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

Shares of NewJersey Resources Corporation (NYSE:NJR - Get Free Report) have received a consensus recommendation of "Hold" from the six analysts that are currently covering the company, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $51.29.

NJR has been the subject of a number of research analyst reports. Jefferies Financial Group initiated coverage on NewJersey Resources in a research report on Tuesday, April 1st. They set a "hold" rating and a $51.00 price objective for the company. Raymond James Financial initiated coverage on NewJersey Resources in a research report on Friday, June 13th. They set an "outperform" rating and a $49.00 price objective for the company. JPMorgan Chase & Co. cut their price objective on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a research report on Wednesday, May 28th. Wells Fargo & Company lifted their price target on NewJersey Resources from $51.00 to $53.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 7th. Finally, Mizuho decreased their price objective on NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating on the stock in a research report on Thursday, May 15th.

NewJersey Resources Price Performance

NYSE:NJR traded down $0.28 on Thursday, reaching $45.73. 560,913 shares of the company's stock traded hands, compared to its average volume of 553,573. The company has a quick ratio of 0.73, a current ratio of 0.93 and a debt-to-equity ratio of 1.20. The stock has a 50-day simple moving average of $45.64 and a 200-day simple moving average of $46.98. The firm has a market cap of $4.59 billion, a PE ratio of 11.10 and a beta of 0.61. NewJersey Resources has a 12 month low of $42.33 and a 12 month high of $51.95.

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

NewJersey Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Tuesday, June 10th were issued a $0.45 dividend. The ex-dividend date of this dividend was Tuesday, June 10th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.94%. NewJersey Resources's payout ratio is 43.69%.

Insider Activity

In related news, COO Patrick J. Migliaccio sold 1,500 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $44.22, for a total value of $66,330.00. Following the completion of the sale, the chief operating officer owned 35,690 shares in the company, valued at approximately $1,578,211.80. The trade was a 4.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.72% of the company's stock.

Institutional Trading of NewJersey Resources

A number of large investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its position in shares of NewJersey Resources by 8.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 11,228 shares of the utilities provider's stock worth $551,000 after purchasing an additional 881 shares in the last quarter. GAMMA Investing LLC increased its position in shares of NewJersey Resources by 27.4% during the first quarter. GAMMA Investing LLC now owns 2,915 shares of the utilities provider's stock worth $143,000 after purchasing an additional 627 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of NewJersey Resources by 83.7% during the first quarter. Farther Finance Advisors LLC now owns 1,859 shares of the utilities provider's stock worth $91,000 after purchasing an additional 847 shares in the last quarter. Cibc World Markets Corp acquired a new position in shares of NewJersey Resources during the fourth quarter worth $429,000. Finally, Raymond James Financial Inc. acquired a new position in shares of NewJersey Resources during the fourth quarter worth $3,665,000. Hedge funds and other institutional investors 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.