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

L2 Asset Management LLC reduced its holdings in shares of NewJersey Resources Corporation (NYSE:NJR) by 31.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,523 shares of the utilities provider’s stock after selling 15,144 shares during the period. L2 Asset Management LLC’s holdings in NewJersey Resources were worth $1,888,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of NewJersey Resources by 6.1% during the 1st 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 during the last quarter. NewEdge Advisors LLC grew its stake in shares of NewJersey Resources by 65.7% during the first quarter. NewEdge Advisors LLC now owns 22,214 shares of the utilities provider’s stock valued at $1,090,000 after buying an additional 8,808 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of 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 worth $15,705,000 after buying an additional 29,458 shares during the period. Jane Street Group LLC bought a new stake in shares of NewJersey Resources in the 1st quarter valued at about $8,907,000. Finally, Invesco Ltd. lifted its stake in shares of NewJersey Resources by 14.4% in the 2nd quarter. Invesco Ltd. now owns 465,923 shares of the utilities provider’s stock valued at $20,883,000 after acquiring an additional 58,795 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

NewJersey Resources Trading Up 0.4%

Shares of NYSE NJR opened at $53.76 on Tuesday. The company has a market cap of $5.46 billion, a PE ratio of 14.85 and a beta of 0.50. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.45 and a current ratio of 0.66. NewJersey Resources Corporation has a 52-week low of $43.46 and a 52-week high of $60.86. The firm’s 50 day moving average price is $56.81 and its 200-day moving average price is $55.67.

NewJersey Resources (NYSE:NJR) last released its quarterly earnings data on Monday, August 3rd. The utilities provider reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.05. NewJersey Resources had a net margin of 16.42% and a return on equity of 14.46%. The firm had revenue of $349.18 million during the quarter, compared to analysts’ expectations of $342.13 million. During the same period in the previous year, the company earned ($0.15) earnings per share. The firm’s quarterly revenue 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 research analysts expect that NewJersey Resources Corporation will post 3.59 EPS for the current fiscal year.

Analysts Set New Price Targets

NJR has been the topic of several analyst reports. Wells Fargo & Company downgraded shares of NewJersey Resources from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $63.00 to $61.00 in a research note on Wednesday, August 5th. Weiss Ratings downgraded NewJersey Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Finally, Argus set a $63.00 price target on NewJersey Resources in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $57.83.

Insider Buying and Selling

In related news, COO Patrick J. Migliaccio sold 3,000 shares of NewJersey Resources stock in a transaction that occurred on Friday, August 14th. The stock was 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 approximately $1,791,397.26. This trade represents a 8.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.70% of the stock is currently owned by corporate insiders.

About NewJersey Resources

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.