NewJersey Resources (NYSE:NJR) Downgraded to Equal Weight Rating by Wells Fargo & Company

Key Points

• Wells Fargo downgraded NewJersey Resources to “equal weight” from “overweight” and set a $61 price target, implying 6.13% upside from the prior close.
• Analyst sentiment remains positive overall, with a consensus “Buy” rating and average price target of $57.83; Mizuho recently raised its target to $61 and Argus set a $63 target.
• NewJersey Resources exceeded quarterly expectations, reporting $0.11 in earnings per share versus a $0.06 estimate and $349.18 million in revenue, up 16.8% year over year.

NewJersey Resources (NYSE:NJR - Get Free Report) was downgraded by stock analysts at Wells Fargo & Company from an "overweight" rating to an "equal weight" rating in a research report issued on Wednesday, MarketBeat reports. They presently have a $61.00 target price on the utilities provider's stock. Wells Fargo & Company's price objective indicates a potential upside of 6.13% from the stock's previous close.

Other research analysts have also issued reports about the stock. Mizuho raised their target price on shares of NewJersey Resources from $54.00 to $61.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 21st. Weiss Ratings upgraded NewJersey Resources from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, May 27th. Finally, Argus set a $63.00 price target on NewJersey Resources in a report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $57.83.

NewJersey Resources Price Performance

NewJersey Resources stock opened at $57.47 on Wednesday. The company has a fifty day simple moving average of $56.82 and a 200-day simple moving average of $55.07. The firm has a market capitalization of $5.80 billion, a price-to-earnings ratio of 17.05 and a beta of 0.50. The company has a quick ratio of 0.80, a current ratio of 0.94 and a debt-to-equity ratio of 1.24. NewJersey Resources has a 52-week low of $43.46 and a 52-week high of $60.86.

NewJersey Resources (NYSE:NJR - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The utilities provider reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.05. The firm had revenue of $349.18 million for the quarter, compared to the consensus estimate of $342.13 million. NewJersey Resources had a net margin of 16.42% and a return on equity of 14.66%. The company's revenue for the quarter was up 16.8% on a year-over-year basis. During the same period last year, the firm posted ($0.15) earnings per share. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. On average, equities analysts anticipate that NewJersey Resources will post 3.58 EPS for the current fiscal year.

Insider Buying and Selling at NewJersey Resources

In related news, COO Patrick J. Migliaccio sold 3,000 shares of the firm's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $55.84, for a total transaction of $167,520.00. Following the completion of the sale, the chief operating officer directly owned 35,202 shares of the company's stock, valued at approximately $1,965,679.68. This trade represents a 7.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christopher T. D'antuono sold 1,150 shares of the business's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $57.34, for a total transaction of $65,941.00. Following the completion of the sale, the insider owned 2,985 shares in the company, valued at approximately $171,159.90. This trade represents a 27.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 12,150 shares of company stock worth $682,261 over the last quarter. 0.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Root Financial Partners LLC lifted its holdings in shares of NewJersey Resources by 56.5% in the 1st quarter. Root Financial Partners LLC now owns 526 shares of the utilities provider's stock worth $29,000 after acquiring an additional 190 shares during the last quarter. Measured Wealth Private Client Group LLC acquired a new stake in NewJersey Resources in the 3rd quarter valued at approximately $28,000. Torren Management LLC acquired a new stake in NewJersey Resources in the 4th quarter valued at approximately $35,000. CENTRAL TRUST Co raised its position in NewJersey Resources by 172.7% in the first quarter. CENTRAL TRUST Co now owns 818 shares of the utilities provider's stock valued at $45,000 after purchasing an additional 518 shares during the period. Finally, Roxbury Financial LLC raised its position in NewJersey Resources by 72.9% in the second quarter. Roxbury Financial LLC now owns 885 shares of the utilities provider's stock valued at $50,000 after purchasing an additional 373 shares during the period. Hedge funds and other institutional investors own 70.98% of the company's stock.

NewJersey Resources Company Profile

New Jersey Resources Corporation is a publicly traded energy services holding company headquartered in Wall Township, New Jersey. The firm's primary focus is on the safe and reliable distribution of natural gas, along with complementary energy services and renewable energy investments. Its operations center on delivering cost-effective solutions to residential, commercial and industrial customers throughout the state.

The company's principal subsidiary, New Jersey Natural Gas, owns and operates an extensive pipeline network that spans northern, central and southern New Jersey.

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