NewJersey Resources (NYSE:NJR) Issues Quarterly Earnings Results, Beats Expectations By $0.12 EPS

Key Points

• NewJersey Resources reported earnings of $0.06 EPS, exceeding analysts' expectations by $0.15.
• The company's stock reached $46.27 following the earnings announcement, with a market cap of $4.64 billion.
• Institutional investors own 70.98% of NewJersey Resources, highlighting strong interest from larger financial entities.

NewJersey Resources (NYSE:NJR - Get Free Report) issued its quarterly earnings results on Monday. The utilities provider reported $0.06 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.12, Zacks reports. The business had revenue of $298.95 million during the quarter, compared to the consensus estimate of $305.05 million. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%. The firm's quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.09) EPS.

NewJersey Resources Stock Performance

Shares of NJR stock remained flat at $47.22 during trading hours on Friday. 134,185 shares of the stock traded hands, compared to its average volume of 628,740. The company's fifty day simple moving average is $45.43 and its 200 day simple moving average is $46.94. The stock has a market capitalization of $4.74 billion, a price-to-earnings ratio of 11.56 and a beta of 0.64. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.73 and a current ratio of 0.76. NewJersey Resources has a one year low of $43.80 and a one year high of $51.94.

Analyst Ratings Changes

A number of research analysts recently commented on NJR shares. Mizuho lowered 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 report on Wednesday, May 14th. Raymond James Financial upped their price target on NewJersey Resources from $49.00 to $50.00 and gave the company an "outperform" rating in a research note on Friday. JPMorgan Chase & Co. lowered their target price on shares of 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 objective on shares of NewJersey Resources from $51.00 to $53.00 and gave the stock an "equal weight" rating in a research report 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. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $51.43.

Insider Buying and Selling at NewJersey Resources

In related news, COO Patrick J. Migliaccio sold 1,500 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $44.22, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.72% of the company's stock.

Institutional Trading of NewJersey Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC bought a new stake in shares of NewJersey Resources in the 1st quarter worth $8,907,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of NewJersey Resources by 10.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 320,113 shares of the utilities provider's stock valued at $15,705,000 after acquiring an additional 29,458 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of NewJersey Resources by 65.7% during the first quarter. NewEdge Advisors LLC now owns 22,214 shares of the utilities provider's stock valued at $1,090,000 after acquiring an additional 8,808 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of NewJersey Resources by 6.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,363 shares of the utilities provider's stock worth $2,912,000 after purchasing an additional 3,422 shares during the period. 70.98% of the stock is owned by institutional investors.

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.