NewJersey Resources Corporation $NJR Shares Sold by Kestra Investment Management LLC

Kestra Investment Management LLC lowered its stake in NewJersey Resources Corporation (NYSE:NJR) by 37.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,681 shares of the utilities provider’s stock after selling 13,296 shares during the period. Kestra Investment Management LLC’s holdings in NewJersey Resources were worth $1,154,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in NJR. Essential Partners LLC lifted its position in shares of NewJersey Resources by 67.3% in the 2nd quarter. Essential Partners LLC now owns 686 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 276 shares during the period. Root Financial Partners LLC bought a new stake in shares of NewJersey Resources during the 3rd quarter valued at about $35,000. Roxbury Financial LLC increased its position in shares of NewJersey Resources by 72.9% during the second quarter. Roxbury Financial LLC now owns 885 shares of the utilities provider’s stock valued at $50,000 after buying an additional 373 shares during the period. Fiduciary Financial Advisors purchased a new position in shares of NewJersey Resources during the second quarter valued at about $51,000. Finally, Parallel Advisors LLC increased its position in shares of NewJersey Resources by 42.3% during the first quarter. Parallel Advisors LLC now owns 985 shares of the utilities provider’s stock valued at $54,000 after buying an additional 293 shares during the period. Institutional investors own 70.98% of the company’s stock.

Insider Buying and Selling

In related news, COO Patrick Migliaccio sold 3,000 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $55.63, for a total transaction of $166,890.00. Following the sale, the chief operating officer owned 32,202 shares of the company’s stock, valued at $1,791,397.26. The trade was a 8.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on NJR. JPMorgan Chase & Co. decreased their price target on shares of NewJersey Resources from $64.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, September 11th. Wall Street Zen raised NewJersey Resources from a “sell” rating to a “hold” rating in a research report on Sunday, September 20th. Weiss Ratings cut NewJersey Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, November 3rd. Raymond James Financial set a $61.00 target price on NewJersey Resources in a research report on Thursday, October 15th. Finally, Wells Fargo & Company cut NewJersey Resources from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $63.00 to $61.00 in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $62.50.

NewJersey Resources Stock Performance

Shares of NJR stock opened at $54.69 on Wednesday. NewJersey Resources Corporation has a 12 month low of $44.51 and a 12 month high of $60.86. The stock has a market cap of $5.55 billion, a PE ratio of 15.11, a price-to-earnings-growth ratio of 3.17 and a beta of 0.45. The company has a current ratio of 0.66, a quick ratio of 0.45 and a debt-to-equity ratio of 1.21. The company’s fifty day moving average price is $52.67 and its 200-day moving average price is $54.61.

NewJersey Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, September 24th were given a dividend of $0.50 per share. This is an increase from NewJersey Resources’s previous quarterly dividend of $0.4750. The ex-dividend date of this dividend was Thursday, September 24th. This represents a $2.00 dividend on an annualized basis and a yield of 3.7%. NewJersey Resources’s dividend payout ratio is 55.25%.

NewJersey Resources Profile

New Jersey Resources Corporation is an energy services holding company headquartered in Wall, New Jersey. Through its subsidiaries, it distributes natural gas, provides energy-related services, and develops and operates clean energy and infrastructure assets. Its utility subsidiary, New Jersey Natural Gas, delivers natural gas to residential, commercial, and industrial customers in New Jersey. The company also provides natural gas supply and energy management services, operates natural gas storage and transportation assets, and offers home services such as heating, cooling, plumbing, and appliance repair.