NewJersey Resources Corporation (NYSE:NJR) was upgraded by equities researchers at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued on Saturday.
A number of other equities analysts also recently weighed in on NJR. Bank of America Corporation restated an “underperform” rating and set a $35.00 target price (up from $32.00) on shares of NewJersey Resources Corporation in a report on Friday, May 19th. Zacks Investment Research upgraded shares of NewJersey Resources Corporation from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $39.40.
NewJersey Resources Corporation (NJR) traded up 0.23% during trading on Friday, hitting $43.80. 155,804 shares of the company traded hands. The firm has a 50 day moving average of $42.09 and a 200 day moving average of $40.64. NewJersey Resources Corporation has a one year low of $30.46 and a one year high of $44.30. The firm has a market cap of $3.79 billion, a P/E ratio of 19.63 and a beta of 0.47.
NewJersey Resources Corporation (NYSE:NJR) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.19. The business had revenue of $457.52 million for the quarter, compared to the consensus estimate of $410.24 million. NewJersey Resources Corporation had a net margin of 8.81% and a return on equity of 12.77%. The firm’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.13 earnings per share. On average, analysts expect that NewJersey Resources Corporation will post $1.74 earnings per share for the current fiscal year.
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Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in NewJersey Resources Corporation by 4,920.6% in the first quarter. BlackRock Inc. now owns 11,662,464 shares of the utilities provider’s stock valued at $461,831,000 after buying an additional 11,430,170 shares in the last quarter. State Street Corp increased its position in NewJersey Resources Corporation by 14.6% in the first quarter. State Street Corp now owns 7,351,830 shares of the utilities provider’s stock valued at $291,138,000 after buying an additional 938,056 shares in the last quarter. Goldman Sachs Group Inc. increased its position in NewJersey Resources Corporation by 38.4% in the first quarter. Goldman Sachs Group Inc. now owns 3,102,931 shares of the utilities provider’s stock valued at $122,876,000 after buying an additional 860,703 shares in the last quarter. Citadel Advisors LLC increased its position in NewJersey Resources Corporation by 289.4% in the first quarter. Citadel Advisors LLC now owns 699,760 shares of the utilities provider’s stock valued at $27,710,000 after buying an additional 520,047 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in NewJersey Resources Corporation by 6.3% in the first quarter. Vanguard Group Inc. now owns 8,262,024 shares of the utilities provider’s stock valued at $327,176,000 after buying an additional 491,794 shares in the last quarter. Hedge funds and other institutional investors own 65.03% of the company’s stock.
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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