New Jersey Resources Corp (NYSE:NJR) has been given a consensus recommendation of “Hold” by the seven ratings firms that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $34.67.
NJR has been the topic of several recent analyst reports. ValuEngine cut shares of New Jersey Resources from a “hold” rating to a “sell” rating in a report on Wednesday. Bank of America boosted their target price on shares of New Jersey Resources from $28.00 to $29.00 and gave the company an “underperform” rating in a research note on Monday, August 10th. Mizuho assumed coverage on shares of New Jersey Resources in a research note on Thursday, July 23rd. They set a “buy” rating and a $37.00 target price for the company. Finally, Zacks Investment Research upgraded shares of New Jersey Resources from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 20th.
NJR opened at $28.00 on Friday. The stock has a market capitalization of $2.69 billion, a PE ratio of 15.47, a P/E/G ratio of 2.28 and a beta of 0.32. The firm’s fifty day moving average price is $30.94 and its 200 day moving average price is $32.49. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.58 and a quick ratio of 0.42. New Jersey Resources has a 12-month low of $21.14 and a 12-month high of $45.79.
New Jersey Resources (NYSE:NJR) last posted its quarterly earnings results on Friday, August 7th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.10). The company had revenue of $299.00 million during the quarter, compared to analyst estimates of $447.88 million. New Jersey Resources had a net margin of 8.30% and a return on equity of 9.43%. The company’s revenue was down 31.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.20) earnings per share. On average, equities research analysts forecast that New Jersey Resources will post 2.07 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 22nd will be given a dividend of $0.313 per share. The ex-dividend date of this dividend is Monday, September 21st. This represents a $1.25 annualized dividend and a dividend yield of 4.47%. New Jersey Resources’s dividend payout ratio is currently 64.10%.
Several institutional investors have recently added to or reduced their stakes in NJR. State Street Corp lifted its holdings in New Jersey Resources by 9.2% in the first quarter. State Street Corp now owns 8,413,192 shares of the utilities provider’s stock worth $288,384,000 after purchasing an additional 707,791 shares during the period. Wells Fargo & Company MN lifted its holdings in New Jersey Resources by 16.6% in the first quarter. Wells Fargo & Company MN now owns 1,693,599 shares of the utilities provider’s stock worth $57,532,000 after purchasing an additional 240,718 shares during the period. First Trust Advisors LP lifted its holdings in New Jersey Resources by 16.2% in the second quarter. First Trust Advisors LP now owns 1,471,242 shares of the utilities provider’s stock worth $48,036,000 after purchasing an additional 204,779 shares during the period. Geode Capital Management LLC lifted its holdings in New Jersey Resources by 12.4% in the first quarter. Geode Capital Management LLC now owns 1,388,839 shares of the utilities provider’s stock worth $47,178,000 after purchasing an additional 152,956 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in New Jersey Resources by 110.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,253,592 shares of the utilities provider’s stock worth $42,585,000 after purchasing an additional 657,706 shares during the period. Institutional investors and hedge funds own 70.34% of the company’s stock.
New Jersey Resources Company Profile
New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 538,700 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.
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