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NewJersey Resources (NYSE:NJR) Downgraded by Wall Street Zen to "Sell"

NewJersey Resources logo with Utilities background

Key Points

  • NewJersey Resources (NYSE:NJR) has been downgraded from a "hold" to a "sell" rating by Wall Street Zen.
  • Despite the downgrade, analysts at Raymond James increased their target price for NJR shares from $49.00 to $50.00, maintaining an "outperform" rating.
  • The company's stock opened at $46.98 and has a 52-week low of $43.80, signaling volatility in its market performance.
  • Looking to export and analyze NewJersey Resources data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Wall Street Zen downgraded shares of NewJersey Resources (NYSE:NJR - Free Report) from a hold rating to a sell rating in a report issued on Saturday morning.

A number of other equities analysts also recently weighed in on NJR. Raymond James Financial restated an "outperform" rating and set a $50.00 target price (up from $49.00) on shares of NewJersey Resources in a report on Friday. JPMorgan Chase & Co. decreased their price target 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. Mizuho decreased their target price on shares of NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating on the stock in a report on Thursday, May 15th. Finally, Wells Fargo & Company increased their price objective on shares of NewJersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $51.43.

View Our Latest Report on NJR

NewJersey Resources Price Performance

Shares of NYSE:NJR traded up $0.22 during midday trading on Friday, reaching $47.18. 486,163 shares of the company's stock were exchanged, compared to its average volume of 631,685. The company's 50 day simple moving average is $45.48 and its two-hundred day simple moving average is $46.94. The firm has a market capitalization of $4.74 billion, a PE ratio of 11.54 and a beta of 0.64. NewJersey Resources has a 12 month low of $43.80 and a 12 month high of $51.94. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.48 and a current ratio of 0.76.

NewJersey Resources (NYSE:NJR - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The utilities provider reported $0.06 earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.12. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%. The business had revenue of $298.95 million during the quarter, compared to the consensus estimate of $305.05 million. During the same period in the previous year, the firm posted ($0.09) earnings per share. NewJersey Resources's revenue for the quarter was up 8.5% compared to the same quarter last year. Equities research analysts expect that NewJersey Resources will post 3.15 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Patrick J. Migliaccio sold 1,500 shares of NewJersey Resources 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 completion of the sale, the chief operating officer owned 35,690 shares in the company, valued at approximately $1,578,211.80. This trade represents a 4.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.72% of the company's stock.

Hedge Funds Weigh In On NewJersey Resources

Large investors have recently bought and sold shares of the stock. Nuveen LLC purchased a new position in shares of NewJersey Resources in the first quarter worth $29,509,000. Millennium Management LLC boosted its stake in NewJersey Resources by 66.0% during the fourth quarter. Millennium Management LLC now owns 1,363,495 shares of the utilities provider's stock valued at $63,607,000 after buying an additional 542,089 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of NewJersey Resources by 7.0% in 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 purchasing an additional 216,000 shares during the last quarter. Northern Trust Corp raised its position 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 purchasing an additional 210,538 shares during the period. Finally, Jane Street Group LLC bought a new stake in shares of NewJersey Resources during the 1st quarter worth approximately $8,907,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

NewJersey Resources Company Profile

(Get Free Report)

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.

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