Zacks Investment Research upgraded shares of New Jersey Resources Corp. (NYSE:NJR) from a hold rating to a buy rating in a report issued on Wednesday. Zacks Investment Research currently has $39.00 price objective on the stock.

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 topic of a number of other reports. TheStreet downgraded shares of New Jersey Resources Corp. from a buy rating to a hold rating in a report on Wednesday, August 31st. Argus reissued a buy rating and issued a $42.00 price target on shares of New Jersey Resources Corp. in a report on Friday, September 16th. Finally, Guggenheim began coverage on shares of New Jersey Resources Corp. in a report on Thursday, November 3rd. They issued a buy rating and a $36.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $37.10.

New Jersey Resources Corp. (NYSE:NJR) traded down 5.81% during trading on Wednesday, reaching $32.45. 468,578 shares of the company were exchanged. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of 25.29 and a beta of 0.38. New Jersey Resources Corp. has a one year low of $28.02 and a one year high of $38.92. The firm’s 50 day moving average price is $32.81 and its 200-day moving average price is $35.03.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Thursday, December 15th will be given a dividend of $0.255 per share. This is a boost from New Jersey Resources Corp.’s previous quarterly dividend of $0.24. This represents a $1.02 annualized dividend and a dividend yield of 2.96%. New Jersey Resources Corp.’s dividend payout ratio is currently 76.80%.

Several large investors have recently made changes to their positions in the stock. National Asset Management Inc. boosted its stake in shares of 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 valued at $280,000 after buying an additional 21 shares in the last quarter. National Planning Corp boosted its stake in shares of New Jersey Resources Corp. by 0.9% in the second quarter. National Planning Corp now owns 8,571 shares of the company’s stock valued at $310,000 after buying an additional 78 shares in the last quarter. Public Employees Retirement System of Ohio boosted 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 valued at $220,000 after buying an additional 108 shares in the last quarter. State Treasurer State of Michigan boosted 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 valued at $1,330,000 after buying an additional 200 shares in the last quarter. Finally, Legal & General Group Plc boosted 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 valued at $2,224,000 after buying an additional 245 shares in the last quarter. Hedge funds and other institutional investors own 60.55% 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).

5 Day Chart for NYSE:NJR

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