Guggenheim reaffirmed their buy rating on shares of New Jersey Resources (NYSE:NJR) in a report published on Friday morning. They currently have a $42.00 target price on the utilities provider’s stock.
A number of other research firms have also weighed in on NJR. Zacks Investment Research raised New Jersey Resources from a sell rating to a hold rating in a research note on Saturday, November 18th. ValuEngine lowered New Jersey Resources from a buy rating to a hold rating in a research note on Friday, December 1st. Janney Montgomery Scott raised New Jersey Resources from a neutral rating to a buy rating in a research note on Wednesday, November 22nd. Finally, TheStreet lowered New Jersey Resources from a b rating to a c+ rating in a research note on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $43.25.
Shares of New Jersey Resources (NYSE NJR) opened at $39.50 on Friday. The stock has a market capitalization of $3,468.76, a P/E ratio of 15.55, a PEG ratio of 2.54 and a beta of 0.33. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.83 and a quick ratio of 0.62. New Jersey Resources has a 12 month low of $35.55 and a 12 month high of $45.45.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th will be paid a dividend of $0.2725 per share. This represents a $1.09 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend is Wednesday, March 14th. New Jersey Resources’s dividend payout ratio (DPR) is currently 42.91%.
In other New Jersey Resources news, VP Patrick J. Migliaccio sold 2,618 shares of New Jersey Resources stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $37.90, for a total value of $99,222.20. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Amanda Mullan sold 920 shares of New Jersey Resources stock in a transaction on Monday, December 4th. The shares were sold at an average price of $44.64, for a total value of $41,068.80. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.
A number of large investors have recently bought and sold shares of NJR. Patten Group Inc. raised its position in New Jersey Resources by 2,111.9% in the third quarter. Patten Group Inc. now owns 66,357 shares of the utilities provider’s stock valued at $126,000 after purchasing an additional 63,357 shares during the period. Cornerstone Capital Management Holdings LLC. purchased a new stake in New Jersey Resources in the fourth quarter valued at $144,000. MHI Funds LLC purchased a new stake in New Jersey Resources in the fourth quarter valued at $179,000. Meeder Asset Management Inc. purchased a new stake in New Jersey Resources in the third quarter valued at $185,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in New Jersey Resources by 54.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,731 shares of the utilities provider’s stock valued at $190,000 after purchasing an additional 1,674 shares during the period. Institutional investors own 62.97% of the company’s stock.
About New Jersey Resources
New Jersey Resources Corporation is an energy services holding company. The Company’s business is the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. It operates in four business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream.
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