Form 4: New Jersey Resources Senior VP Sells Shares Under Pre-Arranged Trading Plan

Patrick J. Migliaccio, Senior Vice President and Chief Operating Officer of New Jersey Natural Gas, a subsidiary of New Jersey Resources Corp., reported the sale of 1,500 shares of common stock at $44.22 per share, executed under a Rule 10b5-1 trading plan.

Summary

• Patrick J. Migliaccio, Senior VP and COO of New Jersey Natural Gas (a subsidiary of New Jersey Resources Corp.), reported a transaction involving the company's common stock.
• The transaction was a sale of 1,500 shares of common stock.
• The shares were sold at a price of $44.22 per share.
• The transaction occurred on June 18, 2025.
• Following this transaction, Mr. Migliaccio beneficially owns 35,689.642 shares of New Jersey Resources Corp. common stock.
• The total beneficial ownership was adjusted upward by 65.991 shares due to market-based changes in his balance in the New Jersey Resources Corporation Employees' Retirement Savings Plan (401(k) plan).
• The transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. While it's an insider sale, the explicit mention of a Rule 10b5-1 plan indicates a pre-scheduled, non-opportunistic transaction, which is a positive for corporate governance and transparency. The slight increase in 401(k) holdings also adds a minor positive note.

Positives

• The transaction was executed under a Rule 10b5-1 trading plan, indicating a pre-arranged sale and reducing concerns about opportunistic insider trading.
• The reporting person's beneficial ownership increased slightly due to market-based changes in their 401(k) plan, indicating continued participation in employee savings plans.

Negatives

• An insider sale, even if pre-planned, reduces the direct equity stake of a key executive in the company.

Future Outlook

NA

Industry Context

Insider transactions, such as the sale reported by Mr. Migliaccio, are a routine part of executive compensation and personal financial management. The use of a Rule 10b5-1 plan is a common practice among executives to sell shares in a pre-scheduled manner, mitigating concerns about trading on material non-public information. This is typical for executives in established utility companies like New Jersey Resources Corp.

Corporate Governance

Stakeholder Impact

• Shareholders: The sale of 1,500 shares by a Senior VP represents a minor reduction in insider ownership, which could be perceived neutrally or slightly negatively, though the 10b5-1 plan mitigates concerns.
• Employees: The adjustment related to the 401(k) plan indicates the executive's participation in employee savings plans, which is a standard benefit.

Key Dates

Keywords

NEW JERSEY RESOURCES CORP, NJR, Patrick J. Migliaccio, Insider Trading, Form 4, Stock Sale, Rule 10b5-1, Executive Compensation, Corporate Governance, Utility Sector, Natural Gas Utility