NewJersey Resources Corporation (NYSE:NJR) had its target price increased by investment analysts at Argus from $46.00 to $49.00 in a research note issued to investors on Monday. The brokerage presently has a “buy” rating on the utilities provider’s stock. Argus’ price target would indicate a potential upside of 11.87% from the stock’s previous close.

Several other research firms also recently commented on NJR. Bank of America Corporation increased their price objective on NewJersey Resources Corporation from $35.00 to $38.00 and gave the company an “underperform” rating in a research note on Wednesday, August 23rd. BidaskClub downgraded NewJersey Resources Corporation from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Finally, Zacks Investment Research raised NewJersey Resources Corporation from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $40.80.

Shares of NewJersey Resources Corporation (NYSE:NJR) opened at 43.80 on Monday. The stock has a 50 day moving average of $42.09 and a 200 day moving average of $40.64. NewJersey Resources Corporation has a 52-week low of $30.46 and a 52-week high of $44.30. The company has a market cap of $3.79 billion, a price-to-earnings ratio of 19.63 and a beta of 0.47.

NewJersey Resources Corporation (NYSE:NJR) last announced its earnings results on Wednesday, August 2nd. The utilities provider reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.19. NewJersey Resources Corporation had a return on equity of 12.77% and a net margin of 8.81%. The firm had revenue of $457.52 million for the quarter, compared to analyst estimates of $410.24 million. During the same quarter last year, the firm posted $0.13 EPS. The business’s revenue was up 16.4% on a year-over-year basis. On average, equities research analysts expect that NewJersey Resources Corporation will post $1.74 EPS for the current year.

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A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. First Trust Advisors LP increased its position in NewJersey Resources Corporation by 12.2% in the first quarter. First Trust Advisors LP now owns 484,217 shares of the utilities provider’s stock valued at $19,175,000 after buying an additional 52,683 shares in the last quarter. Eqis Capital Management Inc. increased its position in NewJersey Resources Corporation by 28.0% in the first quarter. Eqis Capital Management Inc. now owns 11,413 shares of the utilities provider’s stock valued at $452,000 after buying an additional 2,495 shares in the last quarter. State Treasurer State of Michigan increased its position in NewJersey Resources Corporation by 1.2% in the first quarter. State Treasurer State of Michigan now owns 35,100 shares of the utilities provider’s stock valued at $1,390,000 after buying an additional 400 shares in the last quarter. Great West Life Assurance Co. Can increased its position in NewJersey Resources Corporation by 4.3% in the first quarter. Great West Life Assurance Co. Can now owns 51,324 shares of the utilities provider’s stock valued at $2,029,000 after buying an additional 2,138 shares in the last quarter. Finally, Wells Fargo & Company MN increased its position in NewJersey Resources Corporation by 5.0% in the first quarter. Wells Fargo & Company MN now owns 928,291 shares of the utilities provider’s stock valued at $36,761,000 after buying an additional 44,538 shares in the last quarter. 64.03% of the stock is owned by hedge funds and other institutional investors.

NewJersey Resources Corporation 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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