New Jersey Resources (NYSE:NJR) Earns Outperform Rating from Analysts at Raymond James

Raymond James started coverage on shares of New Jersey Resources (NYSE:NJR - Free Report) in a research report released on Friday, Marketbeat reports. The firm issued an outperform rating and a $49.00 price target on the utilities provider's stock.

NJR has been the topic of a number of other reports. Jefferies Financial Group assumed coverage on New Jersey Resources in a research note on Tuesday, April 1st. They issued a "hold" rating and a $51.00 price target on the stock. Wells Fargo & Company upped their price target on shares of New Jersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 7th. New Street Research set a $51.00 price objective on shares of New Jersey Resources in a research note on Tuesday, April 1st. JPMorgan Chase & Co. dropped their price objective on shares of New Jersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a report on Wednesday, May 28th. Finally, Wall Street Zen raised shares of New Jersey Resources from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $51.29.

New Jersey Resources Stock Performance

Shares of New Jersey Resources stock traded down $0.35 during trading on Friday, hitting $44.53. 801,528 shares of the company's stock traded hands, compared to its average volume of 548,168. New Jersey Resources has a 1 year low of $41.68 and a 1 year high of $51.95. The business has a 50-day simple moving average of $47.22 and a 200-day simple moving average of $47.52. The stock has a market capitalization of $4.47 billion, a P/E ratio of 13.41 and a beta of 0.62. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.89 and a quick ratio of 0.61.

New Jersey Resources (NYSE:NJR - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.65 by $0.11. New Jersey Resources had a net margin of 18.25% and a return on equity of 15.72%. The firm had revenue of $913.03 million for the quarter, compared to the consensus estimate of $732.00 million. During the same quarter last year, the firm posted $1.41 EPS. The business's quarterly revenue was up 38.8% compared to the same quarter last year. As a group, analysts forecast that New Jersey Resources will post 3.15 EPS for the current year.

New Jersey Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 10th will be given a $0.45 dividend. The ex-dividend date is Tuesday, June 10th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 4.04%. New Jersey Resources's payout ratio is currently 43.69%.

Insider Transactions at New Jersey Resources

In related news, CFO Roberto Bel sold 1,173 shares of New Jersey 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 transaction of $58,650.00. Following the sale, the chief financial officer now owns 22,649 shares of the company's stock, valued at approximately $1,132,450. This trade represents a 4.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.72% of the company's stock.

Institutional Investors Weigh In On New Jersey Resources

Institutional investors have recently added to or reduced their stakes in the stock. Roxbury Financial LLC bought a new position in shares of New Jersey Resources during the fourth quarter worth $25,000. Crews Bank & Trust purchased a new stake in New Jersey Resources in the 1st quarter worth $37,000. Hexagon Capital Partners LLC boosted its holdings in shares of New Jersey Resources by 42.0% during the 1st 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 last quarter. Halbert Hargrove Global Advisors LLC purchased a new position in shares of New Jersey Resources during the fourth quarter valued at about $42,000. Finally, Ameriflex Group Inc. bought a new stake in shares of New Jersey Resources in the fourth quarter worth about $51,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

About New Jersey 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.