New Jersey Resources (NYSE:NJR) Stock Price Expected to Rise, Guggenheim Analyst Says

New Jersey Resources (NYSE:NJR) had its price target boosted by research analysts at Guggenheim from $46.00 to $49.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the utilities provider’s stock. Guggenheim’s price objective would suggest a potential downside of 5.06% from the stock’s current price.

A number of other brokerages have also commented on NJR. Mizuho boosted their target price on New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. StockNews.com lowered New Jersey Resources from a “hold” rating to a “sell” rating in a research report on Tuesday. JPMorgan Chase & Co. lifted their price target on shares of New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Finally, Wells Fargo & Company upped their price objective on shares of New Jersey Resources from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $49.75.

New Jersey Resources Stock Up 1.8 %

Shares of NYSE NJR opened at $51.61 on Wednesday. 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 firm has a market cap of $5.12 billion, a PE ratio of 17.67 and a beta of 0.59. The company’s fifty day simple moving average is $47.20 and its 200 day simple moving average is $45.47. New Jersey Resources has a 12-month low of $39.44 and a 12-month high of $51.94.

Hedge Funds Weigh In On New Jersey Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. AQR Capital Management LLC lifted 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 acquiring an additional 176,396 shares during the period. Victory Capital Management Inc. raised its stake in shares of New Jersey Resources by 192.9% during the 2nd quarter. Victory Capital Management Inc. now owns 387,950 shares of the utilities provider’s stock worth $16,581,000 after purchasing an additional 255,503 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of New Jersey Resources by 3.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,284,245 shares of the utilities provider’s stock worth $54,889,000 after buying an additional 40,094 shares during the last quarter. International Assets Investment Management LLC grew its position in New Jersey Resources by 4,620.0% during the third quarter. International Assets Investment Management LLC now owns 83,638 shares of the utilities provider’s stock valued at $3,948,000 after buying an additional 81,866 shares during the period. Finally, Benjamin F. Edwards & Company Inc. increased its holdings in New Jersey Resources by 10.1% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 155,658 shares of the utilities provider’s stock worth $6,653,000 after buying an additional 14,338 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

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.