NewJersey Resources (NJR) Stock Rating Lowered by ValuEngine

NewJersey Resources (NYSE:NJR) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

A number of other analysts also recently weighed in on NJR. BidaskClub raised shares of NewJersey Resources from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Bank of America raised their price target on shares of NewJersey Resources from $35.00 to $38.00 and gave the stock an “underperform” rating in a research report on Wednesday, August 23rd. Argus raised their price target on shares of NewJersey Resources from $46.00 to $49.00 and gave the stock a “buy” rating in a research report on Monday, August 28th. Zacks Investment Research downgraded shares of NewJersey Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, October 10th. Finally, Janney Montgomery Scott raised shares of NewJersey Resources from a “neutral” rating to a “buy” rating in a research report on Wednesday, November 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $42.00.

NewJersey Resources (NYSE NJR) traded down $0.30 during mid-day trading on Friday, hitting $44.35. 518,679 shares of the stock were exchanged, compared to its average volume of 465,317. NewJersey Resources has a twelve month low of $33.70 and a twelve month high of $45.45. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.72 and a quick ratio of 0.46. The firm has a market capitalization of $3,830.00, a P/E ratio of 25.49, a P/E/G ratio of 3.99 and a beta of 0.45.

NewJersey Resources (NYSE:NJR) last released its quarterly earnings results on Tuesday, November 21st. The utilities provider reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). NewJersey Resources had a return on equity of 11.97% and a net margin of 5.82%. The company had revenue of $536.50 million for the quarter, compared to analyst estimates of $480.90 million. During the same period in the previous year, the business posted ($0.03) EPS. The firm’s quarterly revenue was up 14.3% compared to the same quarter last year. research analysts forecast that NewJersey Resources will post 1.83 EPS for the current fiscal year.

In related news, Director Lawrence R. Codey sold 6,000 shares of the firm’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $43.13, for a total transaction of $258,780.00. Following the transaction, the director now directly owns 13,266 shares in the company, valued at $572,162.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.50% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in NewJersey Resources by 1.2% during the second quarter. Vanguard Group Inc. now owns 8,361,117 shares of the utilities provider’s stock worth $331,937,000 after purchasing an additional 99,093 shares during the last quarter. Northern Trust Corp lifted its stake in NewJersey Resources by 1.6% during the second quarter. Northern Trust Corp now owns 1,367,432 shares of the utilities provider’s stock worth $54,287,000 after purchasing an additional 21,435 shares during the last quarter. FMR LLC lifted its stake in NewJersey Resources by 5.9% during the second quarter. FMR LLC now owns 1,347,550 shares of the utilities provider’s stock worth $53,497,000 after purchasing an additional 75,667 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in NewJersey Resources by 3.8% during the third quarter. Ameriprise Financial Inc. now owns 1,294,986 shares of the utilities provider’s stock worth $54,588,000 after purchasing an additional 47,748 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in NewJersey Resources by 3.1% during the third quarter. Bank of New York Mellon Corp now owns 1,272,665 shares of the utilities provider’s stock worth $53,642,000 after purchasing an additional 38,004 shares during the last quarter. Hedge funds and other institutional investors own 63.82% of the company’s stock.

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About NewJersey Resources

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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