NewJersey Resources (NYSE:NJR) Upgraded to Hold at Wall Street Zen

Key Points

• NewJersey Resources' rating was upgraded from "sell" to "hold" by analysts at Wall Street Zen.
• Raymond James Financial set a new target price of $50.00 for NJR shares, while JPMorgan Chase lowered its target from $56.00 to $51.00.
• The company reported quarterly earnings of $0.06 EPS, exceeding expectations and showing an 8.5% revenue increase compared to the same quarter last year.

NewJersey Resources (NYSE:NJR - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

Other equities research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. dropped their price target on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a research report on Wednesday, May 28th. Raymond James Financial reiterated an "outperform" rating and set a $50.00 price target (up from $49.00) on shares of NewJersey Resources in a research report on Friday, August 8th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, NewJersey Resources currently has an average rating of "Hold" and a consensus price target of $51.43.

NewJersey Resources Trading Up 1.0%

Shares of NJR traded up $0.45 during trading on Friday, reaching $46.86. 596,861 shares of the company traded hands, compared to its average volume of 539,893. NewJersey Resources has a twelve month low of $43.80 and a twelve month high of $51.94. The stock has a market cap of $4.71 billion, a PE ratio of 11.46 and a beta of 0.67. The stock has a 50-day simple moving average of $46.65 and a 200-day simple moving average of $46.93. The company has a quick ratio of 0.48, a current ratio of 0.76 and a debt-to-equity ratio of 1.25.

NewJersey Resources (NYSE:NJR - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The utilities provider reported $0.06 earnings per share for the quarter, beating 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 analysts' expectations of $305.05 million. During the same period last year, the business earned ($0.09) earnings per share. The business's revenue for the quarter was up 8.5% on a year-over-year basis. On average, analysts anticipate that NewJersey Resources will post 3.15 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of NewJersey Resources during the 2nd quarter worth approximately $52,671,000. Nuveen LLC purchased a new stake in shares of NewJersey Resources during the 1st quarter worth approximately $29,509,000. Energy Income Partners LLC lifted its position in shares of NewJersey Resources by 145.7% during the 2nd quarter. Energy Income Partners LLC now owns 798,661 shares of the utilities provider's stock worth $35,796,000 after buying an additional 473,664 shares during the last quarter. Qube Research & Technologies Ltd lifted its position in shares of NewJersey Resources by 77.1% during the 2nd quarter. Qube Research & Technologies Ltd now owns 730,300 shares of the utilities provider's stock worth $32,732,000 after buying an additional 317,932 shares during the last quarter. Finally, Cubist Systematic Strategies LLC lifted its position in shares of NewJersey Resources by 127.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 347,620 shares of the utilities provider's stock worth $15,580,000 after buying an additional 194,836 shares during the last quarter. 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.