NewJersey Resources Corporation (NYSE:NJR) Receives Average Rating of "Hold" from Analysts

Shares of NewJersey Resources Corporation (NYSE:NJR - Get Free Report) have been assigned a consensus recommendation of "Hold" from the six brokerages that are covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $51.29.

NJR has been the subject of a number of research analyst reports. Jefferies Financial Group began coverage on shares of NewJersey Resources in a research note on Tuesday, April 1st. They issued a "hold" rating and a $51.00 target price for the company. Raymond James Financial assumed coverage on NewJersey Resources in a report on Friday, June 13th. They set an "outperform" rating and a $49.00 price objective for the company. JPMorgan Chase & Co. dropped their target price on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 28th. New Street Research set a $51.00 target price on NewJersey Resources in a research note on Tuesday, April 1st. Finally, Wells Fargo & Company raised their price target on shares of NewJersey Resources from $51.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th.

NewJersey Resources Trading Up 0.7%

Shares of NJR stock traded up $0.30 on Thursday, hitting $46.04. The stock had a trading volume of 625,617 shares, compared to its average volume of 552,335. The company has a current ratio of 0.93, a quick ratio of 0.73 and a debt-to-equity ratio of 1.20. NewJersey Resources has a twelve month low of $42.15 and a twelve month high of $51.95. The company has a fifty day moving average price of $45.77 and a two-hundred day moving average price of $46.99. The firm has a market cap of $4.62 billion, a P/E ratio of 11.17 and a beta of 0.61.

NewJersey Resources (NYSE:NJR - Get Free Report) last posted its earnings results on Monday, May 5th. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.65 by $0.11. NewJersey Resources had a return on equity of 16.95% and a net margin of 20.03%. The business had revenue of $913.03 million during the quarter, compared to analysts' expectations of $732.00 million. During the same period in the prior year, the business earned $1.41 EPS. NewJersey Resources's revenue for the quarter was up 38.8% compared to the same quarter last year. As a group, analysts forecast that NewJersey Resources will post 3.15 earnings per share for the current fiscal year.

NewJersey Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 10th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 3.91%. The ex-dividend date was Tuesday, June 10th. NewJersey Resources's dividend payout ratio (DPR) is 43.69%.

Insider Activity

In related news, COO Patrick J. Migliaccio sold 1,500 shares of the firm's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $44.22, for a total value of $66,330.00. Following the completion of the transaction, the chief operating officer directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.72% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NewJersey Resources

Several hedge funds have recently bought and sold shares of NJR. Crews Bank & Trust bought a new position in NewJersey Resources during the first quarter worth $37,000. Hexagon Capital Partners LLC lifted its position in NewJersey Resources by 42.0% during the first quarter. Hexagon Capital Partners LLC now owns 839 shares of the utilities provider's stock worth $41,000 after purchasing an additional 248 shares during the period. Ameriflex Group Inc. bought a new stake in shares of NewJersey Resources during the 4th quarter worth approximately $51,000. Brooklyn Investment Group boosted its holdings in shares of NewJersey Resources by 1,715.4% in the 1st quarter. Brooklyn Investment Group now owns 1,416 shares of the utilities provider's stock valued at $69,000 after purchasing an additional 1,338 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its stake in NewJersey Resources by 6,245.8% in the fourth quarter. Lazard Asset Management LLC now owns 1,523 shares of the utilities provider's stock valued at $71,000 after buying an additional 1,499 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

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.