StockNews.com Downgrades New Jersey Resources (NYSE:NJR) to Sell

StockNews.com downgraded shares of New Jersey Resources (NYSE:NJR) from a hold rating to a sell rating in a report issued on Tuesday morning.

Other equities research analysts have also recently issued reports about the company. Mizuho lifted their target price on New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Wells Fargo & Company lifted their price objective on New Jersey Resources from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. boosted their price objective on New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $49.00.

New Jersey Resources Price Performance

New Jersey Resources stock opened at $46.15 on Tuesday. New Jersey Resources has a 52 week low of $39.44 and a 52 week high of $48.68. The business’s fifty day moving average is $46.48 and its two-hundred day moving average is $44.78. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.41 and a current ratio of 0.60. The firm has a market cap of $4.58 billion, a P/E ratio of 19.31 and a beta of 0.59.

New Jersey Resources (NYSE:NJR) last announced its earnings results on Tuesday, August 6th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). The company had revenue of $275.64 million for the quarter, compared to analyst estimates of $283.56 million. New Jersey Resources had a return on equity of 11.06% and a net margin of 13.61%. New Jersey Resources’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.10 earnings per share. Equities research analysts forecast that New Jersey Resources will post 2.95 earnings per share for the current fiscal year.

New Jersey Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 23rd were paid a dividend of $0.45 per share. The ex-dividend date of this dividend was Monday, September 23rd. This is a boost from New Jersey Resources’s previous quarterly dividend of $0.42. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.90%. New Jersey Resources’s payout ratio is 75.31%.

Hedge Funds Weigh In On New Jersey Resources

Several hedge funds have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC bought a new stake in shares of New Jersey Resources in the 3rd quarter valued at about $27,000. Neo Ivy Capital Management acquired a new position in New Jersey Resources during the second quarter valued at approximately $31,000. Van ECK Associates Corp bought a new stake in New Jersey Resources in the third quarter valued at approximately $52,000. Spirit of America Management Corp NY raised its holdings in New Jersey Resources by 140.0% in the third quarter. Spirit of America Management Corp NY now owns 1,200 shares of the utilities provider’s stock worth $57,000 after purchasing an additional 700 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of New Jersey Resources by 119.5% during the second quarter. GAMMA Investing LLC now owns 1,214 shares of the utilities provider’s stock worth $52,000 after purchasing an additional 661 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

New Jersey 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.