New Jersey Resources (NYSE:NJR) Upgraded at StockNews.com

StockNews.com upgraded shares of New Jersey Resources (NYSE:NJR) from a sell rating to a hold rating in a report released on Friday morning.

Several other research firms have also issued reports on NJR. Wells Fargo & Company upped their target price on shares of New Jersey Resources from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Mizuho increased their price objective on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Finally, JPMorgan Chase & Co. boosted their target price on New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Four analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $49.00.

New Jersey Resources Stock Up 0.9 %

Shares of NJR traded up $0.44 on Friday, reaching $46.82. The company’s stock had a trading volume of 696,968 shares, compared to its average volume of 386,932. The stock has a market capitalization of $4.64 billion, a PE ratio of 19.58 and a beta of 0.59. The company has a current ratio of 0.60, a quick ratio of 0.41 and a debt-to-equity ratio of 1.30. New Jersey Resources has a twelve month low of $39.44 and a twelve month high of $48.68. The firm has a fifty day moving average of $46.51 and a 200-day moving average of $44.95.

New Jersey Resources (NYSE:NJR) last posted its earnings results on Tuesday, August 6th. The utilities provider reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). New Jersey Resources had a net margin of 13.61% and a return on equity of 11.06%. The company had revenue of $275.64 million during the quarter, compared to the consensus estimate of $283.56 million. During the same quarter in the prior year, the business earned $0.10 EPS. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. Equities analysts predict that New Jersey Resources will post 2.95 EPS for the current year.

New Jersey Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 11th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 3.84%. The ex-dividend date is Wednesday, December 11th. New Jersey Resources’s dividend payout ratio is 75.31%.

Institutional Investors Weigh In On New Jersey Resources

Large investors have recently modified their holdings of the stock. Intech Investment Management LLC increased its holdings in New Jersey Resources by 110.5% in the 3rd quarter. Intech Investment Management LLC now owns 18,897 shares of the utilities provider’s stock worth $892,000 after acquiring an additional 9,918 shares during the last quarter. Strategy Asset Managers LLC increased its stake in shares of New Jersey Resources by 6.1% in the third quarter. Strategy Asset Managers LLC now owns 8,592 shares of the utilities provider’s stock worth $406,000 after purchasing an additional 496 shares in the last quarter. Segall Bryant & Hamill LLC lifted its stake in shares of New Jersey Resources by 4.4% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 422,000 shares of the utilities provider’s stock valued at $19,918,000 after buying an additional 17,664 shares in the last quarter. J. W. Coons Advisors LLC bought a new position in New Jersey Resources in the 3rd quarter worth approximately $221,000. Finally, Quest Partners LLC grew its stake in New Jersey Resources by 302.0% in the 3rd quarter. Quest Partners LLC now owns 39,369 shares of the utilities provider’s stock valued at $1,858,000 after buying an additional 29,575 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

New Jersey Resources Company Profile

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.