New Jersey Resources (NYSE:NJR) Upgraded at StockNews.com

StockNews.com upgraded shares of New Jersey Resources (NYSE:NJR) from a sell rating to a hold rating in a research report released on Tuesday.

A number of other equities research analysts have also recently commented on the company. JPMorgan Chase & Co. decreased their price target on New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Guggenheim upped their price target on New Jersey Resources from $46.00 to $49.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 27th. Finally, Wells Fargo & Company increased their price objective on shares of New Jersey Resources from $51.00 to $54.00 and gave the company an “equal weight” rating in a report on Wednesday, November 27th. Four investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

New Jersey Resources Trading Down 0.0 %

Shares of New Jersey Resources stock opened at $46.96 on Tuesday. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.62 and a quick ratio of 0.36. The stock has a market capitalization of $4.69 billion, a PE ratio of 16.08 and a beta of 0.63. New Jersey Resources has a 1-year low of $40.33 and a 1-year high of $51.94. The company’s fifty day simple moving average is $47.42 and its 200-day simple moving average is $46.88.

New Jersey Resources (NYSE:NJR) last announced its quarterly earnings data on Monday, February 3rd. The utilities provider reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.15. New Jersey Resources had a return on equity of 13.54% and a net margin of 16.13%. During the same quarter in the prior year, the firm posted $0.74 earnings per share. As a group, equities analysts anticipate that New Jersey Resources will post 3.1 earnings per share for the current year.

New Jersey Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, March 11th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend is Tuesday, March 11th. New Jersey Resources’s dividend payout ratio is presently 61.64%.

Insider Activity at New Jersey Resources

In other news, COO Patrick J. Migliaccio sold 4,983 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $46.00, for a total transaction of $229,218.00. Following the transaction, the chief operating officer now owns 37,124 shares of the company’s stock, valued at approximately $1,707,704. The trade was a 11.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.72% of the stock is owned by insiders.

Institutional Trading of New Jersey Resources

A number of hedge funds have recently added to or reduced their stakes in NJR. Charles Schwab Investment Management Inc. boosted its holdings in New Jersey Resources by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,227,815 shares of the utilities provider’s stock worth $57,953,000 after acquiring an additional 33,772 shares in the last quarter. International Assets Investment Management LLC increased its stake in shares of New Jersey Resources by 4,620.0% in the third quarter. International Assets Investment Management LLC now owns 83,638 shares of the utilities provider’s stock worth $3,948,000 after acquiring an additional 81,866 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in New Jersey Resources by 59.0% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 33,276 shares of the utilities provider’s stock valued at $1,552,000 after purchasing an additional 12,353 shares during the last quarter. Quest Partners LLC grew its position in New Jersey Resources by 302.0% during the 3rd quarter. Quest Partners LLC now owns 39,369 shares of the utilities provider’s stock worth $1,858,000 after purchasing an additional 29,575 shares during the period. Finally, Segall Bryant & Hamill LLC raised its stake in shares of New Jersey Resources by 4.4% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 422,000 shares of the utilities provider’s stock valued at $19,918,000 after buying an additional 17,664 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

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.