New Jersey Resources (NYSE:NJR) Raised to Hold at StockNews.com

StockNews.com upgraded shares of New Jersey Resources (NYSE:NJR) from a sell rating to a hold rating in a research report report published on Sunday morning.

Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. boosted their price objective on shares of New Jersey Resources from $48.00 to $49.00 and gave the stock a neutral rating in a report on Thursday, August 15th. Argus upgraded shares of New Jersey Resources to a strong-buy rating in a report on Monday, June 10th. Finally, Mizuho boosted their price objective on shares of New Jersey Resources from $45.00 to $47.00 and gave the stock a neutral rating in a report on Friday, September 20th.

New Jersey Resources Stock Performance

NYSE:NJR opened at $47.01 on Friday. The company has a current ratio of 0.60, a quick ratio of 0.41 and a debt-to-equity ratio of 1.30. The firm has a market capitalization of $4.65 billion, a price-to-earnings ratio of 18.58 and a beta of 0.59. The firm’s fifty day simple moving average is $46.10 and its 200 day simple moving average is $44.07. New Jersey Resources has a twelve month low of $38.92 and a twelve month high of $48.68.

New Jersey Resources (NYSE:NJR) last posted its earnings results on Tuesday, August 6th. The utilities provider reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The business had revenue of $275.64 million for the quarter, compared to analyst estimates of $283.56 million. New Jersey Resources had a net margin of 13.61% and a return on equity of 11.06%. The business’s revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.10 EPS. As a group, equities research analysts expect 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 announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd will be given a $0.45 dividend. The ex-dividend date is Monday, September 23rd. This represents a $1.80 annualized dividend and a dividend yield of 3.83%. This is an increase from New Jersey Resources’s previous quarterly dividend of $0.42. New Jersey Resources’s payout ratio is presently 71.15%.

Insider Transactions at New Jersey Resources

In related news, CEO Stephen D. Westhoven sold 26,600 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $45.06, for a total transaction of $1,198,596.00. Following the completion of the sale, the chief executive officer now owns 168,705 shares of the company’s stock, valued at approximately $7,601,847.30. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Stephen D. Westhoven sold 3,400 shares of the business’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $45.00, for a total transaction of $153,000.00. Following the completion of the sale, the chief executive officer now owns 195,305 shares of the company’s stock, valued at approximately $8,788,725. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Stephen D. Westhoven sold 26,600 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $45.06, for a total transaction of $1,198,596.00. Following the sale, the chief executive officer now directly owns 168,705 shares of the company’s stock, valued at approximately $7,601,847.30. The disclosure for this sale can be found here. Insiders own 0.75% of the company’s stock.

Institutional Investors Weigh In On New Jersey Resources

A number of institutional investors have recently modified their holdings of the business. Heritage Wealth Advisors bought a new position in New Jersey Resources in the 4th quarter worth about $31,000. Neo Ivy Capital Management bought a new position in New Jersey Resources in the 2nd quarter worth about $31,000. GAMMA Investing LLC grew its position in New Jersey Resources by 119.5% in the 2nd 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 last quarter. International Assets Investment Management LLC bought a new position in New Jersey Resources in the 2nd quarter worth about $76,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in New Jersey Resources in the 2nd quarter worth about $94,000. Institutional investors 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.