New Jersey Resources Corp Downgraded by Zacks to “Neutral” (NJR)
New Jersey Resources Corp (NYSE:NJR) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a research note issued to investors on Tuesday. They currently have a $60.50 price objective on the stock. Zacks‘s price target suggests a potential upside of 8.68% from the stock’s previous close.
New Jersey Resources Corp (NYSE:NJR) traded up 2.43% on Tuesday, hitting $57.02. The stock had a trading volume of 392,022 shares. New Jersey Resources Corp has a 52-week low of $41.44 and a 52-week high of $57.79. The stock’s 50-day moving average is $55.06 and its 200-day moving average is $49.04. The company has a market cap of $2.403 billion and a P/E ratio of 12.32.
New Jersey Resources Corp (NYSE:NJR) last announced its earnings results on Wednesday, May 7th. The company reported $3.61 EPS for the quarter, beating the Thomson Reuters consensus estimate of $2.72 by $0.89. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the company posted $1.64 earnings per share. The company’s quarterly revenue was up 64.4% on a year-over-year basis. On average, analysts predict that New Jersey Resources Corp will post $4.14 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on NJR. Analysts at Hilliard Lyons downgraded shares of New Jersey Resources Corp from a “buy” rating to a “neutral” rating in a research note on Monday, June 2nd. Separately, analysts at Brean Capital downgraded shares of New Jersey Resources Corp from a “buy” rating to a “hold” rating in a research note on Thursday, May 29th. They now have a $53.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at Ned Davis Research upgraded shares of New Jersey Resources Corp from a “neutral” rating to a “buy” rating in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. New Jersey Resources Corp presently has an average rating of “Hold” and an average target price of $53.83.
New Jersey Resources Corporation (NYSE:NJR) is an energy services holding company that provides retail and wholesale energy services to customers primarily in the Gulf Coast, Mid-Continent, Appalachian, Northeastern, and Western market areas of the United States, as well as Canada.
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