NewJersey Resources Corporation $NJR Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC trimmed its position in NewJersey Resources Corporation (NYSE:NJR) by 22.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 484,505 shares of the utilities provider’s stock after selling 141,010 shares during the quarter. ProShare Advisors LLC owned approximately 0.48% of NewJersey Resources worth $24,516,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Root Financial Partners LLC raised its holdings in shares of NewJersey Resources by 56.5% during the first quarter. Root Financial Partners LLC now owns 526 shares of the utilities provider’s stock valued at $29,000 after acquiring an additional 190 shares during the period. 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 valued at $38,000 after acquiring an additional 276 shares in the last quarter. Roxbury Financial LLC boosted its stake in NewJersey Resources by 72.9% in the 2nd quarter. Roxbury Financial LLC now owns 885 shares of the utilities provider’s stock worth $50,000 after purchasing an additional 373 shares during the period. Fiduciary Financial Advisors acquired a new position in NewJersey Resources in the 2nd quarter worth approximately $51,000. Finally, Parallel Advisors LLC boosted its stake in NewJersey Resources by 42.3% in the 1st quarter. Parallel Advisors LLC now owns 985 shares of the utilities provider’s stock worth $54,000 after purchasing an additional 293 shares during the period. 70.98% of the stock is owned by hedge funds and other institutional investors.

NewJersey Resources Price Performance

NYSE NJR opened at $54.13 on Tuesday. The company has a 50 day simple moving average of $52.59 and a 200-day simple moving average of $54.41. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.66 and a quick ratio of 0.45. The firm has a market capitalization of $5.49 billion, a price-to-earnings ratio of 14.95, a price-to-earnings-growth ratio of 3.08 and a beta of 0.48. NewJersey Resources Corporation has a 52-week low of $43.46 and a 52-week high of $60.86.

NewJersey Resources (NYSE:NJR) last posted its quarterly earnings results on Monday, August 3rd. The utilities provider reported $0.11 EPS for the quarter, topping the consensus estimate of $0.06 by $0.05. The business had revenue of $349.18 million during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the company posted ($0.15) earnings per share. Equities research analysts predict that NewJersey Resources Corporation will post 3.59 earnings per share for the current fiscal year.

NewJersey Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Thursday, September 24th were paid 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 dividend yield of 3.7%. NewJersey Resources’s dividend payout ratio (DPR) is 55.25%.

Insider Activity

In other news, COO Patrick Migliaccio sold 3,000 shares of the business’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $55.63, for a total transaction of $166,890.00. Following the transaction, the chief operating officer directly owned 32,202 shares in the company, valued at $1,791,397.26. The trade was a 8.52% decrease in their position. 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 company insiders.

Analysts Set New Price Targets

Several analysts have issued reports on NJR shares. Wall Street Zen raised shares of NewJersey Resources from a “sell” rating to a “hold” rating in a research note on Sunday, September 20th. Raymond James Financial set a $61.00 target price on NewJersey Resources in a report on Thursday, October 15th. Huntington initiated coverage on NewJersey Resources in a research report on Monday, September 14th. They issued an “outperform” rating and a $68.00 target price for the company. Weiss Ratings downgraded NewJersey Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Finally, JPMorgan Chase & Co. lowered their price target on NewJersey Resources from $64.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $62.50.

NewJersey Resources Profile

New Jersey Resources Corporation (NYSE: NJR) is an energy services holding company headquartered in New Jersey. Through its subsidiaries, the company provides natural gas distribution, energy management, storage and transportation, and clean energy services to residential, commercial, industrial and institutional customers.

New Jersey Natural Gas, the company’s principal regulated utility, distributes natural gas to customers in central and northern New Jersey. Its energy services operations manage natural gas supplies and provide related products and services, while its storage and transportation activities support the movement and availability of natural gas through regional infrastructure.

The company also invests in renewable energy and other lower-carbon initiatives, including solar generation and clean energy solutions.