New Jersey Resources Corp. (NYSE:NJR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm presently has a $36.00 price target on the stock. Zacks Investment Research’s price objective indicates a potential upside of 12.15% from the stock’s current price.
According to Zacks, “NJ RESOURCES is an exempt energy svcs holding company providing retail & wholesale natural gas & related energy services to customers from the Gulf Coast to New England. Subsidiaries include: (1) N J Natural Gas Co, a natural gas distribution company that provides regulated energy & appliance services to residential, commercial & industrial customers in central & northern N J. (2) NJR Energy Holdings Corp formerly NJR Energy Svcs Corp & (3) NJR Development Corp, a sub-holding company of NJR, which includes the Company’s remaining unregulated operating subsidiaries. “
NJR has been the subject of a number of other research reports. Argus restated a “buy” rating and set a $42.00 price target on shares of New Jersey Resources Corp. in a research note on Monday, June 20th. TheStreet lowered shares of New Jersey Resources Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, August 31st. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $36.63.
Shares of New Jersey Resources Corp. (NYSE:NJR) opened at 32.10 on Tuesday. The stock’s 50 day moving average price is $33.49 and its 200-day moving average price is $35.57. The firm has a market cap of $2.77 billion, a P/E ratio of 25.02 and a beta of 0.49. New Jersey Resources Corp. has a 12 month low of $28.02 and a 12 month high of $38.92.
New Jersey Resources Corp. (NYSE:NJR) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by $0.01. The business had revenue of $393.21 million for the quarter, compared to the consensus estimate of $425.99 million. New Jersey Resources Corp. had a return on equity of 11.43% and a net margin of 5.88%. The firm’s revenue for the quarter was down 14.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.03 EPS. Equities research analysts anticipate that New Jersey Resources Corp. will post $1.61 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Friday, September 23rd were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date of this dividend was Wednesday, September 21st. New Jersey Resources Corp.’s dividend payout ratio is currently 76.80%.
Several hedge funds have recently modified their holdings of NJR. Barclays PLC raised its stake in shares of New Jersey Resources Corp. by 9.4% in the first quarter. Barclays PLC now owns 58,147 shares of the company’s stock worth $2,093,000 after buying an additional 4,985 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its stake in shares of New Jersey Resources Corp. by 125.5% in the first quarter. Metropolitan Life Insurance Co. NY now owns 135,737 shares of the company’s stock worth $4,945,000 after buying an additional 75,547 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its stake in shares of New Jersey Resources Corp. by 7.6% in the first quarter. Jacobs Levy Equity Management Inc. now owns 7,820 shares of the company’s stock worth $285,000 after buying an additional 550 shares in the last quarter. Legal & General Group Plc raised its stake in shares of New Jersey Resources Corp. by 0.4% in the first quarter. Legal & General Group Plc now owns 61,317 shares of the company’s stock worth $2,224,000 after buying an additional 245 shares in the last quarter. Finally, AMP Capital Investors Ltd raised its stake in shares of New Jersey Resources Corp. by 3.4% in the first quarter. AMP Capital Investors Ltd now owns 48,292 shares of the company’s stock worth $1,755,000 after buying an additional 1,600 shares in the last quarter. 60.28% of the stock is owned by institutional investors and hedge funds.
New Jersey Resources Corp. Company Profile
New Jersey Resources Corporation (NJR) is an energy services holding company that provides retail and wholesale energy services to customers primarily in the Gulf Coast, Mid-Continent, Appalachian, Northeastern, and Western market areas of the United States, as well as Canada. The Company operates within four reportable business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream (formerly Energy Holdings).
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