Senior Vice President of New Jersey Resources sold $229,218 worth of shares from Investing.com

Patrick J. Migliaccio, senior vice president and chief operating officer of New Jersey Natural Gas, a subsidiary of New Jersey Resources Corp (NYSE:NJR), recently sold 4,983 shares of the company’s stock. The transaction took place on December 23rd. Instead, the shares were sold at $46 apiece, for a total sale value of $229,218. The utility, currently valued at $4.7 billion, trades at a price-to-earnings ratio of 15.9 and offers a dividend yield of 3.84%. NJR has increased its dividend for 29 consecutive years.

Following this transaction, Migliaccio still holds approximately 37,123 shares of New Jersey Resources stock. Shares reported include adjustments due to changes in the Company’s corporate pension plan and an update to Migliaccio’s common stock holdings. According to Investing.com Pro analysis, NJR is generally trading with low price volatility and is currently trading above its fair value. For deeper insights into insider trading patterns and comprehensive financial analysis, including 7 additional ProTips, subscribers can access the full Pro Research Report.

In other recent news, New Jersey Resources (NJR) has made notable progress in its financial performance and strategic initiatives. The utility exceeded its net financial earnings per share (NFEPS) forecast for the fourth consecutive year, ending fiscal 2024 with an NFEPS of $2.95, up from $2.70 a year ago. NJR has set a growth target of 7-9% for the NFEPS and is targeting a total shareholder return of 11-13%.

In a strategic move, NJR sold its residential solar portfolio, Sunlight Advantage, for $132.5 million. The company is simplifying the Clean Energy Ventures (CEV) business and focusing on commercial solar initiatives. Additionally, the settlement of New Jersey Natural Gas’s (NJNG) tariff litigation resulted in a favorable outcome, improving NJR’s financial outlook.

Analysts at Mizuho Securities and Guggenheim updated their ratings on NJR, maintaining neutral ratings and raising price targets. These updates followed the successful settlement of the tariff litigation and the sale of the solar portfolio. Recent developments have led to expectations that NJR can deliver steady NFEPS growth and solid shareholder returns in the coming years.

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