NewJersey Resources Corporation (NYSE:NJR) has been assigned an average recommendation of “Buy” from the seven ratings firms that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $39.75.
NJR has been the subject of several recent analyst reports. Zacks Investment Research raised NewJersey Resources Corporation from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a report on Tuesday, July 11th. Argus increased their price objective on NewJersey Resources Corporation from $46.00 to $49.00 and gave the company a “buy” rating in a report on Monday, August 28th. BidaskClub raised NewJersey Resources Corporation from a “hold” rating to a “buy” rating in a report on Saturday, August 5th. Finally, Bank of America Corporation increased their price objective on NewJersey Resources Corporation from $35.00 to $38.00 and gave the company an “underperform” rating in a report on Wednesday, August 23rd.
Shares of NewJersey Resources Corporation (NYSE:NJR) traded down 0.34% during mid-day trading on Wednesday, hitting $44.10. 446,548 shares of the stock were exchanged. NewJersey Resources Corporation has a 12-month low of $32.05 and a 12-month high of $44.45. The firm has a 50-day moving average price of $43.01 and a 200 day moving average price of $42.01. The company has a market capitalization of $3.82 billion, a PE ratio of 19.77 and a beta of 0.46.
NewJersey Resources Corporation (NYSE:NJR) last released its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.20 EPS for the quarter, beating the consensus estimate of $0.01 by $0.19. The company had revenue of $457.52 million during the quarter, compared to the consensus estimate of $410.24 million. NewJersey Resources Corporation had a return on equity of 12.77% and a net margin of 8.81%. The firm’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.13 EPS. On average, equities research analysts expect that NewJersey Resources Corporation will post $1.74 earnings per share for the current year.
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Institutional investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in NewJersey Resources Corporation by 8.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,057 shares of the utilities provider’s stock valued at $121,000 after purchasing an additional 244 shares during the last quarter. Advisor Group Inc. lifted its holdings in NewJersey Resources Corporation by 59.7% during the 2nd quarter. Advisor Group Inc. now owns 4,251 shares of the utilities provider’s stock valued at $163,000 after purchasing an additional 1,589 shares during the last quarter. Flinton Capital Management LLC lifted its holdings in NewJersey Resources Corporation by 92.2% during the 2nd quarter. Flinton Capital Management LLC now owns 4,336 shares of the utilities provider’s stock valued at $172,000 after purchasing an additional 2,080 shares during the last quarter. Mosaic Family Wealth LLC lifted its holdings in NewJersey Resources Corporation by 5.9% during the 2nd quarter. Mosaic Family Wealth LLC now owns 4,359 shares of the utilities provider’s stock valued at $173,000 after purchasing an additional 243 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new stake in NewJersey Resources Corporation during the 3rd quarter valued at $185,000. 64.17% of the stock is owned by institutional investors and hedge funds.
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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