New Jersey Resources Co. (NYSE:NJR – Get Rating) earned an average rating of “Hold” from the seven research firms that currently cover the business, Marketbeat Ratings reports. One research analyst rated the stock with a sell recommendation, three gave the company a hold recommendation and two gave the company a buy recommendation. The average 1-year target price among brokerages that have reported on the stock in the past year is $42.00.
A number of stock analysts have weighed in on NJR shares recently. Mizuho downgraded New Jersey Resources shares from a “buy” rating to a “neutral” rating and set a price target of $42.00 for the stock. in a Wednesday, January 5 research report. StockNews.com upgraded New Jersey Resources shares from a “sell” rating to a “hold” rating in a Wednesday, March 30 report. TheStreet upgraded New Jersey Resources shares from a “c+” rating to a “b” rating in a Monday, March 7 report. Finally, Zacks Investment Research upgraded New Jersey Resources shares from a “hold” rating to a “buy” rating and set a target price of $44.00 on the stock in a report on Friday, Jan. 7.
Several institutional investors have recently increased or reduced their stake in the company. State of Michigan Retirement System increased its stake in New Jersey Resources shares by 1.2% in the fourth quarter. State of Michigan Retirement System now owns 24,449 shares of the utility provider valued at $1,004,000 after acquiring 300 additional shares during the period. Signaturefd LLC increased its position in New Jersey Resources by 75.4% in the third quarter. Signaturefd LLC now owns 735 shares of the utility provider valued at $26,000 after purchasing an additional 316 shares during the period. AE Wealth Management LLC increased its position in New Jersey Resources by 5.0% in the third quarter. AE Wealth Management LLC now owns 6,684 shares of the utility provider valued at $233,000 after purchasing an additional 320 shares during the period. Amalgamated Bank increased its position in New Jersey Resources by 0.5% in the fourth quarter. Amalgamated Bank now owns 64,250 shares of the utility provider valued at $2,638,000 after buying 331 additional shares during the period. Finally, Public Employees Retirement System of Ohio strengthened its position in New Jersey Resources by 7.1% in the 4th quarter. The Ohio Public Employees Retirement System now owns 5,482 shares of the utility provider valued at $225,000 after purchasing an additional 364 shares during the period. 68.59% of the shares are currently held by institutional investors and hedge funds.
Shares of NYSE NJR rose $0.53 during Monday’s trading, hitting $45.79. The company had a trading volume of 469,589 shares, compared to an average volume of 447,840. The stock has a fifty-day simple moving average of $43.69 and a two-hundred-day simple moving average of 40.43 $. New Jersey Resources has a fifty-two-week low of $34.41 and a fifty-two-week high of $47.23. The company has a market cap of $4.40 billion, a price-to-earnings ratio of 29.73, a growth price-to-earnings ratio of 3.32, and a beta of 0.55. The company has a quick ratio of 0.45, a current ratio of 0.69 and a debt ratio of 1.32.
New Jersey Resources (NYSE:NJR – Get Rating) last released its quarterly results on Thursday, February 3. The utility provider reported earnings per share of $0.69 for the quarter, beating analysts’ consensus estimate of $0.59 by $0.10. The company posted revenue of $675.80 million for the quarter, versus analyst estimates of $537.66 million. New Jersey Resources had a net margin of 6.23% and a return on equity of 13.36%. New Jersey Resources’ quarterly revenue rose 48.8% year over year. In the same period a year earlier, the company posted earnings per share of $0.46. On average, analysts expect New Jersey Resources to post 2.3 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, April 1. Shareholders of record on Wednesday, March 16 received a dividend of $0.363. This represents a dividend of $1.45 on an annualized basis and a dividend yield of 3.17%. The ex-dividend date was Tuesday, March 15. New Jersey Resources’ dividend payout ratio (DPR) is 94.16%.
About New Jersey Resources (Get an evaluation)
New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution services and retail and wholesale energy services. The company operates through four segments: natural gas distribution, clean energy companies, energy services, and storage and transportation. The Natural Gas Distribution segment provides regulated natural gas utilities to approximately 564,000 residential and commercial customers in Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey; provides capacity and storage management services; and participates in off-system sales and capacity release markets.
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