Janney Montgomery Scott upgraded shares of NewJersey Resources Corporation (NYSE:NJR) from a neutral rating to a buy rating in a report released on Wednesday, Marketbeat reports.
Several other research firms have also weighed in on NJR. Zacks Investment Research raised NewJersey Resources from a sell rating to a hold rating in a research note on Saturday, November 18th. Argus raised their price objective on NewJersey Resources from $46.00 to $49.00 and gave the company a buy rating in a research note on Monday, August 28th. BidaskClub raised NewJersey Resources from a buy rating to a strong-buy rating in a research note on Saturday, August 26th. Finally, Bank of America Corporation raised their price objective on NewJersey Resources from $35.00 to $38.00 and gave the company an underperform rating in a research note on Wednesday, August 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the stock. NewJersey Resources currently has an average rating of Buy and a consensus price target of $42.00.
Shares of NewJersey Resources (NYSE:NJR) opened at $42.55 on Wednesday. The firm has a market capitalization of $3,696.15, a PE ratio of 24.74, a P/E/G ratio of 3.87 and a beta of 0.45. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.72 and a quick ratio of 0.55. NewJersey Resources has a 12 month low of $33.55 and a 12 month high of $45.45.
NewJersey Resources (NYSE:NJR) last released its quarterly earnings data on Tuesday, November 21st. The utilities provider reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The business had revenue of $536.50 million during the quarter, compared to analyst estimates of $480.90 million. NewJersey Resources had a net margin of 5.82% and a return on equity of 11.97%. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same period last year, the business earned ($0.03) earnings per share. equities analysts predict that NewJersey Resources will post 1.83 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be given a $0.2725 dividend. The ex-dividend date is Thursday, December 14th. This is an increase from NewJersey Resources’s previous quarterly dividend of $0.26. This represents a $1.09 annualized dividend and a yield of 2.56%. NewJersey Resources’s dividend payout ratio (DPR) is currently 71.71%.
A number of institutional investors have recently bought and sold shares of NJR. Zurcher Kantonalbank Zurich Cantonalbank raised its position in NewJersey Resources by 8.7% in 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. Patten Group Inc. raised its position in NewJersey Resources by 2,111.9% in the third quarter. Patten Group Inc. now owns 66,357 shares of the utilities provider’s stock valued at $126,000 after purchasing an additional 63,357 shares during the last quarter. Advisor Group Inc. raised its position in NewJersey Resources by 59.7% in 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 raised its position in NewJersey Resources by 92.2% in 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. Finally, Mosaic Family Wealth LLC raised its position in NewJersey Resources by 5.9% in 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. Hedge funds and other institutional investors own 63.93% of the company’s stock.
About NewJersey Resources
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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