Analysts Set NewJersey Resources Corporation (NYSE:NJR) Target Price at $51.43

Shares of NewJersey Resources Corporation (NYSE:NJR) have been given an average rating of “Hold” by the seven brokerages that are covering the firm, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $51.4286.

A number of brokerages have recently weighed in on NJR. Raymond James Financial reaffirmed an “outperform” rating and set a $50.00 price target (up previously from $49.00) on shares of NewJersey Resources in a report on Friday, August 8th. Weiss Ratings restated a “hold (c)” rating on shares of NewJersey Resources in a research note on Wednesday, October 8th. Finally, Wall Street Zen raised NewJersey Resources from a “sell” rating to a “hold” rating in a report on Saturday, October 25th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Advisory Services Network LLC grew its holdings in shares of NewJersey Resources by 2.8% during the 3rd quarter. Advisory Services Network LLC now owns 55,082 shares of the utilities provider’s stock valued at $2,652,000 after purchasing an additional 1,485 shares during the last quarter. NewEdge Advisors LLC boosted its position in NewJersey Resources by 2.3% in the third quarter. NewEdge Advisors LLC now owns 13,009 shares of the utilities provider’s stock valued at $626,000 after buying an additional 298 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of NewJersey Resources by 3.8% during the third quarter. CANADA LIFE ASSURANCE Co now owns 138,209 shares of the utilities provider’s stock worth $6,628,000 after buying an additional 5,085 shares during the last quarter. Polymer Capital Management HK LTD acquired a new position in shares of NewJersey Resources during the third quarter worth $329,000. Finally, Polymer Capital Management US LLC bought a new position in shares of NewJersey Resources in the 3rd quarter valued at $521,000. Institutional investors own 70.98% of the company’s stock.

NewJersey Resources Stock Performance

NJR opened at $46.35 on Wednesday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.48 and a current ratio of 0.76. NewJersey Resources has a 52-week low of $43.46 and a 52-week high of $51.94. The firm has a market cap of $4.66 billion, a P/E ratio of 11.33 and a beta of 0.67. The business’s fifty day moving average is $46.29 and its 200-day moving average is $46.16.

NewJersey Resources (NYSE:NJR) last posted its quarterly earnings data on Friday, May 19th. The utilities provider reported $1.36 earnings per share for the quarter. The business had revenue of $912.32 million during the quarter. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%. Sell-side analysts expect that NewJersey Resources will post 3.15 EPS for the current fiscal year.

NewJersey Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 12th will be given a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Friday, December 12th. NewJersey Resources’s payout ratio is currently 46.45%.

NewJersey 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.