Principal Financial Group Inc. Sells 42,722 Shares of New Jersey Resources Co. (NYSE:NJR)

Principal Financial Group Inc. reduced its position in New Jersey Resources Co. (NYSE:NJR) by 11.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 331,365 shares of the utilities provider’s stock after selling 42,722 shares during the period. Principal Financial Group Inc. owned 0.34% of New Jersey Resources worth $14,163,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. International Assets Investment Management LLC raised its position in shares of New Jersey Resources by 4,358.0% in the fourth quarter. International Assets Investment Management LLC now owns 94,108 shares of the utilities provider’s stock valued at $4,195,000 after purchasing an additional 91,997 shares during the period. Truist Financial Corp purchased a new position in shares of New Jersey Resources in the fourth quarter valued at $222,000. Russell Investments Group Ltd. raised its stake in shares of New Jersey Resources by 3.2% during the 4th quarter. Russell Investments Group Ltd. now owns 23,035 shares of the utilities provider’s stock valued at $1,027,000 after purchasing an additional 712 shares during the period. Natixis Advisors L.P. lifted its holdings in New Jersey Resources by 10.4% during the 4th quarter. Natixis Advisors L.P. now owns 11,926 shares of the utilities provider’s stock worth $531,000 after purchasing an additional 1,126 shares in the last quarter. Finally, Private Advisor Group LLC boosted its stake in New Jersey Resources by 10.9% in the 4th quarter. Private Advisor Group LLC now owns 10,163 shares of the utilities provider’s stock worth $453,000 after purchasing an additional 997 shares during the period. 70.98% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at New Jersey Resources

In related news, CEO Stephen D. Westhoven sold 26,600 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $45.06, for a total value of $1,198,596.00. Following the completion of the sale, the chief executive officer now owns 168,705 shares in the company, valued at approximately $7,601,847.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Stephen D. Westhoven sold 3,400 shares of New Jersey Resources stock in a transaction on Friday, July 12th. The shares were sold at an average price of $45.00, for a total value of $153,000.00. Following the transaction, the chief executive officer now owns 195,305 shares in the company, valued at approximately $8,788,725. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Stephen D. Westhoven sold 26,600 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $45.06, for a total transaction of $1,198,596.00. Following the sale, the chief executive officer now owns 168,705 shares of the company’s stock, valued at $7,601,847.30. The disclosure for this sale can be found here. In the last three months, insiders sold 30,000 shares of company stock worth $1,351,596. 0.75% of the stock is currently owned by corporate insiders.

New Jersey Resources Trading Up 0.2 %

Shares of NJR opened at $46.40 on Friday. New Jersey Resources Co. has a 1-year low of $38.92 and a 1-year high of $47.37. The company has a market capitalization of $4.59 billion, a P/E ratio of 18.34 and a beta of 0.60. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.60 and a quick ratio of 0.41. The firm’s 50 day simple moving average is $45.06 and its 200 day simple moving average is $43.57.

New Jersey Resources (NYSE:NJR) last posted its quarterly earnings data on Tuesday, August 6th. The utilities provider reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.07). New Jersey Resources had a net margin of 13.61% and a return on equity of 11.06%. The company had revenue of $275.64 million for the quarter, compared to analysts’ expectations of $283.56 million. During the same quarter last year, the business posted $0.10 EPS. The business’s quarterly revenue was up 4.4% compared to the same quarter last year. Sell-side analysts forecast that New Jersey Resources Co. will post 2.95 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Argus upgraded New Jersey Resources to a “strong-buy” rating in a research report on Monday, June 10th. JPMorgan Chase & Co. increased their target price on shares of New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Finally, StockNews.com downgraded New Jersey Resources from a “hold” rating to a “sell” rating in a research report on Thursday.

New Jersey Resources Company Profile

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.