New Jersey Resources (NYSE:NJR) Hits New 1-Year High – Should You Buy?

New Jersey Resources Co. (NYSE:NJR) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $48.76 and last traded at $48.74, with a volume of 305594 shares changing hands. The stock had previously closed at $48.45.

Analysts Set New Price Targets

NJR has been the subject of a number of analyst reports. Mizuho upped their price objective on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Wells Fargo & Company increased their target price on shares of New Jersey Resources from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. increased their target price on shares of New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Four equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $49.00.

New Jersey Resources Price Performance

The firm has a market cap of $4.94 billion, a price-to-earnings ratio of 20.41 and a beta of 0.59. The company has a quick ratio of 0.41, a current ratio of 0.60 and a debt-to-equity ratio of 1.30. The company’s 50-day moving average price is $46.78 and its 200-day moving average price is $45.20.

New Jersey Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Wednesday, December 11th will be given a dividend of $0.45 per share. The ex-dividend date is Wednesday, December 11th. This represents a $1.80 annualized dividend and a dividend yield of 3.61%. New Jersey Resources’s dividend payout ratio is presently 75.31%.

Institutional Trading of New Jersey Resources

Several hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its holdings in New Jersey Resources by 5.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,956,772 shares of the utilities provider’s stock valued at $126,372,000 after acquiring an additional 154,441 shares in the last quarter. Geode Capital Management LLC raised its holdings in New Jersey Resources by 1.5% during the third quarter. Geode Capital Management LLC now owns 2,366,381 shares of the utilities provider’s stock worth $111,714,000 after purchasing an additional 34,782 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in New Jersey Resources by 3.2% during the second quarter. Bank of New York Mellon Corp now owns 1,284,245 shares of the utilities provider’s stock worth $54,889,000 after purchasing an additional 40,094 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in New Jersey Resources by 2.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,227,815 shares of the utilities provider’s stock worth $57,953,000 after purchasing an additional 33,772 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in New Jersey Resources by 39.9% during the second quarter. AQR Capital Management LLC now owns 618,379 shares of the utilities provider’s stock worth $26,430,000 after purchasing an additional 176,396 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

New Jersey Resources Company Profile

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.