NewJersey Resources Corporation (NYSE:NJR) had its price objective increased by investment analysts at Bank of America Corporation from $35.00 to $38.00 in a research note issued to investors on Wednesday. The firm presently has an “underperform” rating on the utilities provider’s stock. Bank of America Corporation’s price target points to a potential downside of 13.04% from the company’s previous close.
NJR has been the topic of several other reports. BidaskClub lowered NewJersey Resources Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 22nd. Zacks Investment Research raised NewJersey Resources Corporation from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, July 11th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $39.40.
NewJersey Resources Corporation (NYSE:NJR) opened at 43.70 on Wednesday. The stock has a market cap of $3.78 billion, a PE ratio of 19.59 and a beta of 0.47. NewJersey Resources Corporation has a 52-week low of $30.46 and a 52-week high of $44.30. The firm has a 50-day moving average price of $41.97 and a 200 day moving average price of $40.60.
NewJersey Resources Corporation (NYSE:NJR) last posted its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.19. NewJersey Resources Corporation had a return on equity of 12.77% and a net margin of 8.81%. The business had revenue of $457.52 million for the quarter, compared to analyst estimates of $410.24 million. During the same period last year, the company earned $0.13 EPS. The firm’s revenue was up 16.4% on a year-over-year basis. Equities analysts anticipate that NewJersey Resources Corporation will post $1.75 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. Teachers Advisors LLC increased its stake in NewJersey Resources Corporation by 3.0% in the fourth quarter. Teachers Advisors LLC now owns 154,600 shares of the utilities provider’s stock valued at $5,488,000 after buying an additional 4,549 shares in the last quarter. Bank of Montreal Can increased its stake in NewJersey Resources Corporation by 6.4% in the first quarter. Bank of Montreal Can now owns 37,572 shares of the utilities provider’s stock worth $1,488,000 after buying an additional 2,247 shares in the last quarter. Capstone Asset Management Co. increased its stake in NewJersey Resources Corporation by 0.4% in the first quarter. Capstone Asset Management Co. now owns 7,198 shares of the utilities provider’s stock worth $285,000 after buying an additional 30 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in NewJersey Resources Corporation by 2.3% in the first quarter. Louisiana State Employees Retirement System now owns 21,800 shares of the utilities provider’s stock worth $863,000 after buying an additional 500 shares in the last quarter. Finally, Navellier & Associates Inc increased its stake in NewJersey Resources Corporation by 9.2% in the first quarter. Navellier & Associates Inc now owns 7,576 shares of the utilities provider’s stock worth $300,000 after buying an additional 636 shares in the last quarter. 65.03% of the stock is currently 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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