New Jersey Resources Co. (NJR) Receives Consensus Rating of “Buy” from Brokerages

Shares of New Jersey Resources Co. (NYSE:NJR) have been given an average rating of “Buy” by the eight analysts that are presently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $45.00.

NJR has been the subject of several recent research reports. Guggenheim reissued a “buy” rating and issued a $44.00 price target on shares of New Jersey Resources in a research note on Wednesday, January 3rd. TheStreet cut New Jersey Resources from a “b” rating to a “c+” rating in a research note on Wednesday, January 3rd. Zacks Investment Research cut New Jersey Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, January 10th. Bank of America reissued a “neutral” rating on shares of New Jersey Resources in a research note on Tuesday, February 27th. Finally, ValuEngine raised New Jersey Resources from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st.

In related news, VP Patrick J. Migliaccio sold 2,618 shares of the company’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $37.90, for a total transaction of $99,222.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.50% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. Cornerstone Capital Management Holdings LLC. bought a new stake in shares of New Jersey Resources during the 4th quarter valued at about $144,000. MHI Funds LLC bought a new stake in shares of New Jersey Resources during the 4th quarter valued at about $179,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of New Jersey Resources by 54.8% during the 4th 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 in the last quarter. GSA Capital Partners LLP bought a new stake in shares of New Jersey Resources during the 3rd quarter valued at about $204,000. Finally, Tower Bridge Advisors bought a new stake in shares of New Jersey Resources during the 4th quarter valued at about $201,000. Institutional investors own 63.97% of the company’s stock.

NJR traded down $0.10 on Wednesday, reaching $41.05. The stock had a trading volume of 374,542 shares, compared to its average volume of 648,953. New Jersey Resources has a fifty-two week low of $35.55 and a fifty-two week high of $45.45. The company has a quick ratio of 0.62, a current ratio of 0.83 and a debt-to-equity ratio of 0.74. The stock has a market cap of $3,556.35, a PE ratio of 23.73, a PEG ratio of 2.60 and a beta of 0.31.

New Jersey Resources (NYSE:NJR) last issued its quarterly earnings results on Thursday, February 8th. The utilities provider reported $1.56 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.97. The company had revenue of $705.31 million during the quarter, compared to analysts’ expectations of $564.47 million. New Jersey Resources had a return on equity of 18.96% and a net margin of 9.08%. The business’s quarterly revenue was up 30.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.47 earnings per share. equities research analysts expect that New Jersey Resources will post 2.6 EPS for the current year.

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About New Jersey Resources

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 529,800 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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