Wellington Management Group LLP Cuts Stock Position in NewJersey Resources Corporation $NJR

Wellington Management Group LLP lessened its stake in NewJersey Resources Corporation (NYSE:NJR) by 3.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 275,348 shares of the utilities provider’s stock after selling 10,655 shares during the period. Wellington Management Group LLP owned 0.27% of NewJersey Resources worth $15,431,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of NewJersey Resources during the second quarter worth $1,008,340,000. Energy Income Partners LLC acquired a new stake in shares of NewJersey Resources in the 2nd quarter worth $78,592,000. Norges Bank purchased a new position in NewJersey Resources during the 4th quarter worth $60,075,000. Bank of New York Mellon Corp purchased a new position in NewJersey Resources during the 2nd quarter worth $57,722,000. Finally, Millennium Management LLC increased its position in NewJersey Resources by 895.7% during the 3rd quarter. Millennium Management LLC now owns 677,352 shares of the utilities provider’s stock valued at $32,614,000 after buying an additional 609,323 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

NewJersey Resources Price Performance

NYSE NJR opened at $53.35 on Tuesday. The company has a market cap of $5.41 billion, a price-to-earnings ratio of 14.74, a PEG ratio of 2.97 and a beta of 0.50. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.66 and a quick ratio of 0.45. The stock’s fifty day moving average price is $56.39 and its 200 day moving average price is $55.71. NewJersey Resources Corporation has a 1 year low of $43.46 and a 1 year high of $60.86.

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

Insider Activity at NewJersey Resources

In related news, COO Patrick Migliaccio sold 3,000 shares of the company’s 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 sale, the chief operating officer owned 32,202 shares in the company, valued at $1,791,397.26. This represents a 8.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.70% of the stock is owned by company insiders.

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.