L2 Asset Management LLC Sells 15,144 Shares of NewJersey Resources Corporation $NJR

L2 Asset Management LLC trimmed its holdings in shares of NewJersey Resources Corporation (NYSE:NJR) by 31.1% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 33,523 shares of the utilities provider’s stock after selling 15,144 shares during the quarter. L2 Asset Management LLC’s holdings in NewJersey Resources were worth $1,888,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in NJR. BlackRock Inc. bought a new stake in NewJersey Resources during the second quarter worth approximately $1,008,340,000. Dimensional Fund Advisors LP raised its position in NewJersey Resources by 5.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,141,330 shares of the utilities provider’s stock valued at $227,447,000 after purchasing an additional 207,165 shares during the period. Geode Capital Management LLC lifted its stake in shares of NewJersey Resources by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 2,629,373 shares of the utilities provider’s stock valued at $121,285,000 after purchasing an additional 10,448 shares during the last quarter. Energy Income Partners LLC bought a new stake in shares of NewJersey Resources in the 2nd quarter valued at approximately $78,592,000. Finally, Northern Trust Corp boosted its holdings in shares of NewJersey Resources by 1.1% in the 3rd quarter. Northern Trust Corp now owns 1,335,344 shares of the utilities provider’s stock worth $64,297,000 after purchasing an additional 14,512 shares during the period. Institutional investors own 70.98% of the company’s stock.

NewJersey Resources Stock Up 0.4%

Shares of NYSE:NJR opened at $53.76 on Tuesday. The firm has a market capitalization of $5.46 billion, a PE ratio of 14.85 and a beta of 0.50. The business has a 50 day simple moving average of $56.81 and a two-hundred day simple moving average of $55.67. NewJersey Resources Corporation has a 1 year low of $43.46 and a 1 year high of $60.86. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.66 and a quick ratio of 0.45.

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NJR. Wells Fargo & Company downgraded NewJersey Resources from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $63.00 to $61.00 in a research report on Wednesday, August 5th. Weiss Ratings lowered shares of NewJersey Resources from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. Finally, Argus set a $63.00 price objective on shares of NewJersey Resources in a research report on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, NewJersey Resources has a consensus rating of “Buy” and an average target price of $57.83.

Insider Buying and Selling

In other NewJersey Resources news, COO Patrick J. Migliaccio sold 3,000 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $55.63, for a total value of $166,890.00. Following the sale, the chief operating officer owned 32,202 shares in the company, valued at $1,791,397.26. This trade represents a 8.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.70% of the stock is owned by company insiders.

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.