New Jersey Resources Corp. (NJR) Lowered to “Hold” at Zacks Investment Research
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. “
A number of other analysts also recently issued reports on the company. Guggenheim began coverage on New Jersey Resources Corp. in a research report on Thursday, November 3rd. They set a buy rating and a $36.00 price target for the company. Argus reiterated a buy rating and set a $42.00 price target on shares of New Jersey Resources Corp. in a research report on Friday, September 16th. Finally, TheStreet downgraded New Jersey Resources Corp. from a buy rating to a hold rating in a research report on Wednesday, August 31st. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $37.10.
Shares of New Jersey Resources Corp. (NYSE:NJR) opened at 34.30 on Tuesday. New Jersey Resources Corp. has a 12 month low of $28.02 and a 12 month high of $38.92. The firm has a market cap of $2.95 billion, a P/E ratio of 22.57 and a beta of 0.38. The stock’s 50 day moving average is $32.85 and its 200 day moving average is $34.93.
New Jersey Resources Corp. (NYSE:NJR) last issued its quarterly earnings results on Tuesday, November 22nd. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.01 by $0.03. The business had revenue of $469.24 million for the quarter, compared to the consensus estimate of $449.98 million. New Jersey Resources Corp. had a net margin of 6.91% and a return on equity of 11.54%. The business’s revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.05 EPS. Equities research analysts expect that New Jersey Resources Corp. will post $1.79 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Thursday, December 15th will be given a $0.255 dividend. The ex-dividend date is Tuesday, December 13th. This represents a $1.02 annualized dividend and a yield of 2.97%. This is an increase from New Jersey Resources Corp.’s previous quarterly dividend of $0.24. New Jersey Resources Corp.’s payout ratio is presently 64.43%.
Institutional investors have recently bought and sold shares of the stock. State Street Corp boosted its position in New Jersey Resources Corp. by 43.2% in the second quarter. State Street Corp now owns 7,392,860 shares of the company’s stock valued at $284,991,000 after buying an additional 2,230,789 shares during the period. BlackRock Fund Advisors boosted its position in New Jersey Resources Corp. by 5.0% in the third quarter. BlackRock Fund Advisors now owns 7,007,187 shares of the company’s stock valued at $230,256,000 after buying an additional 331,641 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in New Jersey Resources Corp. by 0.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,575,715 shares of the company’s stock valued at $99,294,000 after buying an additional 6,594 shares during the period. Dimensional Fund Advisors LP boosted its position in New Jersey Resources Corp. by 5.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,680,171 shares of the company’s stock valued at $64,767,000 after buying an additional 92,693 shares during the period. Finally, Adage Capital Partners GP L.L.C. boosted its position in New Jersey Resources Corp. by 180.0% in the third quarter. Adage Capital Partners GP L.L.C. now owns 1,400,000 shares of the company’s stock valued at $46,004,000 after buying an additional 900,000 shares during the period. 60.21% of the stock is currently owned by hedge funds and other institutional investors.
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About New Jersey Resources Corp.
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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