Analysts Set NewJersey Resources Corporation (NJR) Price Target at $40.80
Shares of NewJersey Resources Corporation (NYSE:NJR) have earned an average rating of “Buy” from the seven research firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and two have given a strong buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $40.80.
A number of research firms have weighed in on NJR. Argus raised their price objective on shares of NewJersey Resources Corporation from $46.00 to $49.00 and gave the company a “buy” rating in a research note on Monday, August 28th. BidaskClub upgraded shares of NewJersey Resources Corporation from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 26th. Bank of America Corporation upped their target price on shares of NewJersey Resources Corporation from $35.00 to $38.00 and gave the stock an “underperform” rating in a research note on Wednesday, August 23rd. Finally, Zacks Investment Research upgraded shares of NewJersey Resources Corporation from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, July 11th.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio raised its position in NewJersey Resources Corporation by 12.0% in the 1st quarter. Strs Ohio now owns 11,200 shares of the utilities provider’s stock worth $443,000 after buying an additional 1,200 shares during the last quarter. Great West Life Assurance Co. Can lifted its stake in NewJersey Resources Corporation by 4.3% during the 1st quarter. Great West Life Assurance Co. Can now owns 51,324 shares of the utilities provider’s stock valued at $2,029,000 after acquiring an additional 2,138 shares during the period. World Asset Management Inc bought a new position in NewJersey Resources Corporation during the 1st quarter valued at about $210,000. UBS Asset Management Americas Inc. lifted its stake in NewJersey Resources Corporation by 48.7% during the 1st quarter. UBS Asset Management Americas Inc. now owns 71,968 shares of the utilities provider’s stock valued at $2,850,000 after acquiring an additional 23,554 shares during the period. Finally, Sei Investments Co. lifted its stake in NewJersey Resources Corporation by 11.7% during the 1st quarter. Sei Investments Co. now owns 10,488 shares of the utilities provider’s stock valued at $416,000 after acquiring an additional 1,097 shares during the period. Institutional investors own 64.00% of the company’s stock.
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Shares of NewJersey Resources Corporation (NJR) traded up 0.59% during mid-day trading on Friday, hitting $42.85. The stock had a trading volume of 339,566 shares. The stock’s 50-day moving average price is $43.05 and its 200-day moving average price is $41.47. NewJersey Resources Corporation has a 52-week low of $30.46 and a 52-week high of $44.30. The firm has a market cap of $3.71 billion, a PE ratio of 19.21 and a beta of 0.46.
NewJersey Resources Corporation (NYSE:NJR) last announced its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.19. The company had revenue of $457.52 million for the quarter, compared to analysts’ expectations of $410.24 million. NewJersey Resources Corporation had a net margin of 8.81% and a return on equity of 12.77%. NewJersey Resources Corporation’s revenue was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.13 EPS. On average, analysts anticipate that NewJersey Resources Corporation will post $1.74 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 22nd were issued a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date was Thursday, September 21st. NewJersey Resources Corporation’s payout ratio is currently 48.88%.
NewJersey Resources Corporation Company Profile
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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