Legal & General Group Plc Cuts Stock Holdings in NewJersey Resources Corporation $NJR

Legal & General Group Plc decreased its stake in shares of NewJersey Resources Corporation (NYSE:NJR) by 23.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 164,593 shares of the utilities provider’s stock after selling 51,069 shares during the period. Legal & General Group Plc’s holdings in NewJersey Resources were worth $7,591,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its position in NewJersey Resources by 3.8% in the third quarter. Dimensional Fund Advisors LP now owns 3,566,321 shares of the utilities provider’s stock worth $171,717,000 after purchasing an additional 130,831 shares during the last quarter. Northern Trust Corp boosted its position in NewJersey Resources by 1.1% in the third quarter. Northern Trust Corp now owns 1,335,344 shares of the utilities provider’s stock worth $64,297,000 after purchasing an additional 14,512 shares during the last quarter. First Trust Advisors LP boosted its position in NewJersey Resources by 10.7% in the third quarter. First Trust Advisors LP now owns 1,158,719 shares of the utilities provider’s stock worth $55,792,000 after purchasing an additional 111,696 shares during the last quarter. Energy Income Partners LLC boosted its position in NewJersey Resources by 19.1% in the third quarter. Energy Income Partners LLC now owns 951,527 shares of the utilities provider’s stock worth $45,816,000 after purchasing an additional 152,866 shares during the last quarter. Finally, ProShare Advisors LLC boosted its position in NewJersey Resources by 10.3% in the third quarter. ProShare Advisors LLC now owns 916,606 shares of the utilities provider’s stock worth $44,135,000 after purchasing an additional 85,297 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Insider Activity

In other news, Director Jane M. Kenny sold 8,000 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $56.10, for a total transaction of $448,800.00. Following the transaction, the director owned 21,998 shares of the company’s stock, valued at $1,234,087.80. This represents a 26.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher T. D’antuono sold 1,150 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $57.34, for a total value of $65,941.00. Following the transaction, the insider directly owned 2,985 shares in the company, valued at $171,159.90. This represents a 27.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 23,704 shares of company stock worth $1,307,389. 0.70% of the stock is owned by company insiders.

NewJersey Resources Stock Up 1.3%

Shares of NYSE NJR opened at $55.35 on Friday. NewJersey Resources Corporation has a one year low of $43.46 and a one year high of $58.57. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.94 and a quick ratio of 0.80. The business’s fifty day moving average price is $56.01 and its 200-day moving average price is $51.88. The stock has a market capitalization of $5.59 billion, a PE ratio of 16.42 and a beta of 0.50.

NewJersey Resources (NYSE:NJR) last issued its quarterly earnings results on Monday, May 4th. The utilities provider reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.31. NewJersey Resources had a return on equity of 14.58% and a net margin of 15.67%.The firm had revenue of $939.40 million for the quarter, compared to analysts’ expectations of $849.95 million. During the same quarter in the prior year, the firm earned $1.78 EPS. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. NewJersey Resources has set its FY 2026 guidance at 3.480-3.630 EPS. On average, equities research analysts anticipate that NewJersey Resources Corporation will post 3.5 EPS for the current year.

NewJersey Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 10th will be given a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Wednesday, June 10th. NewJersey Resources’s dividend payout ratio is currently 56.38%.

Wall Street Analyst Weigh In

NJR has been the topic of several research analyst reports. Mizuho boosted their price objective on NewJersey Resources from $54.00 to $61.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 21st. Weiss Ratings raised NewJersey Resources from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 27th. Wall Street Zen raised NewJersey Resources from a “sell” rating to a “hold” rating in a research report on Saturday, February 7th. Argus set a $63.00 price objective on NewJersey Resources in a research report on Wednesday, May 20th. Finally, Wells Fargo & Company initiated coverage on NewJersey Resources in a research report on Tuesday, May 12th. They issued an “overweight” rating and a $63.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $58.17.

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.