NewJersey Resources Corporation (NYSE:NJR) Given Average Recommendation of "Hold" by Brokerages

NewJersey Resources Corporation (NYSE:NJR - Get Free Report) has been assigned an average recommendation of "Hold" from the six analysts that are presently covering the company, MarketBeat reports. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $51.29.

Several research analysts recently issued reports on the company. Raymond James Financial assumed coverage on NewJersey Resources in a research note on Friday, June 13th. They issued an "outperform" rating and a $49.00 price objective on the stock. Jefferies Financial Group initiated coverage on NewJersey Resources in a research note on Tuesday, April 1st. They issued a "hold" rating and a $51.00 price objective on the stock. Wall Street Zen raised NewJersey Resources from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Wells Fargo & Company increased their target price on NewJersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 7th. Finally, New Street Research set a $51.00 target price on NewJersey Resources in a research report on Tuesday, April 1st.

Insider Activity

In other news, CFO Roberto Bel sold 1,173 shares of the stock in a transaction on Monday, March 31st. The stock was sold at an average price of $50.00, for a total transaction of $58,650.00. Following the completion of the sale, the chief financial officer now owns 22,649 shares in the company, valued at approximately $1,132,450. This represents a 4.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.72% of the company's stock.

Institutional Trading of NewJersey Resources

Several hedge funds and other institutional investors have recently made changes to their positions in NJR. Norges Bank purchased a new stake in shares of NewJersey Resources during the 4th quarter valued at $73,124,000. Nuveen LLC acquired a new position in shares of NewJersey Resources in the first quarter valued at about $29,509,000. Millennium Management LLC raised its stake in shares of NewJersey Resources by 66.0% in the fourth quarter. Millennium Management LLC now owns 1,363,495 shares of the utilities provider's stock worth $63,607,000 after purchasing an additional 542,089 shares during the last quarter. Prudential Financial Inc. raised its stake in shares of NewJersey Resources by 3,076.5% in the fourth quarter. Prudential Financial Inc. now owns 321,332 shares of the utilities provider's stock worth $14,990,000 after purchasing an additional 311,216 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of NewJersey Resources by 7.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,309,166 shares of the utilities provider's stock worth $154,372,000 after purchasing an additional 216,000 shares during the period. Hedge funds and other institutional investors own 70.98% of the company's stock.

NewJersey Resources Trading Down 0.2%

NYSE:NJR traded down $0.11 during midday trading on Friday, hitting $44.16. The stock had a trading volume of 447,118 shares, compared to its average volume of 548,471. NewJersey Resources has a one year low of $41.68 and a one year high of $51.95. The company has a market capitalization of $4.43 billion, a price-to-earnings ratio of 10.72 and a beta of 0.62. The stock has a 50-day moving average of $46.99 and a 200 day moving average of $47.33. The company has a quick ratio of 0.73, a current ratio of 0.93 and a debt-to-equity ratio of 1.20.

NewJersey Resources (NYSE:NJR - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $732.00 million. During the same quarter in the prior year, the firm earned $1.41 earnings per share. NewJersey Resources's revenue was up 38.8% compared to the same quarter last year. As a group, sell-side analysts forecast that NewJersey Resources will post 3.15 EPS for the current year.

NewJersey Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 10th will be given a dividend of $0.45 per share. The ex-dividend date is Tuesday, June 10th. This represents a $1.80 annualized dividend and a yield of 4.08%. NewJersey Resources's dividend payout ratio (DPR) is presently 43.69%.

NewJersey 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.