Brokerages Set NewJersey Resources Corporation (NYSE:NJR) Price Target at $51.29

NewJersey Resources Corporation (NYSE:NJR) has earned an average rating of “Hold” from the six research firms that are covering the company, Marketbeat reports. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $51.2857.

Several research analysts recently issued reports on the stock. Mizuho cut their target price on shares of NewJersey Resources from $52.00 to $50.00 and set a “neutral” rating on the stock in a research note on Thursday, May 15th. JPMorgan Chase & Co. cut their price objective on shares of NewJersey Resources from $56.00 to $51.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 28th. Raymond James Financial initiated coverage on NewJersey Resources in a research note on Friday, June 13th. They issued an “outperform” rating and a $49.00 target price for the company. Wells Fargo & Company upped their price target on NewJersey Resources from $51.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 7th. Finally, Wall Street Zen upgraded NewJersey Resources from a “sell” rating to a “hold” rating in a report on Wednesday, May 14th.

NewJersey Resources Price Performance

Shares of NJR opened at $46.49 on Monday. The business has a 50-day moving average of $45.38 and a 200-day moving average of $46.94. NewJersey Resources has a 1 year low of $43.70 and a 1 year high of $51.94. The company has a market capitalization of $4.67 billion, a price-to-earnings ratio of 11.37 and a beta of 0.64. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.93 and a quick ratio of 0.73.

NewJersey Resources (NYSE:NJR) last issued its quarterly earnings results on Monday, August 4th. The utilities provider reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.12. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.25%. The firm had revenue of $298.95 million for the quarter, compared to the consensus estimate of $305.05 million. During the same quarter in the previous year, the company earned ($0.09) EPS. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. As a group, equities research analysts anticipate that NewJersey Resources will post 3.15 earnings per share for the current year.

Insider Transactions at NewJersey Resources

In other news, COO Patrick J. Migliaccio sold 1,500 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $44.22, for a total value of $66,330.00. Following the completion of the sale, the chief operating officer directly owned 35,690 shares of the company’s stock, valued at $1,578,211.80. This represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On NewJersey Resources

Several large investors have recently bought and sold shares of the stock. Hexagon Capital Partners LLC boosted its holdings in NewJersey Resources by 42.0% during the first quarter. Hexagon Capital Partners LLC now owns 839 shares of the utilities provider’s stock worth $41,000 after purchasing an additional 248 shares during the last quarter. Jacobi Capital Management LLC boosted its position in NewJersey Resources by 1.0% in the first quarter. Jacobi Capital Management LLC now owns 28,505 shares of the utilities provider’s stock worth $1,398,000 after purchasing an additional 275 shares during the last quarter. IFP Advisors Inc grew its stake in NewJersey Resources by 23.1% in the 2nd quarter. IFP Advisors Inc now owns 1,504 shares of the utilities provider’s stock valued at $67,000 after purchasing an additional 282 shares during the period. Xponance Inc. increased its position in shares of NewJersey Resources by 1.9% during the 1st quarter. Xponance Inc. now owns 15,310 shares of the utilities provider’s stock valued at $751,000 after purchasing an additional 288 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of NewJersey Resources by 2.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 11,553 shares of the utilities provider’s stock valued at $524,000 after purchasing an additional 325 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors.

About NewJersey 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.