Analysts Set NewJersey Resources Corporation (NYSE:NJR) PT at $51.29

Key Points

• NewJersey Resources Corporation has received a consensus rating of "Hold" from six brokerage firms, with an average 12-month target price of $51.29.
• The company reported strong earnings, with earnings per share of $1.76, exceeding the consensus estimate by $0.11 and reflecting a 38.8% year-over-year revenue increase.
• Recent insider trading activities include COO Patrick J. Migliaccio selling 1,500 shares, marking a 4.03% decrease in their ownership of the company's stock.

NewJersey Resources Corporation (NYSE:NJR - Get Free Report) has been assigned a consensus recommendation of "Hold" from the six analysts that are presently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $51.2857.

A number of brokerages have recently issued reports on NJR. Wells Fargo & Company upped their price target on NewJersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Raymond James Financial initiated coverage on NewJersey Resources in a report on Friday, June 13th. They issued an "outperform" rating and a $49.00 target price on the stock. JPMorgan Chase & Co. lowered their target price on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a report on Wednesday, May 28th. Wall Street Zen upgraded NewJersey Resources from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Finally, Mizuho reduced their price target on NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating for the company in a research report on Thursday, May 15th.

NewJersey Resources Trading Up 1.7%

Shares of NJR traded up $0.79 during mid-day trading on Monday, hitting $47.31. 320,046 shares of the company's stock traded hands, compared to its average volume of 629,382. 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 has a 1 year low of $43.80 and a 1 year high of $51.94. The firm has a market capitalization of $4.75 billion, a P/E ratio of 11.56 and a beta of 0.64. The business's 50-day moving average price is $45.38 and its 200-day moving average price is $46.94.

NewJersey Resources (NYSE:NJR - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The utilities provider reported $0.06 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.12. NewJersey Resources had a return on equity of 17.25% and a net margin of 19.64%. The company had revenue of $298.95 million for the quarter, compared to analyst estimates of $305.05 million. During the same period in the previous year, the company posted ($0.09) earnings per share. The firm's revenue was up 8.5% on a year-over-year basis. As a group, sell-side analysts forecast that NewJersey Resources will post 3.15 EPS for the current fiscal year.

Insider Activity

In other NewJersey Resources news, COO Patrick J. Migliaccio sold 1,500 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $44.22, for a total transaction of $66,330.00. Following the transaction, the chief operating officer owned 35,690 shares of the company's stock, valued at approximately $1,578,211.80. This trade represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.72% of the company's stock.

Institutional Investors Weigh In On NewJersey Resources

Several hedge funds have recently made changes to their positions in NJR. Nuveen LLC purchased a new position in NewJersey Resources in the first quarter valued at about $29,509,000. Millennium Management LLC lifted its holdings in shares of NewJersey Resources by 66.0% during the 4th quarter. Millennium Management LLC now owns 1,363,495 shares of the utilities provider's stock valued at $63,607,000 after acquiring an additional 542,089 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of NewJersey Resources by 7.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,309,166 shares of the utilities provider's stock valued at $154,372,000 after acquiring an additional 216,000 shares in the last quarter. Northern Trust Corp lifted its holdings in NewJersey Resources by 18.5% in the 4th quarter. Northern Trust Corp now owns 1,350,358 shares of the utilities provider's stock worth $62,994,000 after buying an additional 210,538 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in NewJersey Resources in the 1st quarter worth $8,907,000. Institutional investors and hedge funds own 70.98% of the company's stock.

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.