New Jersey Resources (NYSE:NJR) Cut to “Sell” at StockNews.com

StockNews.com cut shares of New Jersey Resources (NYSE:NJR) from a hold rating to a sell rating in a research report sent to investors on Tuesday.

NJR has been the subject of several other research reports. Wells Fargo & Company boosted 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 research report on Wednesday, October 16th. JPMorgan Chase & Co. boosted their target price on New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Finally, Mizuho raised their price target on New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, September 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, New Jersey Resources presently 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 Tuesday. 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 company has a market cap of $5.12 billion, a price-to-earnings ratio of 17.67 and a beta of 0.59. New Jersey Resources has a 12-month low of $39.44 and a 12-month high of $51.94. The firm’s 50-day simple moving average is $47.20 and its 200 day simple moving average is $45.47.

New Jersey Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Wednesday, December 11th will be given a $0.45 dividend. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.80 annualized dividend and a dividend yield of 3.49%. New Jersey Resources’s dividend payout ratio is currently 61.64%.

Institutional Investors Weigh In On New Jersey Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NJR. V Square Quantitative Management LLC bought a new position in New Jersey Resources during the third quarter worth about $27,000. FSA Wealth Management LLC acquired a new position in New Jersey Resources during the third quarter valued at approximately $27,000. Neo Ivy Capital Management bought a new stake in New Jersey Resources in the second quarter valued at approximately $31,000. GAMMA Investing LLC raised its holdings in New Jersey Resources by 119.5% in 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 during the period. Finally, Van ECK Associates Corp bought a new position in shares of New Jersey Resources during the third quarter worth $52,000. 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.