Victory Capital Management Inc. Grows Stake in NewJersey Resources Corporation $NJR

Victory Capital Management Inc. lifted its position in NewJersey Resources Corporation (NYSE:NJR) by 68.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 610,166 shares of the utilities provider’s stock after purchasing an additional 247,310 shares during the quarter. Victory Capital Management Inc.’s holdings in NewJersey Resources were worth $29,379,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NJR. Bessemer Group Inc. increased its stake in NewJersey Resources by 60.1% in the 3rd quarter. Bessemer Group Inc. now owns 613 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 230 shares during the last quarter. Tradewinds Capital Management LLC bought a new stake in shares of NewJersey Resources during the 3rd quarter valued at about $30,000. EverSource Wealth Advisors LLC grew its holdings in shares of NewJersey Resources by 259.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,203 shares of the utilities provider’s stock worth $54,000 after purchasing an additional 868 shares in the last quarter. Daiwa Securities Group Inc. bought a new position in shares of NewJersey Resources in the second quarter worth approximately $54,000. Finally, UMB Bank n.a. increased its position in shares of NewJersey Resources by 19.7% in the third quarter. UMB Bank n.a. now owns 1,680 shares of the utilities provider’s stock worth $81,000 after purchasing an additional 277 shares during the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

NewJersey Resources Trading Up 0.0%

Shares of NJR opened at $54.49 on Monday. NewJersey Resources Corporation has a fifty-two week low of $43.46 and a fifty-two week high of $55.49. The firm has a market cap of $5.50 billion, a price-to-earnings ratio of 16.87 and a beta of 0.57. The firm has a 50 day moving average price of $50.34 and a 200-day moving average price of $47.85. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.58 and a current ratio of 0.83.

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

NewJersey Resources Announces Dividend

The business 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 $0.475 dividend. 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 payout ratio is currently 58.82%.

Insider Buying and Selling at NewJersey Resources

In related news, COO Patrick J. Migliaccio sold 4,017 shares of the stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $46.46, for a total transaction of $186,629.82. Following the completion of the sale, the chief operating officer directly owned 38,065 shares in the company, valued at $1,768,499.90. This represents a 9.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.70% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on NJR. Weiss Ratings raised shares of NewJersey Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, February 13th. Williams Trading set a $55.00 price objective on shares of NewJersey Resources in a report on Tuesday, February 3rd. Raymond James Financial reissued an “outperform” rating on shares of NewJersey Resources in a research note on Tuesday, February 3rd. New Street Research set a $54.00 price target on NewJersey Resources in a research report on Wednesday, December 17th. Finally, Mizuho raised NewJersey Resources from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $51.00 to $54.00 in a research note on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.00.

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.