NewJersey Resources (NYSE:NJR) Cut to Equal Weight at Wells Fargo & Company

Wells Fargo & Company cut shares of NewJersey Resources (NYSE:NJR) from an overweight rating to an equal weight rating in a research report report published on Wednesday morning, MarketBeat reports. They currently have $61.00 price objective on the utilities provider’s stock, down from their previous price objective of $63.00.

Several other equities research analysts have also recently commented on the company. Mizuho increased their price target on NewJersey Resources from $54.00 to $61.00 and gave the company an “outperform” rating in a report on Tuesday, April 21st. Weiss Ratings raised NewJersey Resources from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 27th. Finally, Argus set a $63.00 price target on NewJersey Resources in a report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, NewJersey Resources has an average rating of “Buy” and a consensus target price of $57.83.

NewJersey Resources Price Performance

NewJersey Resources stock opened at $55.02 on Wednesday. The company has a fifty day simple moving average of $56.77 and a 200-day simple moving average of $55.17. The firm has a market capitalization of $5.58 billion, a price-to-earnings ratio of 15.20 and a beta of 0.50. The company has a quick ratio of 0.80, a current ratio of 0.66 and a debt-to-equity ratio of 1.21. NewJersey Resources has a 52-week low of $43.46 and a 52-week high of $60.86.

NewJersey Resources (NYSE:NJR) last posted its quarterly earnings results on Monday, August 3rd. The utilities provider reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. NewJersey Resources had a net margin of 16.42% and a return on equity of 14.46%. The firm had revenue of $349.18 million for the quarter, compared to analyst estimates of $342.13 million. During the same period in the previous year, the business posted ($0.15) earnings per share. NewJersey Resources’s quarterly revenue was up 16.8% on a year-over-year basis. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. On average, equities analysts anticipate that NewJersey Resources will post 3.59 EPS for the current fiscal year.

Insider Buying and Selling at NewJersey Resources

In other NewJersey Resources news, COO Patrick J. Migliaccio sold 3,000 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $55.84, for a total transaction of $167,520.00. Following the sale, the chief operating officer directly owned 35,202 shares in the company, valued at $1,965,679.68. This represents a 7.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher T. D’antuono sold 1,150 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $57.34, for a total transaction of $65,941.00. Following the sale, the insider owned 2,985 shares in the company, valued at $171,159.90. The trade was a 27.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On NewJersey Resources

Institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. grew its stake in shares of NewJersey Resources by 29.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 46,535 shares of the utilities provider’s stock valued at $2,146,000 after purchasing an additional 10,666 shares during the last quarter. World Investment Advisors purchased a new stake in shares of NewJersey Resources during the fourth quarter worth approximately $1,924,000. Norges Bank acquired a new stake in shares of NewJersey Resources during the fourth quarter worth $60,075,000. Louisiana State Employees Retirement System acquired a new stake in shares of NewJersey Resources during the first quarter worth $1,604,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in NewJersey Resources by 613.8% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 179,425 shares of the utilities provider’s stock valued at $9,854,000 after buying an additional 154,288 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

About NewJersey Resources

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.