New Jersey Resources (NYSE:NJR) Stock Rating Upgraded by StockNews.com

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

Other research analysts have also recently issued reports about the company. Guggenheim upped their price target on New Jersey Resources from $46.00 to $49.00 and gave the company a “neutral” rating in a research report on Wednesday, November 27th. Wells Fargo & Company raised their target price on New Jersey Resources from $51.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 27th. Finally, JPMorgan Chase & Co. cut their target price on New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. Four equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $51.75.

New Jersey Resources Price Performance

Shares of NYSE NJR opened at $46.96 on Tuesday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.36 and a current ratio of 0.62. The firm has a market cap of $4.69 billion, a PE ratio of 16.08 and a beta of 0.63. New Jersey Resources has a one year low of $40.33 and a one year high of $51.94. The firm has a fifty day moving average of $47.42 and a 200 day moving average of $46.88.

New Jersey Resources (NYSE:NJR) last announced its earnings results on Monday, February 3rd. The utilities provider reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.15. New Jersey Resources had a return on equity of 13.54% and a net margin of 16.13%. During the same quarter in the previous year, the company earned $0.74 earnings per share. As a group, research analysts predict that New Jersey Resources will post 3.1 EPS for the current fiscal year.

New Jersey Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 11th will be given a dividend of $0.45 per share. The ex-dividend date is Tuesday, March 11th. This represents a $1.80 annualized dividend and a dividend yield of 3.83%. New Jersey Resources’s dividend payout ratio is currently 61.64%.

Insider Activity at New Jersey Resources

In related news, COO Patrick J. Migliaccio sold 4,983 shares of New Jersey Resources stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $46.00, for a total value of $229,218.00. Following the completion of the transaction, the chief operating officer now directly owns 37,124 shares in the company, valued at approximately $1,707,704. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.72% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Roxbury Financial LLC purchased a new stake in shares of New Jersey Resources during the 4th quarter worth $25,000. FSA Wealth Management LLC purchased a new stake in New Jersey Resources during the third quarter worth approximately $27,000. V Square Quantitative Management LLC purchased a new stake in New Jersey Resources during the third quarter worth approximately $27,000. Versant Capital Management Inc lifted its position in shares of New Jersey Resources by 9,400.0% during the 4th quarter. Versant Capital Management Inc now owns 665 shares of the utilities provider’s stock worth $31,000 after buying an additional 658 shares during the last quarter. Finally, UMB Bank n.a. lifted its position in New Jersey Resources by 69.8% in the fourth quarter. UMB Bank n.a. now owns 839 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 345 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.