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 common stock. The transaction took place on December 23, with the shares sold at a price of $46 each, resulting in a total sale value of $229,218. The utility company, currently valued at $4.7 billion, trades at a P/E ratio of 15.9 and offers a dividend yield of 3.84%, having raised its dividend for 29 consecutive years.
Following this transaction, Migliaccio holds approximately 37,123 shares of New Jersey Resources. The reported shares include adjustments due to changes in the company's employee retirement savings plan and a true-up of Migliaccio's common stock holdings. According to InvestingPro analysis, NJR generally trades 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 strides in its financial performance and strategic initiatives. The utility company has surpassed its Net Financial Earnings Per Share (NFEPS) guidance for the fourth consecutive year, ending fiscal year 2024 with an NFEPS of $2.95, up from $2.70 in the previous year. NJR has set a growth target of 7-9% for NFEPS and aims for a total shareholder return of 11-13%.
In a strategic move, NJR sold its residential solar portfolio, Sunlight Advantage, for $132.5 million, simplifying the Clean Energy Ventures (CEV) business and focusing on commercial solar initiatives. Additionally, the settlement of New Jersey Natural Gas's (NJNG) rate case resulted in a favorable outcome, boosting NJR's financial outlook.
Analysts at Mizuho (NYSE:MFG) Securities and Guggenheim have updated their evaluations of NJR, maintaining neutral ratings and increasing price targets. These updates followed the successful rate case settlement and the sale of the solar portfolio. The recent developments have led to expectations of NJR's potential to achieve steady NFEPS growth and solid shareholder returns in the coming years.
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