New Jersey Resources Corp. (NJR) Lifted to “Buy” at Zacks Investment Research
New Jersey Resources Corp. (NYSE:NJR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage presently has a $36.00 price target on the stock. Zacks Investment Research’s target price indicates a potential upside of 12.15% from the stock’s current price.
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. “
A number of other research analysts have also weighed in on the company. Argus restated a “buy” rating and set a $42.00 price objective on shares of New Jersey Resources Corp. in a research report on Monday, June 20th. TheStreet lowered New Jersey Resources Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, August 31st. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. New Jersey Resources Corp. currently has a consensus rating of “Hold” and an average price target of $36.63.
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New Jersey Resources Corp. (NYSE:NJR) opened at 32.10 on Tuesday. The company’s 50-day moving average price is $33.49 and its 200-day moving average price is $35.57. New Jersey Resources Corp. has a one year low of $28.02 and a one year high of $38.92. The stock has a market cap of $2.77 billion, a P/E ratio of 25.02 and a beta of 0.49.
New Jersey Resources Corp. (NYSE:NJR) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.13 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.14 by $0.01. The firm had revenue of $393.21 million for the quarter, compared to analysts’ expectations of $425.99 million. New Jersey Resources Corp. had a net margin of 5.88% and a return on equity of 11.43%. The company’s revenue for the quarter was down 14.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 EPS. Analysts forecast that New Jersey Resources Corp. will post $1.61 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Friday, September 23rd were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date was Wednesday, September 21st. New Jersey Resources Corp.’s payout ratio is 76.80%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hillcrest Asset Management acquired a new position in shares of New Jersey Resources Corp. during the third quarter worth approximately $7,058,000. Commonwealth Equity Services increased its stake in shares of New Jersey Resources Corp. by 2.1% in the fourth quarter. Commonwealth Equity Services now owns 111,811 shares of the company’s stock valued at $3,685,000 after buying an additional 2,305 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of New Jersey Resources Corp. by 29.4% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 45,294 shares of the company’s stock valued at $1,526,000 after buying an additional 10,300 shares during the last quarter. Russell Frank Co increased its stake in shares of New Jersey Resources Corp. by 126.1% in the fourth quarter. Russell Frank Co now owns 290,435 shares of the company’s stock valued at $9,788,000 after buying an additional 161,997 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its stake in shares of New Jersey Resources Corp. by 14.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 73,107 shares of the company’s stock valued at $2,410,000 after buying an additional 9,385 shares during the last quarter. 60.28% of the stock is owned by hedge funds and other institutional investors.
About New Jersey Resources Corp.
New Jersey Resources Corporation (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. The Company operates within four reportable business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream (formerly Energy Holdings).
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