Man Group plc Lowers Position in NewJersey Resources Corporation $NJR

Man Group plc decreased its stake in shares of NewJersey Resources Corporation (NYSE:NJR) by 62.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 33,666 shares of the utilities provider’s stock after selling 56,157 shares during the quarter. Man Group plc’s holdings in NewJersey Resources were worth $1,887,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Jupiter Topco LLC bought a new stake in NewJersey Resources in the 2nd quarter valued at $2,540,000. Hsbc Holdings PLC boosted its holdings in shares of NewJersey Resources by 7.3% during the 2nd quarter. Hsbc Holdings PLC now owns 60,652 shares of the utilities provider’s stock valued at $3,417,000 after purchasing an additional 4,116 shares during the last quarter. Legal & General Group Plc grew its position in shares of NewJersey Resources by 7.2% during the second quarter. Legal & General Group Plc now owns 313,053 shares of the utilities provider’s stock valued at $17,543,000 after purchasing an additional 21,142 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of NewJersey Resources by 17.6% during the second quarter. Jones Financial Companies Lllp now owns 3,114 shares of the utilities provider’s stock valued at $179,000 after purchasing an additional 466 shares in the last quarter. Finally, Fiduciary Financial Advisors bought a new stake in shares of NewJersey Resources in the second quarter worth about $51,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on NJR shares. Argus set a $63.00 target price on NewJersey Resources in a research report on Wednesday, May 20th. Wells Fargo & Company cut NewJersey Resources from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $63.00 to $61.00 in a report on Wednesday, August 5th. Finally, Weiss Ratings downgraded NewJersey Resources from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $57.83.

Insider Activity

In other news, COO Patrick J. Migliaccio sold 3,000 shares of NewJersey Resources stock in a transaction that occurred on 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 owned 32,202 shares in the company, valued at approximately $1,791,397.26. The trade was a 8.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.70% of the stock is owned by insiders.

NewJersey Resources Stock Up 1.3%

Shares of NYSE NJR opened at $54.06 on Wednesday. The firm’s 50-day moving average price is $56.66 and its 200-day moving average price is $55.73. The company has a current ratio of 0.66, a quick ratio of 0.45 and a debt-to-equity ratio of 1.21. The stock has a market capitalization of $5.49 billion, a price-to-earnings ratio of 14.93 and a beta of 0.50. NewJersey Resources Corporation has a 12-month low of $43.46 and a 12-month high of $60.86.

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

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.