New Jersey Resources Corp (NYSE:NJR) has earned a consensus recommendation of “Hold” from the eight brokerages that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $49.33.
NJR has been the topic of a number of research analyst reports. Guggenheim cut shares of New Jersey Resources from a “buy” rating to a “neutral” rating in a research report on Monday, September 10th. They noted that the move was a valuation call. Zacks Investment Research raised shares of New Jersey Resources from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a research report on Thursday, August 9th. Wells Fargo & Co increased their price objective on shares of New Jersey Resources from $45.00 to $47.00 and gave the stock a “market perform” rating in a research report on Monday, September 17th. Finally, ValuEngine raised shares of New Jersey Resources from a “hold” rating to a “buy” rating in a research report on Tuesday.
Several hedge funds have recently added to or reduced their stakes in NJR. New York State Common Retirement Fund boosted its position in shares of New Jersey Resources by 5.2% during the 1st quarter. New York State Common Retirement Fund now owns 117,714 shares of the utilities provider’s stock worth $4,720,000 after purchasing an additional 5,858 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in New Jersey Resources by 2.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,587,705 shares of the utilities provider’s stock valued at $63,667,000 after acquiring an additional 36,167 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in New Jersey Resources by 8.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 59,174 shares of the utilities provider’s stock valued at $2,374,000 after acquiring an additional 4,364 shares in the last quarter. Hsbc Holdings PLC bought a new position in New Jersey Resources in the 1st quarter valued at about $650,000. Finally, Russell Investments Group Ltd. lifted its position in New Jersey Resources by 9.8% in the 1st quarter. Russell Investments Group Ltd. now owns 90,699 shares of the utilities provider’s stock valued at $3,636,000 after acquiring an additional 8,088 shares in the last quarter. 66.42% of the stock is currently owned by institutional investors.
Shares of New Jersey Resources stock opened at $44.54 on Wednesday. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.45 and a quick ratio of 1.16. New Jersey Resources has a 1-year low of $35.55 and a 1-year high of $47.93. The stock has a market cap of $4.07 billion, a price-to-earnings ratio of 25.75, a price-to-earnings-growth ratio of 2.49 and a beta of 0.19.
New Jersey Resources (NYSE:NJR) last released its quarterly earnings data on Tuesday, August 7th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.11). The company had revenue of $543.44 million for the quarter, compared to the consensus estimate of $496.70 million. New Jersey Resources had a return on equity of 18.68% and a net margin of 7.60%. During the same period last year, the company earned $0.20 EPS. On average, sell-side analysts forecast that New Jersey Resources will post 2.65 earnings per share for the current year.
New Jersey Resources Company Profile
New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 529,800 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.
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