Guggenheim Boosts New Jersey Resources (NYSE:NJR) Price Target to $54.00

New Jersey Resources (NYSE:NJR) had its price target upped by investment analysts at Guggenheim from $53.00 to $54.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the utilities provider’s stock. Guggenheim’s price target would indicate a potential upside of 16.20% from the company’s current price.

NJR has been the topic of a number of other research reports. JPMorgan Chase & Co. decreased their price objective on shares of New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Wells Fargo & Company increased their price target on shares of New Jersey Resources from $51.00 to $54.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 27th. Finally, StockNews.com raised New Jersey Resources from a “sell” rating to a “hold” rating in a report on Tuesday. Four analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.75.

New Jersey Resources Stock Performance

NYSE:NJR opened at $46.47 on Wednesday. The stock has a market capitalization of $4.64 billion, a P/E ratio of 15.91 and a beta of 0.63. The company has a current ratio of 0.62, a quick ratio of 0.36 and a debt-to-equity ratio of 1.31. New Jersey Resources has a 1 year low of $39.44 and a 1 year high of $51.94. The firm has a 50 day moving average of $47.60 and a 200-day moving average of $46.88.

New Jersey Resources (NYSE:NJR) last issued its quarterly earnings data on Monday, February 3rd. The utilities provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.15. New Jersey Resources had a return on equity of 13.54% and a net margin of 16.13%. During the same period in the prior year, the business posted $0.74 earnings per share. As a group, sell-side analysts anticipate that New Jersey Resources will post 3.1 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Patrick J. Migliaccio sold 4,983 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $46.00, for a total transaction of $229,218.00. Following the completion of the transaction, the chief operating officer now owns 37,124 shares in the company, valued at approximately $1,707,704. The trade was a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On New Jersey Resources

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cable Hill Partners LLC bought a new position in New Jersey Resources during the fourth quarter worth about $222,000. Bank of New York Mellon Corp raised its position in shares of New Jersey Resources by 8.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,211,702 shares of the utilities provider’s stock worth $56,526,000 after purchasing an additional 96,393 shares during the period. J. W. Coons Advisors LLC lifted its holdings in shares of New Jersey Resources by 31.5% during the 4th quarter. J. W. Coons Advisors LLC now owns 6,145 shares of the utilities provider’s stock valued at $287,000 after purchasing an additional 1,472 shares in the last quarter. Nicholson Wealth Management Group LLC grew its position in shares of New Jersey Resources by 57.3% in the 4th quarter. Nicholson Wealth Management Group LLC now owns 31,517 shares of the utilities provider’s stock valued at $1,470,000 after purchasing an additional 11,478 shares during the period. Finally, Good Life Advisors LLC raised its holdings in New Jersey Resources by 1.0% during the 4th quarter. Good Life Advisors LLC now owns 34,643 shares of the utilities provider’s stock worth $1,616,000 after buying an additional 327 shares during the period. 70.98% of the stock is owned by institutional investors.

About New Jersey Resources

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.