Patrick Migliaccio Sells 3,000 Shares of NewJersey Resources (NYSE:NJR) Stock

NewJersey Resources Corporation (NYSE:NJR) COO Patrick Migliaccio sold 3,000 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $55.84, for a total transaction of $167,520.00. Following the completion of the transaction, the chief operating officer directly owned 35,202 shares in the company, valued at approximately $1,965,679.68. This represents a 7.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

NewJersey Resources Stock Performance

NewJersey Resources stock opened at $57.73 on Friday. NewJersey Resources Corporation has a 12-month low of $43.46 and a 12-month high of $57.91. The company has a market capitalization of $5.83 billion, a price-to-earnings ratio of 17.13 and a beta of 0.51. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.94 and a quick ratio of 0.80. The firm’s fifty day moving average price is $55.38 and its 200 day moving average price is $50.70.

NewJersey Resources (NYSE:NJR) last released its quarterly earnings results on Monday, May 4th. The utilities provider reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.31. NewJersey Resources had a net margin of 15.67% and a return on equity of 14.58%. The firm had revenue of $939.40 million for the quarter, compared to the consensus estimate of $849.95 million. During the same quarter in the previous year, the firm posted $1.78 EPS. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. NewJersey Resources has set its FY 2026 guidance at 3.480-3.630 EPS. On average, research analysts forecast that NewJersey Resources Corporation will post 3.5 EPS for the current fiscal year.

NewJersey Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Wednesday, June 10th will be issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, June 10th. NewJersey Resources’s dividend payout ratio (DPR) is currently 56.38%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on NJR. Weiss Ratings raised shares of NewJersey Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, February 13th. Wells Fargo & Company began coverage on shares of NewJersey Resources in a report on Tuesday. They set an “overweight” rating and a $63.00 price objective for the company. Mizuho raised their price objective on shares of NewJersey Resources from $54.00 to $61.00 and gave the stock an “outperform” rating in a report on Tuesday, April 21st. Williams Trading set a $55.00 price objective on shares of NewJersey Resources in a report on Tuesday, February 3rd. Finally, Wall Street Zen raised shares of NewJersey Resources from a “sell” rating to a “hold” rating in a report on Saturday, February 7th. Two investment analysts have rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $56.17.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank bought a new stake in NewJersey Resources in the 4th quarter valued at about $60,075,000. Millennium Management LLC lifted its position in NewJersey Resources by 895.7% in the 3rd quarter. Millennium Management LLC now owns 677,352 shares of the utilities provider’s stock valued at $32,614,000 after purchasing an additional 609,323 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in NewJersey Resources by 10.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,934,165 shares of the utilities provider’s stock valued at $181,446,000 after purchasing an additional 367,844 shares during the last quarter. Qube Research & Technologies Ltd lifted its position in NewJersey Resources by 77.1% in the 2nd quarter. Qube Research & Technologies Ltd now owns 730,300 shares of the utilities provider’s stock valued at $32,732,000 after purchasing an additional 317,932 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC bought a new stake in NewJersey Resources in the 3rd quarter valued at about $13,351,000. 70.98% of the stock is owned by institutional investors and hedge funds.

NewJersey Resources Company Profile

New Jersey Resources Corporation is a publicly traded energy services holding company headquartered in Wall Township, New Jersey. The firm’s primary focus is on the safe and reliable distribution of natural gas, along with complementary energy services and renewable energy investments. Its operations center on delivering cost-effective solutions to residential, commercial and industrial customers throughout the state.

The company’s principal subsidiary, New Jersey Natural Gas, owns and operates an extensive pipeline network that spans northern, central and southern New Jersey.