NewJersey Resources Corporation (NYSE:NJR) was upgraded by research analysts at BidaskClub from a “sell” rating to a “hold” rating in a report released on Monday.
Other analysts also recently issued reports about the company. Zacks Investment Research upgraded NewJersey Resources Corporation from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Tuesday, July 11th. Bank of America Corporation restated an “underperform” rating and issued a $35.00 price target (up from $32.00) on shares of NewJersey Resources Corporation in a research note on Friday, May 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $38.80.
Shares of NewJersey Resources Corporation (NJR) traded down 0.36% on Monday, reaching $41.00. The company’s stock had a trading volume of 247,167 shares. The stock has a 50-day moving average price of $41.30 and a 200-day moving average price of $39.45. NewJersey Resources Corporation has a 1-year low of $30.46 and a 1-year high of $43.50. The company has a market capitalization of $3.54 billion, a price-to-earnings ratio of 22.50 and a beta of 0.46.
NewJersey Resources Corporation (NYSE:NJR) last posted its quarterly earnings results on Friday, May 5th. The utilities provider reported $1.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.21. NewJersey Resources Corporation had a return on equity of 12.63% and a net margin of 7.38%. The firm had revenue of $733.55 million for the quarter, compared to the consensus estimate of $617.10 million. During the same period in the previous year, the business earned $0.91 earnings per share. The company’s revenue for the quarter was up 27.8% compared to the same quarter last year. On average, equities research analysts forecast that NewJersey Resources Corporation will post $1.73 EPS for the current year.
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Institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. purchased a new position in shares of NewJersey Resources Corporation during the fourth quarter valued at about $888,000. Renaissance Technologies LLC boosted its position in shares of NewJersey Resources Corporation by 806.9% in the fourth quarter. Renaissance Technologies LLC now owns 131,500 shares of the utilities provider’s stock valued at $4,668,000 after buying an additional 117,000 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of NewJersey Resources Corporation by 11.0% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,951 shares of the utilities provider’s stock valued at $104,000 after buying an additional 292 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in shares of NewJersey Resources Corporation by 9.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 14,800 shares of the utilities provider’s stock valued at $525,000 after buying an additional 1,300 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of NewJersey Resources Corporation during the fourth quarter valued at about $14,408,000. 65.13% of the stock is owned by hedge funds and other institutional investors.
About NewJersey Resources Corporation
New Jersey Resources Corporation is an energy services holding company. The Company’s business is the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. It operates in four business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream.
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