New Jersey Resources Corp (NYSE:NJR)‘s stock had its “underperform” rating reiterated by stock analysts at Bank of America Corp in a note issued to investors on Friday. They presently have a $35.00 price objective on the utilities provider’s stock, up from their prior price objective of $32.00. Bank of America Corp’s price target would indicate a potential downside of 13.04% from the company’s previous close.

Separately, Zacks Investment Research raised shares of New Jersey Resources Corp from a “sell” rating to a “hold” rating in a report on Saturday, February 11th. One analyst has rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $37.60.

Analyst Recommendations for New Jersey Resources Corp (NYSE:NJR)

New Jersey Resources Corp (NYSE:NJR) opened at 40.40 on Friday. New Jersey Resources Corp has a 1-year low of $30.46 and a 1-year high of $42.65. The company’s 50-day moving average is $40.23 and its 200 day moving average is $37.42. The stock has a market capitalization of $3.49 billion, a PE ratio of 22.17 and a beta of 0.43.

New Jersey Resources Corp (NYSE:NJR) last issued its quarterly earnings results on Friday, May 5th. The utilities provider reported $1.21 EPS for the quarter, topping the consensus estimate of $1.00 by $0.21. The company had revenue of $733.55 million during the quarter, compared to analyst estimates of $617.10 million. New Jersey Resources Corp had a net margin of 5.88% and a return on equity of 10.71%. The firm’s revenue was up 27.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.91 EPS. Equities analysts predict that New Jersey Resources Corp will post $1.73 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Thursday, June 15th will be issued a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Tuesday, June 13th. New Jersey Resources Corp’s payout ratio is 76.69%.

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In other news, Director Jane M. Kenny sold 3,000 shares of the company’s stock in a transaction on Friday, February 24th. The shares were sold at an average price of $39.43, for a total transaction of $118,290.00. Following the completion of the sale, the director now owns 12,031 shares of the company’s stock, valued at $474,382.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.50% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Mosaic Family Wealth LLC boosted its position in shares of New Jersey Resources Corp by 11.9% in the third quarter. Mosaic Family Wealth LLC now owns 3,866 shares of the utilities provider’s stock valued at $127,000 after buying an additional 412 shares during the last quarter. Verition Fund Management LLC boosted its position in shares of New Jersey Resources Corp by 202.9% in the third quarter. Verition Fund Management LLC now owns 157,766 shares of the utilities provider’s stock valued at $5,184,000 after buying an additional 105,688 shares during the last quarter. Robecosam AG boosted its position in shares of New Jersey Resources Corp by 63.4% in the third quarter. Robecosam AG now owns 346,500 shares of the utilities provider’s stock valued at $11,414,000 after buying an additional 134,500 shares during the last quarter. National Asset Management Inc. boosted its position in shares of New Jersey Resources Corp by 26.3% in the third quarter. National Asset Management Inc. now owns 9,155 shares of the utilities provider’s stock valued at $301,000 after buying an additional 1,909 shares during the last quarter. Finally, Bragg Financial Advisors Inc boosted its position in shares of New Jersey Resources Corp by 0.5% in the third quarter. Bragg Financial Advisors Inc now owns 76,810 shares of the utilities provider’s stock valued at $2,524,000 after buying an additional 400 shares during the last quarter. 60.26% of the stock is currently owned by hedge funds and other institutional investors.

New Jersey Resources Corp Company Profile

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.

12 Month Chart for NYSE:NJR

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