NewJersey Resources (NYSE:NJR) Stock Rating Upgraded by Wall Street Zen

Key Points

• NewJersey Resources' stock rating was upgraded from a "sell" to a "hold" by Wall Street Zen, indicating a more favorable outlook for the company.
• Raymond James has set a new price target of $50.00 for NewJersey Resources stock, reflecting an increase from the previous target of $49.00.
• Institutional investors own 70.98% of NewJersey Resources, with several firms increasing their positions in the first quarter.

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

A number of other equities research analysts have also commented on the stock. Raymond James Financial restated an "outperform" rating and set a $50.00 price objective (up from $49.00) on shares of NewJersey Resources in a report on Friday, August 8th. Weiss Ratings reissued a "hold (c)" rating on shares of NewJersey Resources in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $51.43.

NewJersey Resources Trading Down 0.4%

NYSE NJR opened at $46.02 on Friday. The firm has a market cap of $4.62 billion, a P/E ratio of 11.25 and a beta of 0.64. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.76 and a quick ratio of 0.48. The stock's 50-day moving average is $46.81 and its 200-day moving average is $46.61. NewJersey Resources has a one year low of $43.80 and a one year high of $51.94.

NewJersey Resources (NYSE:NJR - Get Free Report) last announced its earnings results on Friday, May 19th. The utilities provider reported $1.36 EPS for the quarter. The firm had revenue of $912.32 million for the quarter. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%. Sell-side analysts anticipate that NewJersey Resources will post 3.15 earnings per share for the current fiscal year.

Institutional Trading of NewJersey Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC increased its position in shares of NewJersey Resources by 8.5% during the 1st 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 during the last quarter. Principal Financial Group Inc. increased its position in shares of NewJersey Resources by 2.1% during the 1st quarter. Principal Financial Group Inc. now owns 232,427 shares of the utilities provider's stock worth $11,403,000 after purchasing an additional 4,770 shares during the last quarter. GAMMA Investing LLC increased its holdings in 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 buying an additional 627 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in NewJersey Resources by 3.8% during the first quarter. State of Alaska Department of Revenue now owns 11,741 shares of the utilities provider's stock worth $576,000 after buying an additional 430 shares during the last quarter. Finally, Horizon Investment Services LLC acquired a new position in NewJersey Resources during the first quarter worth $298,000. Institutional investors and hedge funds own 70.98% of the company's stock.

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.

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