NewJersey Resources (NYSE:NJR) Share Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

NewJersey Resources Corporation (NYSE:NJR) crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $54.48 and traded as high as $55.09. NewJersey Resources shares last traded at $55.0610, with a volume of 892,492 shares.

Analyst Ratings Changes

Several brokerages have recently issued reports on NJR. Weiss Ratings downgraded shares of NewJersey Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday. Huntington initiated coverage on NewJersey Resources in a research note on Monday, September 14th. They issued an “outperform” rating and a $68.00 price target for the company. Raymond James Financial set a $61.00 price objective on NewJersey Resources in a report on Thursday, October 15th. Wells Fargo & Company lowered NewJersey Resources from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $63.00 to $61.00 in a research report on Wednesday, August 5th. Finally, Wall Street Zen raised NewJersey Resources from a “sell” rating to a “hold” rating in a report on Sunday, September 20th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $62.50.

NewJersey Resources Trading Down 0.8%

The company has a current ratio of 0.66, a quick ratio of 0.45 and a debt-to-equity ratio of 1.21. The firm has a market capitalization of $5.51 billion, a price-to-earnings ratio of 14.89, a P/E/G ratio of 3.16 and a beta of 0.45. The firm’s 50-day moving average is $52.62 and its 200 day moving average is $54.55.

NewJersey Resources (NYSE:NJR) last announced its quarterly earnings results on Monday, August 3rd. The utilities provider reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.05. The firm had revenue of $349.18 million during the quarter, compared to analysts’ expectations of $342.13 million. NewJersey Resources had a net margin of 16.42% and a return on equity of 14.46%. The company’s revenue was up 16.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.15) EPS. On average, equities analysts predict that NewJersey Resources Corporation will post 3.59 earnings per share for the current fiscal year.

NewJersey Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, September 24th were issued a $0.50 dividend. The ex-dividend date was Thursday, September 24th. This is a boost from NewJersey Resources’s previous quarterly dividend of $0.4750. This represents a $2.00 annualized dividend and a yield of 3.7%. NewJersey Resources’s dividend payout ratio (DPR) is currently 55.25%.

Insider Transactions at NewJersey Resources

In other NewJersey Resources news, COO Patrick Migliaccio sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $55.63, for a total transaction of $166,890.00. Following the completion of the transaction, the chief operating officer owned 32,202 shares in the company, valued at approximately $1,791,397.26. This trade represents a 8.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On NewJersey Resources

A number of institutional investors have recently modified their holdings of the company. Allworth Financial LP grew its holdings in shares of NewJersey Resources by 3.3% in the third quarter. Allworth Financial LP now owns 15,291 shares of the utilities provider’s stock valued at $857,000 after acquiring an additional 486 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in NewJersey Resources by 25.1% during the third quarter. Russell Investments Group Ltd. now owns 117,192 shares of the utilities provider’s stock worth $5,931,000 after acquiring an additional 23,525 shares during the period. Fifth Third Bancorp lifted its holdings in NewJersey Resources by 20.6% during the third quarter. Fifth Third Bancorp now owns 32,686 shares of the utilities provider’s stock worth $1,654,000 after acquiring an additional 5,578 shares during the period. Jacobi Capital Management LLC lifted its holdings in NewJersey Resources by 0.7% during the third quarter. Jacobi Capital Management LLC now owns 28,708 shares of the utilities provider’s stock worth $1,453,000 after acquiring an additional 203 shares during the period. Finally, M&G PLC purchased a new position in NewJersey Resources in the third quarter worth $25,487,000. 70.98% of the stock is owned by institutional investors.

About NewJersey Resources

New Jersey Resources Corporation (NYSE: NJR) is an energy services holding company headquartered in New Jersey. Through its subsidiaries, the company provides natural gas distribution, energy management, storage and transportation, and clean energy services to residential, commercial, industrial and institutional customers.

New Jersey Natural Gas, the company’s principal regulated utility, distributes natural gas to customers in central and northern New Jersey. Its energy services operations manage natural gas supplies and provide related products and services, while its storage and transportation activities support the movement and availability of natural gas through regional infrastructure.

The company also invests in renewable energy and other lower-carbon initiatives, including solar generation and clean energy solutions.