New Jersey Resources (NYSE:NJR) PT Raised to $47.00

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New Jersey Resources (NYSE:NJR) had its price target boosted by Wells Fargo & Co from $45.00 to $47.00 in a research report report published on Monday, September 17th. They currently have a market perform rating on the utilities provider’s stock.

NJR has been the topic of a number of other reports. Bank of America downgraded New Jersey Resources from a neutral rating to an underperform rating in a research report on Tuesday, June 5th. They noted that the move was a valuation call. Guggenheim downgraded New Jersey Resources from a buy rating to a neutral rating in a research report on Monday, September 10th. They noted that the move was a valuation call. ValuEngine cut New Jersey Resources from a buy rating to a hold rating in a report on Saturday, June 2nd. Argus boosted their price target on New Jersey Resources from $45.00 to $49.00 and gave the stock a buy rating in a report on Wednesday, May 30th. Finally, Zacks Investment Research raised New Jersey Resources from a hold rating to a buy rating and set a $52.00 price target for the company in a report on Thursday, August 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. New Jersey Resources presently has a consensus rating of Hold and an average price target of $47.50.

NJR traded down $0.96 during trading on Monday, reaching $44.54. 418,178 shares of the stock were exchanged, compared to its average volume of 501,990. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.16 and a current ratio of 1.45. The company has a market cap of $4.07 billion, a price-to-earnings ratio of 25.75, a PEG ratio of 2.49 and a beta of 0.19. New Jersey Resources has a 1 year low of $35.55 and a 1 year high of $47.93.

New Jersey Resources (NYSE:NJR) last posted its earnings results on Tuesday, August 7th. The utilities provider reported ($0.09) EPS for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.11). The firm had revenue of $543.44 million for the quarter, compared to analysts’ expectations of $496.70 million. New Jersey Resources had a return on equity of 18.68% and a net margin of 7.60%. During the same quarter in the previous year, the firm posted $0.20 earnings per share. On average, analysts predict that New Jersey Resources will post 2.65 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NJR. Wells Fargo & Company MN raised its holdings in shares of New Jersey Resources by 6.5% in the first quarter. Wells Fargo & Company MN now owns 1,000,718 shares of the utilities provider’s stock worth $40,129,000 after acquiring an additional 61,266 shares during the last quarter. Prudential Financial Inc. increased its stake in New Jersey Resources by 116.9% in the first quarter. Prudential Financial Inc. now owns 172,203 shares of the utilities provider’s stock valued at $6,905,000 after purchasing an additional 92,819 shares during the last quarter. Swiss National Bank increased its stake in New Jersey Resources by 2.3% in the first quarter. Swiss National Bank now owns 150,800 shares of the utilities provider’s stock valued at $6,047,000 after purchasing an additional 3,400 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in New Jersey Resources by 6.6% in the first quarter. Schwab Charles Investment Management Inc. now owns 617,712 shares of the utilities provider’s stock valued at $24,771,000 after purchasing an additional 38,354 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in New Jersey Resources by 0.5% in the first quarter. Thrivent Financial for Lutherans now owns 253,426 shares of the utilities provider’s stock valued at $10,162,000 after purchasing an additional 1,179 shares during the last quarter. 66.42% of the stock is owned by institutional investors.

New Jersey Resources Company Profile

New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 529,800 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.

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Analyst Recommendations for New Jersey Resources (NYSE:NJR)

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