Form 4: NJR Senior VP Sells Shares Under 10b5-1 Plan

New Jersey Resources Corp's Senior VP and COO, Patrick J. Migliaccio, sold 4,017 shares of common stock for $46.46 per share under a pre-arranged 10b5-1 trading plan.

Summary

• Patrick J. Migliaccio, Senior VP and COO of NJNG (a subsidiary of New Jersey Resources Corp), sold 4,017 shares of New Jersey Resources Corp common stock.
• The sale occurred on December 23, 2025, at a price of $46.46 per share.
• The transaction was executed pursuant to a Rule 10b5-1 trading plan, indicating it was pre-scheduled.
• Following the sale, Migliaccio beneficially owns 38,064.778 shares of common stock.
• The total beneficial ownership was adjusted upward by 70.330 shares due to market-based changes in the company's 401(k) plan.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While an insider sale can sometimes be viewed negatively, the execution under a 10b5-1 plan mitigates concerns about opportunistic selling based on non-public information, making it a routine personal financial management event.

Positives

• The transaction was conducted under a Rule 10b5-1 trading plan, which suggests a pre-planned sale not based on immediate, non-public information.

Negatives

• An insider sale, even if pre-planned, reduces the insider's direct equity stake in the company.

Future Outlook

NA

Industry Context

This is a routine insider transaction for a utility company executive. Such sales are common for compensation and personal financial planning, especially when executed under a 10b5-1 plan, which is a standard practice in the industry to avoid accusations of trading on inside information.

Related Party Transactions

• Patrick J. Migliaccio, a Senior VP and COO of NJNG (a subsidiary of New Jersey Resources Corp), sold shares of the parent company. This is a direct transaction between a company insider and the market.

Stakeholder Impact

• Shareholders: The sale by a senior executive slightly reduces insider ownership, which could be interpreted by some as a minor negative signal, though the 10b5-1 plan mitigates this. No direct impact on employees, customers, suppliers, or creditors is indicated by this filing.

Key Dates

Recommendation

The insider sale by Patrick J. Migliaccio, while a reduction in his direct stake, was executed under a pre-arranged 10b5-1 plan. This suggests the transaction is for personal financial planning rather than a reaction to new, material non-public information. Therefore, it does not provide a strong signal for a 'buy' or 'sell' recommendation, and the stock's fundamental outlook remains unchanged based solely on this filing. A 'hold' recommendation is appropriate as this is a routine, non-eventful insider transaction.

Keywords

New Jersey Resources Corp, NJR, Insider Trading, Form 4, Stock Sale, Patrick J. Migliaccio, 10b5-1 Plan, Officer Transaction