NewJersey Resources Corporation (NYSE:NJR) has received an average recommendation of “Buy” from the seven research firms that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, four have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $38.80.

A number of research firms have weighed in on NJR. BidaskClub upgraded NewJersey Resources Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Zacks Investment Research upgraded NewJersey Resources Corporation from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research note on Tuesday, July 11th. Finally, Bank of America Corporation restated an “underperform” rating and issued a $35.00 price target (up from $32.00) on shares of NewJersey Resources Corporation in a research note on Friday, May 19th.

Several hedge funds and other institutional investors have recently modified their holdings of NJR. BlackRock Inc. increased its position in shares of NewJersey Resources Corporation by 4,920.6% in the first quarter. BlackRock Inc. now owns 11,662,464 shares of the utilities provider’s stock valued at $461,831,000 after buying an additional 11,430,170 shares in the last quarter. Vanguard Group Inc. increased its position in shares of NewJersey Resources Corporation by 1.2% in the second quarter. Vanguard Group Inc. now owns 8,361,117 shares of the utilities provider’s stock valued at $331,937,000 after buying an additional 99,093 shares in the last quarter. State Street Corp increased its position in shares of NewJersey Resources Corporation by 14.6% in the first quarter. State Street Corp now owns 7,351,830 shares of the utilities provider’s stock valued at $291,138,000 after buying an additional 938,056 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of NewJersey Resources Corporation by 38.4% in the first quarter. Goldman Sachs Group Inc. now owns 3,102,931 shares of the utilities provider’s stock valued at $122,876,000 after buying an additional 860,703 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of NewJersey Resources Corporation by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,699,029 shares of the utilities provider’s stock valued at $67,281,000 after buying an additional 17,238 shares in the last quarter. Institutional investors own 65.07% of the company’s stock.

Shares of NewJersey Resources Corporation (NJR) traded down 2.82% during trading on Friday, hitting $43.00. 428,064 shares of the stock traded hands. The company has a market cap of $3.72 billion, a price-to-earnings ratio of 19.27 and a beta of 0.47. The firm’s 50-day moving average price is $41.24 and its 200-day moving average price is $40.15. NewJersey Resources Corporation has a 52 week low of $30.46 and a 52 week high of $44.30.

NewJersey Resources Corporation (NYSE:NJR) last posted its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.19. The firm had revenue of $457.52 million during the quarter, compared to the consensus estimate of $410.24 million. NewJersey Resources Corporation had a return on equity of 12.77% and a net margin of 8.81%. The business’s revenue was up 16.4% compared to the same quarter last year. During the same period last year, the company earned $0.13 earnings per share. On average, equities research analysts anticipate that NewJersey Resources Corporation will post $1.75 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 22nd will be paid a $0.255 dividend. The ex-dividend date of this dividend is Thursday, September 21st. This represents a $1.02 dividend on an annualized basis and a yield of 2.37%. NewJersey Resources Corporation’s dividend payout ratio is 45.74%.

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About NewJersey Resources Corporation

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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