NewJersey Resources Corporation (NYSE:NJR) Given Consensus Recommendation of “Buy” by Analysts
NewJersey Resources Corporation (NYSE:NJR) has received an average rating of “Buy” from the seven ratings firms that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $38.80.
A number of equities research analysts recently issued reports on the company. BidaskClub upgraded NewJersey Resources Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Bank of America Corporation reiterated an “underperform” rating and issued a $35.00 price objective (up previously from $32.00) on shares of NewJersey Resources Corporation in a research report on Friday, May 19th. Finally, Zacks Investment Research upgraded NewJersey Resources Corporation from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Tuesday, July 11th.
NewJersey Resources Corporation (NYSE:NJR) traded down 2.82% during mid-day trading on Friday, reaching $43.00. The company had a trading volume of 428,064 shares. NewJersey Resources Corporation has a 12-month low of $30.46 and a 12-month high of $44.30. The company has a market capitalization of $3.72 billion, a price-to-earnings ratio of 19.27 and a beta of 0.47. The stock has a 50-day moving average of $41.24 and a 200 day moving average of $40.15.
NewJersey Resources Corporation (NYSE:NJR) last issued its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.19. NewJersey Resources Corporation had a return on equity of 12.77% and a net margin of 8.81%. The company had revenue of $457.52 million for the quarter, compared to the consensus estimate of $410.24 million. During the same quarter last year, the business posted $0.13 earnings per share. The firm’s revenue was up 16.4% compared to the same quarter last year. On average, analysts expect that NewJersey Resources Corporation will post $1.75 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 22nd will be given a $0.255 dividend. The ex-dividend date of this dividend is Thursday, September 21st. This represents a $1.02 dividend on an annualized basis and a dividend yield of 2.37%. NewJersey Resources Corporation’s dividend payout ratio (DPR) is presently 45.74%.
Several large investors have recently modified their holdings of NJR. Clear Harbor Asset Management LLC increased its stake in shares of NewJersey Resources Corporation by 5.1% in the first quarter. Clear Harbor Asset Management LLC now owns 141,952 shares of the utilities provider’s stock worth $5,621,000 after buying an additional 6,923 shares during the period. Sit Investment Associates Inc. increased its stake in NewJersey Resources Corporation by 153.6% in the first quarter. Sit Investment Associates Inc. now owns 9,575 shares of the utilities provider’s stock worth $379,000 after buying an additional 5,800 shares during the last quarter. ProShare Advisors LLC increased its stake in NewJersey Resources Corporation by 143.3% in the first quarter. ProShare Advisors LLC now owns 461,845 shares of the utilities provider’s stock worth $18,289,000 after buying an additional 272,004 shares during the last quarter. Navellier & Associates Inc increased its stake in NewJersey Resources Corporation by 9.2% in the first quarter. Navellier & Associates Inc now owns 7,576 shares of the utilities provider’s stock worth $300,000 after buying an additional 636 shares during the last quarter. Finally, American Economic Planning Group Inc. ADV purchased a new stake in NewJersey Resources Corporation during the first quarter worth $215,000. Institutional investors own 65.07% of the company’s stock.
About NewJersey Resources Corporation
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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