New Jersey Resources (NYSE:NJR) Given New $54.00 Price Target at Wells Fargo & Company

New Jersey Resources (NYSE:NJR) had its target price increased by Wells Fargo & Company from $51.00 to $54.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the utilities provider’s stock.

Several other equities research analysts have also recently issued reports on the stock. Guggenheim lifted their price target on shares of New Jersey Resources from $46.00 to $49.00 and gave the stock a “neutral” rating in a report on Wednesday. StockNews.com downgraded New Jersey Resources from a “hold” rating to a “sell” rating in a report on Tuesday. Mizuho raised their price objective on New Jersey Resources from $45.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Finally, JPMorgan Chase & Co. lifted their price objective on New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat, New Jersey Resources has a consensus rating of “Hold” and an average price target of $49.75.

New Jersey Resources Stock Down 0.1 %

Shares of NYSE NJR opened at $51.58 on Wednesday. The firm’s 50-day moving average is $47.28 and its two-hundred day moving average is $45.52. The company has a market capitalization of $5.12 billion, a PE ratio of 17.66 and a beta of 0.59. New Jersey Resources has a 12-month low of $39.44 and a 12-month high of $51.94. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.62 and a quick ratio of 0.41.

New Jersey Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 11th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date is Wednesday, December 11th. New Jersey Resources’s dividend payout ratio is presently 61.64%.

Institutional Trading of New Jersey Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC grew its stake in New Jersey Resources by 3.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 8,840 shares of the utilities provider’s stock valued at $378,000 after purchasing an additional 307 shares in the last quarter. Good Life Advisors LLC grew its stake in shares of New Jersey Resources by 1.0% in the 3rd quarter. Good Life Advisors LLC now owns 34,316 shares of the utilities provider’s stock valued at $1,620,000 after buying an additional 333 shares in the last quarter. Creative Planning lifted its stake in shares of New Jersey Resources by 2.4% in the 3rd quarter. Creative Planning now owns 20,514 shares of the utilities provider’s stock valued at $968,000 after purchasing an additional 481 shares during the last quarter. Strategy Asset Managers LLC increased its holdings in shares of New Jersey Resources by 6.1% during the 3rd quarter. Strategy Asset Managers LLC now owns 8,592 shares of the utilities provider’s stock valued at $406,000 after acquiring an additional 496 shares during the last quarter. Finally, Inspire Investing LLC grew its stake in New Jersey Resources by 6.3% in the 3rd quarter. Inspire Investing LLC now owns 8,698 shares of the utilities provider’s stock valued at $411,000 after buying an additional 515 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

New Jersey Resources Company Profile

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.