NewJersey Resources Corporation (NYSE:NJR) Receives $51.43 Consensus PT from Brokerages

Shares of NewJersey Resources Corporation (NYSE:NJR) have been given an average recommendation of “Hold” by the seven brokerages that are presently covering the stock, Marketbeat 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 analysts that have issued a report on the stock in the last year is $51.4286.

Several equities research analysts have commented on NJR shares. Raymond James Financial reaffirmed an “outperform” rating and issued a $50.00 target price (up previously from $49.00) on shares of NewJersey Resources in a research note on Friday, August 8th. Weiss Ratings reissued a “hold (c)” rating on shares of NewJersey Resources in a report on Wednesday, October 8th. Finally, Wall Street Zen downgraded NewJersey Resources from a “hold” rating to a “sell” rating in a research note on Saturday, October 11th.

NewJersey Resources Trading Up 0.7%

NYSE NJR opened at $47.05 on Friday. NewJersey Resources has a 12 month low of $43.80 and a 12 month high of $51.94. The stock has a 50-day simple moving average of $46.92 and a 200 day simple moving average of $46.63. The company has a current ratio of 0.76, a quick ratio of 0.48 and a debt-to-equity ratio of 1.25. The company has a market capitalization of $4.73 billion, a PE ratio of 11.50 and a beta of 0.64.

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

NewJersey Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 22nd were paid a $0.475 dividend. The ex-dividend date of this dividend was Monday, September 22nd. This is an increase from NewJersey Resources’s previous quarterly dividend of $0.45. This represents a $1.90 dividend on an annualized basis and a yield of 4.0%. NewJersey Resources’s payout ratio is presently 46.45%.

Institutional Investors Weigh In On NewJersey Resources

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new stake in shares of NewJersey Resources in the 2nd quarter valued at about $52,671,000. Nuveen LLC bought a new position in shares of NewJersey Resources during the first quarter worth about $29,509,000. Energy Income Partners LLC grew its holdings in shares of NewJersey Resources by 145.7% during the second quarter. Energy Income Partners LLC now owns 798,661 shares of the utilities provider’s stock worth $35,796,000 after buying an additional 473,664 shares in the last quarter. Qube Research & Technologies Ltd raised its position in NewJersey Resources by 77.1% in the 2nd quarter. Qube Research & Technologies Ltd now owns 730,300 shares of the utilities provider’s stock valued at $32,732,000 after buying an additional 317,932 shares during the last quarter. Finally, Cubist Systematic Strategies LLC lifted its stake in NewJersey Resources by 127.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 347,620 shares of the utilities provider’s stock valued at $15,580,000 after acquiring an additional 194,836 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

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.