New Jersey Resources (NYSE:NJR) Price Target Raised to $49.00 at Guggenheim

New Jersey Resources (NYSE:NJR) had its price objective lifted by Guggenheim from $46.00 to $49.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Guggenheim currently has a neutral rating on the utilities provider’s stock.

NJR has been the topic of several other research reports. Mizuho lifted their price target on shares of New Jersey Resources from $45.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. StockNews.com downgraded shares of New Jersey Resources from a “hold” rating to a “sell” rating in a report on Tuesday, November 26th. Wells Fargo & Company increased their price objective on shares of New Jersey Resources from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Finally, JPMorgan Chase & Co. lifted their target price on shares of New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $49.75.

New Jersey Resources Price Performance

Shares of NYSE:NJR opened at $51.58 on Wednesday. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.31. The stock has a market capitalization of $5.12 billion, a PE ratio of 17.66 and a beta of 0.59. The firm’s 50 day moving average price is $47.28 and its 200-day moving average price is $45.53. New Jersey Resources has a twelve month low of $39.44 and a twelve month high of $51.94.

New Jersey Resources Announces Dividend

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

Institutional Investors Weigh In On New Jersey Resources

Large investors have recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in New Jersey Resources during the third quarter valued at $27,000. FSA Wealth Management LLC purchased a new position in shares of New Jersey Resources in the 3rd quarter worth approximately $27,000. Neo Ivy Capital Management bought a new position in shares of New Jersey Resources during the 2nd quarter valued at approximately $31,000. GAMMA Investing LLC raised its holdings in New Jersey Resources by 119.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,214 shares of the utilities provider’s stock valued at $52,000 after buying an additional 661 shares during the period. Finally, Van ECK Associates Corp bought a new stake in New Jersey Resources in the third quarter worth $52,000. 70.98% of the stock is owned by 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.