NewJersey Resources Corporation (NYSE:NJR) Receives Consensus Recommendation of “Hold” from Analysts

NewJersey Resources Corporation (NYSE:NJR) has been assigned an average rating of “Hold” from the six ratings firms that are currently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $51.29.

Several brokerages have commented on NJR. Raymond James Financial began coverage on NewJersey Resources in a report on Friday, June 13th. They issued an “outperform” rating and a $49.00 price objective on the stock. JPMorgan Chase & Co. dropped their price objective on NewJersey Resources from $56.00 to $51.00 and set an “overweight” rating on the stock in a report on Wednesday, May 28th. New Street Research set a $51.00 price objective on NewJersey Resources in a report on Tuesday, April 1st. Wall Street Zen raised NewJersey Resources from a “sell” rating to a “hold” rating in a report on Wednesday, May 14th. Finally, Wells Fargo & Company raised their price objective on NewJersey Resources from $51.00 to $53.00 and gave the company an “equal weight” rating in a report on Wednesday, May 7th.

Insider Transactions at NewJersey Resources

In other news, CFO Roberto Bel sold 1,173 shares of NewJersey Resources stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $50.00, for a total value of $58,650.00. Following the sale, the chief financial officer now directly owns 22,649 shares of the company’s stock, valued at $1,132,450. The trade was a 4.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On NewJersey Resources

Institutional investors have recently added to or reduced their stakes in the stock. Roxbury Financial LLC purchased a new position in NewJersey Resources during the fourth quarter worth approximately $25,000. Crews Bank & Trust purchased a new position in NewJersey Resources during the first quarter worth approximately $37,000. Hexagon Capital Partners LLC raised its position in NewJersey Resources by 42.0% in the first quarter. Hexagon Capital Partners LLC now owns 839 shares of the utilities provider’s stock valued at $41,000 after purchasing an additional 248 shares during the period. Halbert Hargrove Global Advisors LLC purchased a new stake in NewJersey Resources in the fourth quarter valued at $42,000. Finally, Ameriflex Group Inc. purchased a new stake in NewJersey Resources in the fourth quarter valued at $51,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

NewJersey Resources Price Performance

NYSE:NJR opened at $44.26 on Friday. The stock has a market capitalization of $4.44 billion, a PE ratio of 10.74 and a beta of 0.62. NewJersey Resources has a 52 week low of $41.68 and a 52 week high of $51.95. The company has a quick ratio of 0.73, a current ratio of 0.93 and a debt-to-equity ratio of 1.20. The stock’s 50-day moving average price is $46.85 and its 200-day moving average price is $47.22.

NewJersey Resources (NYSE:NJR) last issued its quarterly earnings data on Monday, May 5th. The utilities provider reported $1.76 EPS for the quarter, beating the consensus estimate of $1.65 by $0.11. NewJersey Resources had a return on equity of 16.95% and a net margin of 20.03%. The company had revenue of $913.03 million for the quarter, compared to analyst estimates of $732.00 million. During the same period last year, the company earned $1.41 earnings per share. NewJersey Resources’s quarterly revenue was up 38.8% compared to the same quarter last year. As a group, equities analysts expect that NewJersey Resources will post 3.15 EPS for the current fiscal year.

NewJersey Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 10th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date of this dividend is Tuesday, June 10th. NewJersey Resources’s dividend payout ratio is presently 43.69%.

About NewJersey 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.