Zacks Investment Research Upgrades NewJersey Resources (NJR) to “Strong-Buy”

NewJersey Resources (NYSE:NJR) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday. The brokerage currently has a $44.00 price target on the utilities provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 15.03% from the stock’s current price.

According to Zacks, “New Jersey Resources Corporation is an energy services holding company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses: New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains the natural gas transportation and distribution infrastructure to serve the customers. NJR Clean Energy Ventures invests in, owns and operates solar and onshore wind projects. NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions. NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers. NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products. “

A number of other analysts have also recently issued reports on NJR. Janney Montgomery Scott raised NewJersey Resources from a “neutral” rating to a “buy” rating in a research report on Wednesday, November 22nd. ValuEngine cut NewJersey Resources from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Guggenheim reissued a “buy” rating and set a $44.00 price objective on shares of NewJersey Resources in a research report on Wednesday, January 3rd. Finally, TheStreet cut NewJersey Resources from a “b” rating to a “c+” rating in a research report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $43.75.

Shares of NewJersey Resources (NYSE:NJR) opened at $38.25 on Tuesday. The stock has a market capitalization of $3,319.84, a price-to-earnings ratio of 13.44, a P/E/G ratio of 2.43 and a beta of 0.33. NewJersey Resources has a 12-month low of $35.55 and a 12-month high of $45.45. The company has a current ratio of 0.83, a quick ratio of 0.62 and a debt-to-equity ratio of 0.74.

NewJersey Resources (NYSE:NJR) last released its quarterly earnings data on Thursday, February 8th. The utilities provider reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.97. The firm had revenue of $705.31 million during the quarter, compared to analysts’ expectations of $564.47 million. NewJersey Resources had a return on equity of 18.96% and a net margin of 9.08%. The business’s revenue for the quarter was up 30.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.47 earnings per share. equities analysts forecast that NewJersey Resources will post 2.6 EPS for the current year.

In other NewJersey Resources news, VP Amanda Mullan sold 920 shares of the firm’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $44.64, for a total transaction of $41,068.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lawrence R. Codey sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, November 28th. The shares were 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 $572,162.58. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of NJR. FMR LLC raised its holdings in NewJersey Resources by 5.9% during the second quarter. FMR LLC now owns 1,347,550 shares of the utilities provider’s stock valued at $53,497,000 after buying an additional 75,667 shares in the last quarter. California Public Employees Retirement System raised its holdings in 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 valued at $4,990,000 after buying an additional 2,800 shares in the last quarter. Advisor Group Inc. raised its holdings in NewJersey Resources by 59.7% during the second quarter. Advisor Group Inc. now owns 4,251 shares of the utilities provider’s stock valued at $163,000 after buying an additional 1,589 shares in the last quarter. Virtu KCG Holdings LLC raised its holdings in NewJersey Resources by 14.4% during the second quarter. Virtu KCG Holdings LLC now owns 7,946 shares of the utilities provider’s stock valued at $315,000 after buying an additional 1,001 shares in the last quarter. Finally, Voya Investment Management LLC raised its holdings in NewJersey Resources by 10.2% during the second quarter. Voya Investment Management LLC now owns 39,926 shares of the utilities provider’s stock valued at $1,585,000 after buying an additional 3,705 shares in the last quarter. Institutional investors own 63.23% 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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