Sun Sep 15 10:54:58 UTC 2024: ## Hedge Funds Show Interest in New Jersey Resources, CEO Sells Shares

**New York, NY (MarketBeat News)** – Several hedge funds have recently made moves in the stock of New Jersey Resources Co. (NYSE: NJR), with Ashton Thomas Private Wealth LLC acquiring a new position in the second quarter, valued at approximately $94,000. Other notable investors include Heritage Wealth Advisors, Neo Ivy Capital Management, GAMMA Investing LLC, International Assets Investment Management LLC, and EntryPoint Capital LLC, who all purchased new stakes or increased their holdings during recent quarters. Institutional investors currently own a significant 70.98% of the company’s stock.

Analyst sentiment on NJR remains mixed. Argus upgraded the stock to a “strong-buy” rating in June, while StockNews.com downgraded it to a “sell” rating in September. JPMorgan Chase & Co. maintained a “neutral” rating and raised their target price to $49.00 in August.

Despite missing earnings estimates for the quarter ending August 6th, New Jersey Resources reported a 4.4% increase in revenue compared to the same period last year. The company also announced an increased quarterly dividend of $0.45, representing a yield of 3.78%.

However, in a noteworthy development, CEO Stephen D. Westhoven sold a significant number of shares in July. He offloaded 26,600 shares on July 16th and another 3,400 shares on July 12th, suggesting potential internal concerns or a shift in strategy.

New Jersey Resources Corporation is an energy services holding company focused on distributing natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation.

Investors are encouraged to monitor NJR’s performance and any further developments related to the CEO’s share sales for insights into the company’s future trajectory.

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