NewJersey Resources Corporation (NJR) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of NewJersey Resources Corporation (NYSE:NJR) from a sell rating to a hold rating in a research note published on Saturday.

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. “

Several other analysts have also commented on NJR. Bank of America Corporation raised their price objective on shares of NewJersey Resources Corporation from $35.00 to $38.00 and gave the stock an underperform rating in a report on Wednesday, August 23rd. BidaskClub upgraded shares of NewJersey Resources Corporation from a hold rating to a buy rating in a report on Saturday, August 5th. Finally, Argus raised their price objective on shares of NewJersey Resources Corporation from $46.00 to $49.00 and gave the stock a buy rating in a report on Monday, August 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of Buy and a consensus price target of $42.00.

Shares of NewJersey Resources Corporation (NYSE:NJR) opened at $44.30 on Friday. The company has a quick ratio of 0.55, a current ratio of 0.82 and a debt-to-equity ratio of 0.70. NewJersey Resources Corporation has a 1-year low of $32.75 and a 1-year high of $45.45. The company has a market cap of $3,872.60, a PE ratio of 24.32, a price-to-earnings-growth ratio of 3.99 and a beta of 0.45.

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The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be issued a $0.2725 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This is a positive change from NewJersey Resources Corporation’s previous quarterly dividend of $0.26. This represents a $1.09 annualized dividend and a yield of 2.46%. NewJersey Resources Corporation’s dividend payout ratio (DPR) is 48.88%.

Hedge funds have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of NewJersey Resources Corporation by 8.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,057 shares of the utilities provider’s stock valued at $121,000 after purchasing an additional 244 shares during the last quarter. Advisor Group Inc. lifted its holdings in shares of NewJersey Resources Corporation by 59.7% during the second quarter. Advisor Group Inc. now owns 4,251 shares of the utilities provider’s stock valued at $163,000 after purchasing an additional 1,589 shares during the last quarter. Flinton Capital Management LLC lifted its holdings in shares of NewJersey Resources Corporation by 92.2% during the second quarter. Flinton Capital Management LLC now owns 4,336 shares of the utilities provider’s stock valued at $172,000 after purchasing an additional 2,080 shares during the last quarter. Mosaic Family Wealth LLC lifted its holdings in shares of NewJersey Resources Corporation by 5.9% during the second quarter. Mosaic Family Wealth LLC now owns 4,359 shares of the utilities provider’s stock valued at $173,000 after purchasing an additional 243 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in shares of NewJersey Resources Corporation during the third quarter valued at approximately $185,000. Hedge funds and other institutional investors own 63.93% of the company’s stock.

About NewJersey Resources Corporation

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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