NewJersey Resources Corporation (NYSE:NJR - Get Free Report) COO Patrick J. Migliaccio sold 1,500 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now owns 35,690 shares of the company's stock, valued at $1,578,211.80. This trade represents a 4.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
NewJersey Resources Trading Up 1.3%
Shares of NJR stock traded up $0.58 during trading hours on Thursday, reaching $44.98. The company had a trading volume of 685,080 shares, compared to its average volume of 550,962. The company has a 50 day moving average of $46.51 and a 200 day moving average of $47.12. 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 firm has a market cap of $4.51 billion, a price-to-earnings ratio of 10.92 and a beta of 0.62. NewJersey Resources Corporation has a 1-year low of $41.68 and a 1-year high of $51.95.
NewJersey Resources (NYSE:NJR - Get Free Report) last released its quarterly earnings data 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 business had revenue of $913.03 million during the quarter, compared to analysts' expectations of $732.00 million. During the same quarter in the prior year, the company earned $1.41 EPS. The firm's quarterly revenue was up 38.8% on a year-over-year basis. On average, equities research analysts anticipate that NewJersey Resources Corporation will post 3.15 EPS for the current year.
NewJersey Resources Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Tuesday, June 10th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date is Tuesday, June 10th. NewJersey Resources's dividend payout ratio is currently 43.69%.
Institutional Trading of NewJersey Resources
A number of large investors have recently made changes to their positions in NJR. J. W. Coons Advisors LLC increased its position in shares of NewJersey Resources by 31.5% in the 4th quarter. J. W. Coons Advisors LLC now owns 6,145 shares of the utilities provider's stock valued at $287,000 after buying an additional 1,472 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of NewJersey Resources by 8.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,211,702 shares of the utilities provider's stock valued at $56,526,000 after buying an additional 96,393 shares in the last quarter. Cable Hill Partners LLC bought a new stake in shares of NewJersey Resources in the 4th quarter valued at $222,000. Proficio Capital Partners LLC bought a new stake in shares of NewJersey Resources in the 4th quarter valued at $1,495,000. Finally, Halbert Hargrove Global Advisors LLC bought a new stake in shares of NewJersey Resources in the 4th quarter valued at $42,000. Institutional investors own 70.98% of the company's stock.
Wall Street Analyst Weigh In
Several research firms recently weighed in on NJR. Mizuho dropped their price objective on shares of NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating for the company in a research report on Thursday, May 15th. New Street Research set a $51.00 price target on NewJersey Resources in a research note on Tuesday, April 1st. 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. Wall Street Zen raised NewJersey Resources from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Finally, JPMorgan Chase & Co. cut their price target on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 28th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $51.29.
Get Our Latest Analysis on NJR
About NewJersey Resources
(
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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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