Jane M. Kenny, a director at New Jersey Resources Corp (NYSE:NJR), has recently sold a total of 8,300.164 shares of the company's common stock. The transactions took place over two consecutive days, with the share prices ranging from $42.20 to $42.44.
On June 13, 2024, Kenny sold a fractional share, specifically 0.164 of a share, at a price of $42.44. This sale was part of a transaction by the transfer agent connected with the transfer of shares to a brokerage account. The following day, Kenny disposed of an additional 8,300 shares at a price of $42.20 each. These sales amounted to a total of $350,266.
After these transactions, Kenny's remaining direct ownership in the company stands at 23,259 shares of common stock. The sales were conducted in a personal capacity and were duly reported to the U.S. Securities and Exchange Commission.
The reported transactions provide current and potential investors with insight into the trading behavior of New Jersey Resources' insiders. Shareholders often monitor such sales to gauge the confidence level that company executives and directors have in the firm's prospects. However, it is also common for insiders to sell shares for personal financial management reasons unrelated to their outlook on the company.
Investors interested in New Jersey Resources Corp can continue to follow the company's filings and disclosures for further information on insider transactions and other corporate activities.
In other recent news, New Jersey Resources (NJR) reported a robust fiscal 2024 second quarter, with net financial earnings of $1.41 per share. The company maintained its full-year earnings guidance, citing strong customer growth and improved utility margins. CEO Steve Westhoven expressed optimism about future expansion opportunities, particularly at Leaf River, and highlighted the company's ongoing infrastructure development to meet increasing energy demands.
NJR also noted the progress of its Clean Energy Ventures, which currently has 34 megawatts of projects under construction and a solar pipeline of over 870 megawatts, signaling potential investment opportunities. The company launched a new SAVEGREEN program and filed a base rate case to recover approximately $850 million in capital investments.
NJR anticipates cash flow from operations to be between $450 million and $490 million for fiscal years 2024 and 2025. The company's adjusted funds from operations (FFO) to adjusted debt ratio is projected to be between 17% and 18% for the year, indicating a stable long-term debt profile and substantial liquidity. These are among the recent developments at NJR.
InvestingPro Insights
As investors digest the recent insider transactions at New Jersey Resources Corp (NYSE:NJR), several key metrics from InvestingPro provide a broader context for evaluating the company's financial health and market performance. With a market capitalization of approximately $4.16 billion and a price-to-earnings (P/E) ratio of 16.56, New Jersey Resources presents a valuation that reflects its earnings potential relative to its share price.
InvestingPro Tips highlight the company's strong track record of dividend reliability, with NJR having raised its dividend for 28 consecutive years and maintained dividend payments for 54 consecutive years. This consistency is a testament to the company's stability and commitment to returning value to shareholders. Moreover, analysts predict that the company will remain profitable this year, which may reassure investors looking for sustainable income streams.
On the performance front, NJR's stock generally trades with low price volatility, suggesting a level of resilience in market fluctuations. However, it's worth noting that two analysts have revised their earnings downwards for the upcoming period, which could be a factor for investors to consider in their analysis.
For those interested in delving deeper into New Jersey Resources Corp's performance and financials, InvestingPro offers additional insights and tips. There are currently 6 more InvestingPro Tips available, which can be accessed through the platform at https://www.investing.com/pro/NJR. Moreover, by using the coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing a comprehensive toolset for informed investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.