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.
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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