Legal & General Group Plc Acquires 21,142 Shares of NewJersey Resources Corporation $NJR

Legal & General Group Plc increased its stake in shares of NewJersey Resources Corporation (NYSE:NJR) by 7.2% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 313,053 shares of the utilities provider’s stock after buying an additional 21,142 shares during the period. Legal & General Group Plc’s holdings in NewJersey Resources were worth $17,543,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in NJR. Jones Financial Companies Lllp increased its position in NewJersey Resources by 17.6% in the 2nd quarter. Jones Financial Companies Lllp now owns 3,114 shares of the utilities provider’s stock valued at $179,000 after acquiring an additional 466 shares in the last quarter. Fiduciary Financial Advisors acquired a new position in shares of NewJersey Resources during the second quarter worth approximately $51,000. Algert Global LLC lifted its position in shares of NewJersey Resources by 96.3% during the second quarter. Algert Global LLC now owns 326,349 shares of the utilities provider’s stock worth $18,289,000 after purchasing an additional 160,110 shares in the last quarter. Allstate Corp lifted its holdings in NewJersey Resources by 1.2% during the 2nd quarter. Allstate Corp now owns 27,307 shares of the utilities provider’s stock worth $1,530,000 after buying an additional 329 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in NewJersey Resources in the 2nd quarter valued at $541,000. Institutional investors own 70.98% of the company’s stock.

Insider Transactions at NewJersey Resources

In other NewJersey Resources news, COO Patrick J. Migliaccio sold 3,000 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $55.63, for a total value of $166,890.00. Following the completion of the transaction, the chief operating officer directly owned 32,202 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.70% of the company’s stock.

NewJersey Resources Trading Down 0.2%

Shares of NYSE NJR opened at $53.49 on Monday. The company’s fifty day moving average is $56.73 and its 200-day moving average is $55.72. The stock has a market cap of $5.43 billion, a price-to-earnings ratio of 14.78 and a beta of 0.50. NewJersey Resources Corporation has a twelve month low of $43.46 and a twelve month high of $60.86. 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 (NYSE:NJR) last released its quarterly earnings data on Monday, August 3rd. The utilities provider reported $0.11 EPS for the quarter, beating analysts’ consensus estimates 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% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.15) EPS. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. Equities research analysts predict that NewJersey Resources Corporation will post 3.59 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NJR. Argus set a $63.00 target price on NewJersey Resources in a research note on Wednesday, May 20th. Weiss Ratings cut NewJersey Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Finally, Wells Fargo & Company lowered NewJersey Resources from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $63.00 to $61.00 in a research report on Wednesday, August 5th. One 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 data from MarketBeat.com, NewJersey Resources currently has a consensus rating of “Buy” and an average price target of $57.83.

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.