New Jersey Resources Corp (NJR) Receives Consensus Rating of “Buy” from Brokerages
Shares of New Jersey Resources Corp (NYSE:NJR) have received a consensus recommendation of “Buy” from the eight ratings firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation, four have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $45.00.
A number of equities research analysts have weighed in on the company. Janney Montgomery Scott upgraded New Jersey Resources from a “neutral” rating to a “buy” rating in a research report on Wednesday, November 22nd. ValuEngine raised New Jersey Resources from a “hold” rating to a “buy” rating in a report on Thursday. Zacks Investment Research raised New Jersey Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 18th. TheStreet cut New Jersey Resources from a “b” rating to a “c+” rating in a report on Wednesday, January 3rd. Finally, Bank of America reaffirmed a “neutral” rating on shares of New Jersey Resources in a report on Tuesday, February 27th.
Shares of New Jersey Resources (NYSE:NJR) traded down $0.10 during midday trading on Tuesday, hitting $38.05. The stock had a trading volume of 444,992 shares, compared to its average volume of 708,783. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 0.83. The firm has a market capitalization of $3,332.99, a P/E ratio of 14.98, a PEG ratio of 2.44 and a beta of 0.35. New Jersey Resources has a fifty-two week low of $35.55 and a fifty-two week high of $45.45.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th will be paid a dividend of $0.2725 per share. This represents a $1.09 annualized dividend and a yield of 2.86%. The ex-dividend date is Wednesday, March 14th. New Jersey Resources’s dividend payout ratio (DPR) is currently 42.91%.
In other New Jersey Resources news, VP Amanda Mullan sold 920 shares of the business’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $44.64, for a total transaction of $41,068.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Patrick J. Migliaccio sold 2,618 shares of the company’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $37.90, for a total transaction of $99,222.20. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Phocas Financial Corp. acquired a new position in shares of New Jersey Resources in the fourth quarter worth $2,870,000. Segall Bryant & Hamill LLC boosted its holdings in New Jersey Resources by 9.9% in the fourth quarter. Segall Bryant & Hamill LLC now owns 124,018 shares of the utilities provider’s stock worth $4,986,000 after purchasing an additional 11,177 shares in the last quarter. MetLife Investment Advisors LLC bought a new stake in New Jersey Resources in the fourth quarter worth $3,766,000. Glenmede Trust Co. NA boosted its holdings in New Jersey Resources by 100.2% in the fourth quarter. Glenmede Trust Co. NA now owns 16,784 shares of the utilities provider’s stock worth $673,000 after purchasing an additional 8,400 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in New Jersey Resources in the fourth quarter worth $420,000. 62.97% of the stock is currently owned by institutional investors and hedge funds.
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About New Jersey Resources
New Jersey Resources Corporation is an energy services holding company. The Company’s business is the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. It operates in four business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream.
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