New Jersey Resources Corp. (NJR) Upgraded to “Buy” by Zacks Investment Research
New Jersey Resources Corp. (NYSE:NJR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $36.00 price target on the stock. Zacks Investment Research’s price objective suggests a potential upside of 12.15% from the stock’s previous close.
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 several other reports. Argus reiterated a “buy” rating and set a $42.00 price objective on shares of New Jersey Resources Corp. in a research report on Monday, June 20th. TheStreet downgraded New Jersey Resources Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, August 31st. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $36.63.
New Jersey Resources Corp. (NYSE:NJR) opened at 32.10 on Tuesday. New Jersey Resources Corp. has a 52-week low of $28.02 and a 52-week high of $38.92. The stock has a market cap of $2.77 billion, a P/E ratio of 25.02 and a beta of 0.49. The firm’s 50-day moving average price is $33.49 and its 200 day moving average price is $35.57.
New Jersey Resources Corp. (NYSE:NJR) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by $0.01. The business had revenue of $393.21 million for the quarter, compared to analyst estimates of $425.99 million. New Jersey Resources Corp. had a return on equity of 11.43% and a net margin of 5.88%. The business’s quarterly revenue was down 14.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 earnings per share. Equities analysts predict that New Jersey Resources Corp. will post $1.61 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Friday, September 23rd were given a $0.24 dividend. The ex-dividend date of this dividend was Wednesday, September 21st. This represents a $0.96 dividend on an annualized basis and a yield of 2.99%. New Jersey Resources Corp.’s dividend payout ratio (DPR) is 76.80%.
Large investors have recently added to or reduced their stakes in the company. National Asset Management Inc. increased its stake in New Jersey Resources Corp. by 0.3% in the second quarter. National Asset Management Inc. now owns 7,246 shares of the company’s stock worth $280,000 after buying an additional 21 shares during the period. National Planning Corp increased its stake in New Jersey Resources Corp. by 0.9% in the second quarter. National Planning Corp now owns 8,571 shares of the company’s stock worth $310,000 after buying an additional 78 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of New Jersey Resources Corp. by 1.9% in the second quarter. Public Employees Retirement System of Ohio now owns 5,699 shares of the company’s stock worth $220,000 after buying an additional 108 shares during the period. State Treasurer State of Michigan increased its stake in shares of New Jersey Resources Corp. by 0.6% in the second quarter. State Treasurer State of Michigan now owns 34,500 shares of the company’s stock worth $1,330,000 after buying an additional 200 shares during the period. Finally, Legal & General Group Plc increased 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 during the period. Hedge funds and other institutional investors own 60.28% of the company’s stock.
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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