NewJersey Resources (NYSE:NJR) Upgraded by Wall Street Zen to "Hold" Rating

Key Points

• Analysts at Wall Street Zen upgraded New Jersey Resources from a "sell" rating to a "hold" rating, reflecting changing sentiment on the stock.
• The company reported earnings of $0.06 per share, surpassing analysts' expectations of ($0.06) and showing an 8.5% increase in year-over-year revenues.
• Institutional investors own 70.98% of New Jersey Resources stock, indicating strong institutional support and confidence in the company's future performance.

Wall Street Zen upgraded shares of NewJersey Resources (NYSE:NJR - Free Report) from a sell rating to a hold rating in a research note issued to investors on Friday.

Other research analysts also recently issued research reports about the stock. 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 report on Wednesday, May 7th. Raymond James Financial reissued an "outperform" rating and set a $50.00 price objective (up previously from $49.00) on shares of NewJersey Resources in a report on Friday, August 8th. JPMorgan Chase & Co. dropped their price objective on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a report on Wednesday, May 28th. Finally, Mizuho dropped their price objective on shares of NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating for the company in a report on Thursday, May 15th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, NewJersey Resources currently has an average rating of "Hold" and a consensus target price of $51.43.

NewJersey Resources Price Performance

NewJersey Resources stock traded down $0.30 during mid-day trading on Friday, hitting $47.12. The stock had a trading volume of 558,288 shares, compared to its average volume of 632,181. The firm has a market capitalization of $4.73 billion, a P/E ratio of 11.52 and a beta of 0.64. The company has a current ratio of 0.76, a quick ratio of 0.48 and a debt-to-equity ratio of 1.25. The firm's 50 day moving average is $46.13 and its 200 day moving average is $46.94. 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 issued its earnings results on Monday, August 4th. The utilities provider reported $0.06 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.12. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%. The company had revenue of $298.95 million during the quarter, compared to the consensus estimate of $305.05 million. During the same quarter in the prior year, the firm posted ($0.09) EPS. NewJersey Resources's quarterly revenue was up 8.5% compared to the same quarter last year. On average, sell-side analysts forecast that NewJersey Resources will post 3.15 earnings per share for the current fiscal year.

Insider Activity at NewJersey Resources

In related news, COO Patrick J. Migliaccio sold 1,500 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $44.22, for a total value of $66,330.00. Following the completion of the transaction, the chief operating officer owned 35,690 shares of the company's stock, 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 Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.72% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NJR. Norges Bank bought a new position in shares of NewJersey Resources in the 2nd quarter valued at about $52,671,000. Nuveen LLC purchased a new stake in NewJersey Resources in the 1st quarter worth about $29,509,000. Millennium Management LLC raised its position in NewJersey Resources by 66.0% in the 4th quarter. Millennium Management LLC now owns 1,363,495 shares of the utilities provider's stock worth $63,607,000 after purchasing an additional 542,089 shares during the period. Energy Income Partners LLC raised its position in NewJersey Resources by 145.7% in the 2nd quarter. Energy Income Partners LLC now owns 798,661 shares of the utilities provider's stock worth $35,796,000 after purchasing an additional 473,664 shares during the period. Finally, Qube Research & Technologies Ltd raised its position in NewJersey Resources by 77.1% in the 2nd quarter. Qube Research & Technologies Ltd now owns 730,300 shares of the utilities provider's stock worth $32,732,000 after purchasing an additional 317,932 shares during the period. 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.