ValuEngine downgraded shares of NewJersey Resources (NYSE:NJR) from a buy rating to a hold rating in a research report report published on Friday.

Other equities research analysts have also recently issued research reports about the stock. Argus lifted their price objective on shares of NewJersey Resources from $46.00 to $49.00 and gave the company a buy rating in a research report on Monday, August 28th. Bank of America lifted their price objective on shares of NewJersey Resources from $35.00 to $38.00 and gave the company an underperform rating in a research report on Wednesday, August 23rd. Zacks Investment Research cut shares of NewJersey Resources from a hold rating to a sell rating in a research report on Wednesday, October 25th. Janney Montgomery Scott upgraded shares of NewJersey Resources from a neutral rating to a buy rating in a research report on Wednesday, November 22nd. Finally, BidaskClub upgraded shares of NewJersey Resources from a buy rating to a strong-buy rating in a research report on Saturday, August 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $42.00.

NewJersey Resources (NYSE NJR) traded down $0.25 during midday trading on Friday, reaching $44.35. 518,600 shares of the company’s stock were exchanged, compared to its average volume of 424,908. NewJersey Resources has a 12 month low of $33.70 and a 12 month high of $45.45. The company has a market cap of $3,852.53, a PE ratio of 25.78, a price-to-earnings-growth ratio of 4.05 and a beta of 0.43. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.46 and a current ratio of 0.72.

NewJersey Resources (NYSE:NJR) last released its earnings results on Tuesday, November 21st. The utilities provider reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). NewJersey Resources had a return on equity of 11.97% and a net margin of 5.82%. The firm had revenue of $536.50 million for the quarter, compared to the consensus estimate of $480.90 million. During the same quarter in the previous year, the business posted ($0.03) EPS. NewJersey Resources’s revenue was up 14.3% on a year-over-year basis. sell-side analysts predict that NewJersey Resources will post 1.83 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be given a dividend of $0.2725 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.09 annualized dividend and a dividend yield of 2.46%. This is a boost from NewJersey Resources’s previous quarterly dividend of $0.26. NewJersey Resources’s dividend payout ratio (DPR) is presently 71.71%.

In related news, Director Lawrence R. Codey sold 6,000 shares of the firm’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $43.13, for a total value of $258,780.00. Following the completion of the transaction, the director now directly owns 13,266 shares of the company’s stock, valued at $572,162.58. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 1.50% of the company’s stock.

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in NewJersey Resources by 1.2% during the second quarter. Vanguard Group Inc. now owns 8,361,117 shares of the utilities provider’s stock worth $331,937,000 after buying an additional 99,093 shares during the period. Northern Trust Corp boosted its stake in NewJersey Resources by 1.6% during the second quarter. Northern Trust Corp now owns 1,367,432 shares of the utilities provider’s stock worth $54,287,000 after buying an additional 21,435 shares during the period. FMR LLC boosted its stake in NewJersey Resources by 5.9% during the second quarter. FMR LLC now owns 1,347,550 shares of the utilities provider’s stock worth $53,497,000 after buying an additional 75,667 shares during the period. Ameriprise Financial Inc. boosted its stake in NewJersey Resources by 3.8% during the third quarter. Ameriprise Financial Inc. now owns 1,294,986 shares of the utilities provider’s stock worth $54,588,000 after buying an additional 47,748 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in NewJersey Resources by 3.1% during the third quarter. Bank of New York Mellon Corp now owns 1,272,665 shares of the utilities provider’s stock worth $53,642,000 after buying an additional 38,004 shares during the period. 63.60% of the stock is owned by hedge funds and other institutional investors.

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NewJersey Resources 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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