NewJersey Resources Corporation (NJR) Receives Consensus Recommendation of “Buy” from Brokerages

NewJersey Resources Corporation (NYSE:NJR) has been given an average rating of “Buy” by the eight brokerages that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, two have given a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $41.00.

Several research firms have issued reports on NJR. ValuEngine downgraded NewJersey Resources from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Janney Montgomery Scott upgraded NewJersey Resources from a “neutral” rating to a “buy” rating in a report on Wednesday, November 22nd. Zacks Investment Research upgraded NewJersey Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 18th. Argus boosted their price objective on NewJersey Resources from $46.00 to $49.00 and gave the stock a “buy” rating in a report on Monday, August 28th. Finally, BidaskClub upgraded NewJersey Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 26th.

In other news, Director Lawrence R. Codey sold 6,000 shares of the company’s stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $43.13, for a total value of $258,780.00. Following the transaction, the director now owns 13,266 shares in the company, valued at approximately $572,162.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Amanda Mullan sold 920 shares of the company’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $44.64, for a total value of $41,068.80. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of NJR. Bank of Montreal Can increased its holdings in shares of NewJersey Resources by 0.5% in the 2nd quarter. Bank of Montreal Can now owns 37,774 shares of the utilities provider’s stock valued at $1,500,000 after purchasing an additional 202 shares during the period. US Bancorp DE increased its holdings in shares of NewJersey Resources by 45.6% in the 2nd quarter. US Bancorp DE now owns 5,749 shares of the utilities provider’s stock valued at $228,000 after purchasing an additional 1,800 shares during the period. Strs Ohio increased its holdings in shares of NewJersey Resources by 4.5% in the 2nd quarter. Strs Ohio now owns 11,700 shares of the utilities provider’s stock valued at $464,000 after purchasing an additional 500 shares during the period. Great West Life Assurance Co. Can increased its holdings in shares of NewJersey Resources by 0.6% in the 2nd quarter. Great West Life Assurance Co. Can now owns 51,634 shares of the utilities provider’s stock valued at $2,046,000 after purchasing an additional 310 shares during the period. Finally, World Asset Management Inc increased its holdings in shares of NewJersey Resources by 3.8% in the 2nd quarter. World Asset Management Inc now owns 5,492 shares of the utilities provider’s stock valued at $218,000 after purchasing an additional 200 shares during the period. Institutional investors own 63.60% of the company’s stock.

Shares of NewJersey Resources (NYSE:NJR) traded down $0.35 during midday trading on Thursday, reaching $41.75. 496,600 shares of the company’s stock were exchanged, compared to its average volume of 425,013. NewJersey Resources has a 52 week low of $33.70 and a 52 week high of $45.45. The company has a quick ratio of 0.46, a current ratio of 0.72 and a debt-to-equity ratio of 0.81. The firm has a market cap of $3,560.00, a P/E ratio of 24.48, a price-to-earnings-growth ratio of 3.88 and a beta of 0.42.

NewJersey Resources (NYSE:NJR) last issued its quarterly earnings results on Tuesday, November 21st. The utilities provider reported ($0.14) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.13) by ($0.01). The business had revenue of $536.50 million during the quarter, compared to analyst estimates of $480.90 million. NewJersey Resources had a net margin of 5.82% and a return on equity of 11.97%. NewJersey Resources’s revenue was up 14.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.03) earnings per share. sell-side analysts anticipate that NewJersey Resources will post 1.81 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be issued a dividend of $0.2725 per share. This represents a $1.09 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend is Thursday, December 14th. This is an increase from NewJersey Resources’s previous quarterly dividend of $0.26. NewJersey Resources’s payout ratio is presently 72.19%.

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NewJersey Resources 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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