Summit Global Investments Takes Position in NewJersey Resources Corporation $NJR

Summit Global Investments purchased a new stake in NewJersey Resources Corporation (NYSE:NJR) during the second quarter, according to its most recent filing with the SEC. The firm purchased 9,165 shares of the utilities provider’s stock, valued at approximately $514,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new stake in NewJersey Resources in the fourth quarter valued at approximately $60,075,000. Millennium Management LLC boosted its position in shares of NewJersey Resources by 895.7% during the third quarter. Millennium Management LLC now owns 677,352 shares of the utilities provider’s stock worth $32,614,000 after purchasing an additional 609,323 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of NewJersey Resources by 10.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,934,165 shares of the utilities provider’s stock worth $181,446,000 after purchasing an additional 367,844 shares in the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of 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 buying an additional 317,932 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC acquired a new position in shares of NewJersey Resources in the 3rd quarter valued at $13,351,000. Institutional investors own 70.98% of the company’s stock.

NewJersey Resources Stock Up 0.2%

NewJersey Resources stock opened at $55.63 on Friday. The company has a 50 day moving average of $56.83 and a 200-day moving average of $55.41. The company has a quick ratio of 0.45, a current ratio of 0.66 and a debt-to-equity ratio of 1.21. NewJersey Resources Corporation has a twelve month low of $43.46 and a twelve month high of $60.86. The stock has a market capitalization of $5.65 billion, a PE ratio of 15.37 and a beta of 0.50.

NewJersey Resources (NYSE:NJR) last issued its quarterly earnings data on Monday, August 3rd. The utilities provider reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. The business had revenue of $349.18 million for the quarter, compared to analyst estimates of $342.13 million. NewJersey Resources had a net margin of 16.42% and a return on equity of 14.46%. The firm’s quarterly revenue was up 16.8% on a year-over-year basis. During the same period last year, the business posted ($0.15) earnings per share. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. On average, equities research analysts anticipate that NewJersey Resources Corporation will post 3.59 EPS for the current fiscal year.

Analyst Ratings Changes

NJR has been the topic of several research analyst reports. Wells Fargo & Company downgraded NewJersey Resources from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $63.00 to $61.00 in a research note on Wednesday, August 5th. Argus set a $63.00 target price on NewJersey Resources in a research note on Wednesday, May 20th. Mizuho increased their price target on NewJersey Resources from $54.00 to $61.00 and gave the stock an “outperform” rating in a report on Tuesday, April 21st. Finally, Weiss Ratings lowered NewJersey Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, NewJersey Resources currently has an average rating of “Buy” and a consensus price target of $57.83.

Insider Transactions at NewJersey Resources

In other NewJersey Resources news, insider Christopher T. D’antuono sold 1,150 shares of NewJersey Resources stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $57.34, for a total value of $65,941.00. Following the sale, the insider owned 2,985 shares of the company’s stock, valued at $171,159.90. This trade represents a 27.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.70% of the company’s stock.

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.