersey Resources

Several hedge funds and other institutional investors have recently made changes to their positions in NJR. Norges Bank purchased a new stake in shares of NewJersey Resources in the 4th quarter worth approximately $73,124,000. Nuveen LLC bought a new stake in shares of NewJersey Resources during the first quarter valued at approximately $29,509,000. Millennium Management LLC increased its position in shares of NewJersey Resources by 66.0% during the fourth quarter. Millennium Management LLC now owns 1,363,495 shares of the utilities provider's stock valued at $63,607,000 after acquiring an additional 542,089 shares in the last quarter. Prudential Financial Inc. increased its position in shares of NewJersey Resources by 3,076.5% during the fourth quarter. Prudential Financial Inc. now owns 321,332 shares of the utilities provider's stock valued at $14,990,000 after acquiring an additional 311,216 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of NewJersey Resources by 7.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,309,166 shares of the utilities provider's stock valued at $154,372,000 after acquiring an additional 216,000 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company's stock.

NewJersey Resources Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.