New Jersey Resources Co. (NYSE:NJR) Receives $51.50 Consensus Price Target from Analysts

Shares of New Jersey Resources Co. (NYSE:NJR) have earned a consensus recommendation of “Moderate Buy” from the six ratings firms that are currently covering the firm, MarketBeat reports. Four investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $51.50.

A number of equities analysts have issued reports on NJR shares. Jefferies Financial Group started coverage on New Jersey Resources in a research report on Tuesday, April 1st. They issued a “hold” rating and a $51.00 target price on the stock. JPMorgan Chase & Co. cut their target price on shares of New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. New Street Research set a $51.00 price objective on New Jersey Resources in a report on Tuesday, April 1st. Guggenheim lifted their target price on New Jersey Resources from $53.00 to $54.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Finally, StockNews.com upgraded New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, February 4th.

Insider Transactions at New Jersey Resources

In related news, CFO Roberto Bel sold 1,173 shares of New Jersey Resources stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $50.00, for a total transaction of $58,650.00. Following the sale, the chief financial officer now directly owns 22,649 shares in the company, valued at $1,132,450. The trade was a 4.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On New Jersey Resources

A number of institutional investors have recently added to or reduced their stakes in NJR. Roxbury Financial LLC bought a new position in New Jersey Resources during the fourth quarter valued at about $25,000. Versant Capital Management Inc raised its holdings in shares of New Jersey Resources by 9,400.0% in the 4th quarter. Versant Capital Management Inc now owns 665 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 658 shares in the last quarter. Crews Bank & Trust acquired a new stake in New Jersey Resources during the first quarter valued at approximately $37,000. UMB Bank n.a. boosted its holdings in New Jersey Resources by 69.8% during the fourth quarter. UMB Bank n.a. now owns 839 shares of the utilities provider’s stock worth $39,000 after buying an additional 345 shares in the last quarter. Finally, Hexagon Capital Partners LLC grew its position in New Jersey Resources by 42.0% in the first quarter. Hexagon Capital Partners LLC now owns 839 shares of the utilities provider’s stock worth $41,000 after buying an additional 248 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

New Jersey Resources Stock Down 0.2 %

Shares of NYSE:NJR opened at $48.98 on Friday. The company has a 50 day moving average of $48.54 and a two-hundred day moving average of $47.72. New Jersey Resources has a 52-week low of $41.58 and a 52-week high of $51.95. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $4.91 billion, a price-to-earnings ratio of 14.75 and a beta of 0.58.

New Jersey Resources (NYSE:NJR) last released its quarterly earnings results on Monday, February 3rd. The utilities provider reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.15. New Jersey Resources had a net margin of 18.25% and a return on equity of 15.72%. During the same quarter in the prior year, the business posted $0.74 EPS. As a group, analysts forecast that New Jersey Resources will post 3.15 earnings per share for the current fiscal year.

New Jersey Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 10th will be paid a $0.45 dividend. The ex-dividend date is Tuesday, June 10th. This represents a $1.80 annualized dividend and a dividend yield of 3.67%. New Jersey Resources’s payout ratio is currently 54.22%.

About New Jersey Resources

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.