New Jersey Resources Corp (NJR) Receives Consensus Rating of “Hold” from Brokerages
Shares of New Jersey Resources Corp (NYSE:NJR) have received a consensus rating of “Hold” from the seven research firms that are presently covering the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $37.25.
A number of research analysts recently issued reports on NJR shares. Zacks Investment Research raised shares of New Jersey Resources Corp from a “sell” rating to a “hold” rating in a research report on Saturday, February 11th. Bank of America Corp reissued an “underperform” rating and set a $35.00 price target (up from $32.00) on shares of New Jersey Resources Corp in a research report on Friday, May 19th.
A number of hedge funds and other institutional investors have recently modified their holdings of NJR. Wesbanco Bank Inc. purchased a new position in shares of New Jersey Resources Corp during the fourth quarter valued at about $1,103,000. Paradigm Asset Management Co. LLC purchased a new position in shares of New Jersey Resources Corp during the fourth quarter valued at about $628,000. Russell Investments Group Ltd. purchased a new position in shares of New Jersey Resources Corp during the fourth quarter valued at about $888,000. 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 period. Finally, 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 period. 60.26% of the stock is owned by institutional investors and hedge funds.
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New Jersey Resources Corp (NYSE:NJR) traded down 0.12% during midday trading on Friday, hitting $41.80. 167,882 shares of the company were exchanged. New Jersey Resources Corp has a 1-year low of $30.46 and a 1-year high of $42.65. The firm has a market capitalization of $3.61 billion, a PE ratio of 22.94 and a beta of 0.43. The stock has a 50 day moving average of $40.40 and a 200 day moving average of $37.68.
New Jersey Resources Corp (NYSE:NJR) last issued its quarterly earnings results on Friday, May 5th. The utilities provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.21. New Jersey Resources Corp had a net margin of 5.88% and a return on equity of 10.71%. The company had revenue of $733.55 million during the quarter, compared to analysts’ expectations of $617.10 million. During the same period last year, the company posted $0.91 EPS. New Jersey Resources Corp’s revenue was up 27.8% on a year-over-year basis. On average, equities analysts predict that New Jersey Resources Corp will post $1.73 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th will be issued a $0.255 dividend. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $1.02 annualized dividend and a yield of 2.44%. New Jersey Resources Corp’s dividend payout ratio (DPR) is presently 76.69%.
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.
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