NewJersey Resources (NYSE:NJR) Issues Quarterly Earnings Results

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) released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $305.05 million. NewJersey Resources had a net margin of 20.03% and a return on equity of 16.95%. The company's revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.09) earnings per share.

NewJersey Resources Trading Up 1.1%

Shares of NewJersey Resources stock opened at $46.27 on Tuesday. NewJersey Resources has a 12-month low of $42.33 and a 12-month high of $51.94. The company has a market cap of $4.64 billion, a price-to-earnings ratio of 11.23 and a beta of 0.64. 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 company's 50-day moving average price is $45.37 and its 200-day moving average price is $46.94.

Insider Activity

In other news, COO Patrick J. Migliaccio sold 1,500 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $44.22, for a total value of $66,330.00. Following the sale, the chief operating officer directly owned 35,690 shares of the company's stock, valued at approximately $1,578,211.80. This represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.72% of the company's stock.

Institutional Investors Weigh In On NewJersey Resources

A number of institutional investors and hedge funds have recently modified their holdings of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in 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 purchasing an additional 29,458 shares in the last quarter. Jane Street Group LLC purchased a new stake in NewJersey Resources in the first quarter valued at approximately $8,907,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in NewJersey Resources by 6.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,363 shares of the utilities provider's stock valued at $2,912,000 after purchasing an additional 3,422 shares in the last quarter. Finally, NewEdge Advisors LLC raised its stake in NewJersey Resources by 65.7% in the first quarter. NewEdge Advisors LLC now owns 22,214 shares of the utilities provider's stock valued at $1,090,000 after purchasing an additional 8,808 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Raymond James Financial assumed coverage on shares of NewJersey Resources in a report on Friday, June 13th. They set an "outperform" rating and a $49.00 price objective on the stock. JPMorgan Chase & Co. dropped their price objective on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a report on Wednesday, May 28th. Wells Fargo & Company upped their price objective on shares of NewJersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Wall Street Zen raised shares of NewJersey Resources from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Mizuho dropped their price objective on shares of NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating on the stock in a report on Thursday, May 15th. Five equities 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 company has an average rating of "Hold" and an average price target of $51.29.

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.