Zacks Investment Research upgraded shares of NewJersey Resources Corporation (NYSE:NJR) from a hold rating to a buy rating in a research report report published on Tuesday, July 11th. Zacks Investment Research currently has $45.00 price target on the utilities provider’s stock.
According to Zacks, “NJ RESOURCES is an exempt energy svcs holding company providing retail & wholesale natural gas & related energy services to customers from the Gulf Coast to New England. Subsidiaries include: (1) N J Natural Gas Co, a natural gas distribution company that provides regulated energy & appliance services to residential, commercial & industrial customers in central & northern N J. (2) NJR Energy Holdings Corp formerly NJR Energy Svcs Corp & (3) NJR Development Corp, a sub-holding company of NJR, which includes the Company’s remaining unregulated operating subsidiaries. “
NJR has been the subject of a number of other research reports. BidaskClub raised NewJersey Resources Corporation from a buy rating to a strong-buy rating in a report on Tuesday, June 13th. Bank of America Corporation reissued an underperform rating and issued a $35.00 price target (up previously from $32.00) on shares of NewJersey Resources Corporation in a report on Friday, May 19th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $38.80.
Shares of NewJersey Resources Corporation (NJR) traded up 1.87% during midday trading on Tuesday, reaching $43.60. 342,595 shares of the company’s stock were exchanged. The company’s 50-day moving average is $41.08 and its 200-day moving average is $39.94. NewJersey Resources Corporation has a one year low of $30.46 and a one year high of $43.60. The stock has a market cap of $3.75 billion, a P/E ratio of 19.54 and a beta of 0.47.
NewJersey Resources Corporation (NYSE:NJR) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.19. NewJersey Resources Corporation had a return on equity of 12.77% and a net margin of 8.81%. The company had revenue of $457.52 million during the quarter, compared to the consensus estimate of $410.24 million. During the same quarter in the prior year, the business earned $0.13 earnings per share. The company’s revenue was up 16.4% compared to the same quarter last year. Equities analysts expect that NewJersey Resources Corporation will post $1.74 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 22nd will be given a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date is Thursday, September 21st. NewJersey Resources Corporation’s payout ratio is 45.74%.
Several hedge funds have recently made changes to their positions in NJR. Ladenburg Thalmann Financial Services Inc. raised its position in shares of NewJersey Resources Corporation by 11.0% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,951 shares of the utilities provider’s stock worth $104,000 after buying an additional 292 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of NewJersey Resources Corporation by 8.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,057 shares of the utilities provider’s stock worth $121,000 after buying an additional 244 shares during the period. Mosaic Family Wealth LLC raised its position in shares of NewJersey Resources Corporation by 3.7% in the first quarter. Mosaic Family Wealth LLC now owns 4,116 shares of the utilities provider’s stock worth $163,000 after buying an additional 147 shares during the period. Wedbush Securities Inc. acquired a new position in shares of NewJersey Resources Corporation during the second quarter worth about $205,000. Finally, World Asset Management Inc purchased a new position in shares of NewJersey Resources Corporation during the first quarter worth about $210,000. Institutional investors and hedge funds own 65.07% of the company’s stock.
About NewJersey Resources Corporation
New Jersey Resources Corporation is an energy services holding company. The Company’s business is the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. It operates in four business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream.
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