NewJersey Resources (NJR) Upgraded to “Hold” at Zacks Investment Research

NewJersey Resources (NYSE:NJR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 521,200 residential and commercial customers in central and northern New Jersey; provides storage management services The Clean Energy Ventures segment invests in commercial and residential solar projects located in New Jersey; and onshore wind projects in Montana, Iowa, Kansas, Wyoming, and Pennsylvania. The Energy Services segment provides unregulated wholesale energy management services to other energy companies and natural gas producers. The Midstream segment invests in natural gas transportation and storage facilities. The Home Services and Other segment offer heating, ventilation, and cooling services; holds and develops commercial real estate properties. “

A number of other research analysts have also recently issued reports on NJR. Janney Montgomery Scott raised shares of NewJersey Resources from a “neutral” rating to a “buy” rating in a research note on Wednesday, November 22nd. ValuEngine cut shares of NewJersey Resources from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Guggenheim reissued a “buy” rating and issued a $44.00 price objective on shares of NewJersey Resources in a research note on Wednesday, January 3rd. Finally, TheStreet cut shares of NewJersey Resources from a “b” rating to a “c+” rating in a research note on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. NewJersey Resources currently has an average rating of “Buy” and an average price target of $44.00.

NewJersey Resources (NYSE NJR) opened at $36.75 on Wednesday. The stock has a market cap of $3,207.03, a P/E ratio of 24.18, a P/E/G ratio of 3.40 and a beta of 0.33. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.72 and a quick ratio of 0.46. NewJersey Resources has a one year low of $35.55 and a one year high of $45.45.

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

In other NewJersey Resources news, Director Lawrence R. Codey sold 6,000 shares of the business’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $43.13, for a total transaction of $258,780.00. Following the sale, the director now owns 13,266 shares of the company’s stock, valued at $572,162.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Amanda Mullan sold 920 shares of the business’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $44.64, for a total transaction of $41,068.80. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of NJR. UBS Asset Management Americas Inc. grew its stake in shares of NewJersey Resources by 5.2% during the second quarter. UBS Asset Management Americas Inc. now owns 75,682 shares of the utilities provider’s stock worth $3,005,000 after buying an additional 3,714 shares during the last quarter. FMR LLC grew its stake in shares of 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 buying an additional 75,667 shares during the last quarter. California Public Employees Retirement System grew its stake in shares of NewJersey Resources by 2.3% during the second quarter. California Public Employees Retirement System now owns 125,700 shares of the utilities provider’s stock worth $4,990,000 after buying an additional 2,800 shares during the last quarter. M&T Bank Corp bought a new stake in shares of NewJersey Resources during the second quarter worth $215,000. Finally, Advisor Group Inc. grew its stake in shares of NewJersey Resources by 59.7% in the second quarter. Advisor Group Inc. now owns 4,251 shares of the utilities provider’s stock worth $163,000 after purchasing an additional 1,589 shares during the last quarter. 63.44% of the stock is currently owned by hedge funds and other institutional investors.

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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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