Confluence Investment Management LLC Grows Position in NewJersey Resources Corporation $NJR

Confluence Investment Management LLC grew its stake in shares of NewJersey Resources Corporation (NYSE:NJR) by 3.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 438,685 shares of the utilities provider’s stock after acquiring an additional 15,650 shares during the period. Confluence Investment Management LLC’s holdings in NewJersey Resources were worth $20,232,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in NJR. Norges Bank acquired a new position in NewJersey Resources during the second quarter worth about $52,671,000. Millennium Management LLC boosted its stake in shares of NewJersey Resources by 895.7% during the 3rd quarter. Millennium Management LLC now owns 677,352 shares of the utilities provider’s stock worth $32,614,000 after acquiring an additional 609,323 shares in the last quarter. Energy Income Partners LLC grew its holdings in shares of NewJersey Resources by 145.7% in the 2nd quarter. Energy Income Partners LLC now owns 798,661 shares of the utilities provider’s stock worth $35,796,000 after acquiring an additional 473,664 shares during the period. Qube Research & Technologies Ltd increased its stake in NewJersey Resources by 77.1% in the 2nd quarter. Qube Research & Technologies Ltd now owns 730,300 shares of the utilities provider’s stock valued at $32,732,000 after purchasing an additional 317,932 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC acquired a new position in NewJersey Resources during the third quarter worth $13,351,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on NJR shares. Mizuho raised NewJersey Resources from a “neutral” rating to an “outperform” rating and upped their target price for the company from $51.00 to $54.00 in a report on Wednesday, December 17th. Raymond James Financial reissued an “outperform” rating on shares of NewJersey Resources in a research note on Tuesday, February 3rd. Weiss Ratings upgraded shares of NewJersey Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 13th. New Street Research set a $54.00 price target on shares of NewJersey Resources in a research report on Wednesday, December 17th. Finally, Wall Street Zen upgraded NewJersey Resources from a “sell” rating to a “hold” rating in a research report on Saturday, February 7th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.00.

Insiders Place Their Bets

In related news, COO Patrick J. Migliaccio sold 4,017 shares of the company’s stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $46.46, for a total value of $186,629.82. Following the completion of the transaction, the chief operating officer directly owned 38,065 shares in the company, valued at approximately $1,768,499.90. This represents a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Roberto Bel sold 6,105 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $55.10, for a total value of $336,385.50. Following the completion of the sale, the chief financial officer directly owned 19,780 shares in the company, valued at approximately $1,089,878. The trade was a 23.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.70% of the stock is owned by insiders.

NewJersey Resources Price Performance

NYSE:NJR opened at $53.80 on Friday. NewJersey Resources Corporation has a 12-month low of $43.46 and a 12-month high of $55.49. The firm has a market cap of $5.43 billion, a price-to-earnings ratio of 16.66 and a beta of 0.57. The company’s 50-day moving average is $51.80 and its two-hundred day moving average is $48.28. The company has a current ratio of 0.83, a quick ratio of 0.58 and a debt-to-equity ratio of 1.32.

NewJersey Resources (NYSE:NJR) last posted its quarterly earnings data on Monday, February 2nd. The utilities provider reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.22. NewJersey Resources had a net margin of 15.18% and a return on equity of 13.06%. The business had revenue of $604.85 million during the quarter, compared to analyst estimates of $546.90 million. During the same quarter in the previous year, the business posted $1.29 earnings per share. The company’s revenue was up 23.8% on a year-over-year basis. NewJersey Resources has set its FY 2026 guidance at 3.280-3.43 EPS. Research analysts expect that NewJersey Resources Corporation will post 3.15 EPS for the current year.

NewJersey Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Wednesday, March 11th will be issued a dividend of $0.475 per share. The ex-dividend date is Wednesday, March 11th. This represents a $1.90 annualized dividend and a dividend yield of 3.5%. NewJersey Resources’s dividend payout ratio (DPR) is 58.82%.

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.