StockNews.com Downgrades New Jersey Resources (NYSE:NJR) to Sell

New Jersey Resources (NYSE:NJR) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a report released on Tuesday.

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

New Jersey Resources Stock Down 1.5 %

NYSE NJR traded down $0.79 on Tuesday, reaching $50.71. The company had a trading volume of 594,272 shares, compared to its average volume of 489,302. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.60 and a quick ratio of 0.41. New Jersey Resources has a 1 year low of $39.44 and a 1 year high of $51.80. The firm has a 50-day moving average of $47.04 and a 200-day moving average of $45.38. The firm has a market capitalization of $5.03 billion, a PE ratio of 21.22 and a beta of 0.59.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. FSA Wealth Management LLC acquired a new position in shares of New Jersey Resources during the 3rd quarter valued at about $27,000. V Square Quantitative Management LLC bought a new position in shares of New Jersey Resources in the third quarter valued at approximately $27,000. Neo Ivy Capital Management acquired a new stake in shares of New Jersey Resources in the second quarter worth $31,000. Van ECK Associates Corp bought a new stake in shares of New Jersey Resources during the 3rd quarter worth $52,000. Finally, Spirit of America Management Corp NY grew its stake in New Jersey Resources by 140.0% in the 3rd quarter. Spirit of America Management Corp NY now owns 1,200 shares of the utilities provider’s stock valued at $57,000 after buying an additional 700 shares during 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.