Confluence Investment Management LLC Sells 41,055 Shares of NewJersey Resources Corporation $NJR

Confluence Investment Management LLC lowered its holdings in NewJersey Resources Corporation (NYSE:NJR) by 10.6% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 346,554 shares of the utilities provider’s stock after selling 41,055 shares during the period. Confluence Investment Management LLC’s holdings in NewJersey Resources were worth $17,536,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in NJR. State Street Corp boosted its position in NewJersey Resources by 6.8% in the 2nd quarter. State Street Corp now owns 5,418,885 shares of the utilities provider’s stock valued at $306,134,000 after buying an additional 343,537 shares during the period. BlackRock Inc. acquired a new position in NewJersey Resources during the 2nd quarter worth $1,008,340,000. World Investment Advisors acquired a new position in NewJersey Resources during the 4th quarter worth $1,924,000. Ieq Capital LLC increased its holdings in NewJersey Resources by 217.2% during the 2nd quarter. Ieq Capital LLC now owns 43,205 shares of the utilities provider’s stock worth $2,421,000 after purchasing an additional 29,585 shares during the period. Finally, Norges Bank acquired a new stake in NewJersey Resources in the 4th quarter valued at about $60,075,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on NJR shares. Wall Street Zen upgraded NewJersey Resources from a “sell” rating to a “hold” rating in a research note on Sunday, September 20th. Wells Fargo & Company cut shares of NewJersey Resources from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $63.00 to $61.00 in a report on Wednesday, August 5th. Huntington initiated coverage on shares of NewJersey Resources in a research note on Monday, September 14th. They issued an “outperform” rating and a $68.00 price target for the company. Weiss Ratings cut shares of NewJersey Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of NewJersey Resources from $64.00 to $63.00 and set an “overweight” rating on the stock in a research report on Friday, September 11th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $61.50.

Insider Activity

In related news, COO Patrick Migliaccio sold 3,000 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of $55.63, for a total value of $166,890.00. Following the transaction, the chief operating officer directly owned 32,202 shares of the company’s stock, valued at $1,791,397.26. This trade represents a 8.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.70% of the company’s stock.

NewJersey Resources Stock Up 0.3%

Shares of NYSE NJR traded up $0.15 during midday trading on Thursday, hitting $50.76. 172,567 shares of the company’s stock were exchanged, compared to its average volume of 613,506. The firm’s fifty day simple moving average is $54.55 and its 200-day simple moving average is $55.53. The company has a market cap of $5.15 billion, a PE ratio of 14.02, a P/E/G ratio of 2.83 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 debt-to-equity ratio of 1.21, a current ratio of 0.66 and a quick ratio of 0.45.

NewJersey Resources (NYSE:NJR) last announced its quarterly earnings results on Monday, August 3rd. The utilities provider reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. The firm had revenue of $349.18 million during the quarter, compared to the consensus estimate of $342.13 million. NewJersey Resources had a return on equity of 14.46% and a net margin of 16.42%.The firm’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.15) earnings per share. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. Research analysts predict that NewJersey Resources Corporation will post 3.59 EPS for the current fiscal year.

NewJersey Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 24th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Thursday, September 24th. This is a positive change from NewJersey Resources’s previous quarterly dividend of $0.4750. NewJersey Resources’s dividend payout ratio (DPR) is currently 55.25%.

NewJersey Resources Profile

New Jersey Resources Corporation (NYSE: NJR) is an energy services holding company headquartered in Wall, New Jersey. Through its subsidiaries, the company provides natural gas distribution, transportation, storage, wholesale marketing, and related energy services, with operations focused primarily on New Jersey and the broader Mid-Atlantic region.

NJR’s principal utility subsidiary, New Jersey Natural Gas, delivers natural gas to residential, commercial, and industrial customers across much of New Jersey.