NewJersey Resources (NJR) Stock Rating Reaffirmed by Guggenheim

Guggenheim reaffirmed their buy rating on shares of NewJersey Resources (NYSE:NJR) in a research report report published on Wednesday. Guggenheim currently has a $44.00 price objective on the utilities provider’s stock.

A number of other brokerages have also commented on NJR. Zacks Investment Research raised shares of NewJersey Resources from a sell rating to a hold rating in a report on Saturday, November 18th. ValuEngine lowered shares of NewJersey Resources from a buy rating to a hold rating in a report on Friday, December 1st. Finally, Janney Montgomery Scott raised shares of NewJersey Resources from a neutral rating to a buy rating in a report on Wednesday, November 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. NewJersey Resources has an average rating of Buy and an average price target of $44.00.

Shares of NewJersey Resources (NJR) traded down $0.20 during trading on Wednesday, hitting $39.40. 403,868 shares of the company were exchanged, compared to its average volume of 497,403. The firm has a market cap of $3,424.29, a PE ratio of 22.91, a P/E/G ratio of 3.63 and a beta of 0.43. The company has a quick ratio of 0.46, a current ratio of 0.72 and a debt-to-equity ratio of 0.81. NewJersey Resources has a 1-year low of $33.70 and a 1-year high of $45.45.

NewJersey Resources (NYSE:NJR) last issued its quarterly earnings data on Tuesday, November 21st. The utilities provider reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). NewJersey Resources had a return on equity of 11.97% and a net margin of 5.82%. The company had revenue of $536.50 million for the quarter, compared to the consensus estimate of $480.90 million. During the same period in the prior year, the company earned ($0.03) EPS. The firm’s revenue was up 14.3% compared to the same quarter last year. equities analysts predict that NewJersey Resources will post 1.81 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th were issued a dividend of $0.2725 per share. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $1.09 dividend on an annualized basis and a yield of 2.77%. This is a positive change from NewJersey Resources’s previous quarterly dividend of $0.26. NewJersey Resources’s dividend payout ratio is currently 71.71%.

In other NewJersey Resources news, VP Amanda Mullan sold 920 shares of the stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $44.64, for a total transaction of $41,068.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Lawrence R. Codey sold 6,000 shares of the stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $43.13, for a total transaction of $258,780.00. Following the sale, the director now directly owns 13,266 shares in the company, valued at approximately $572,162.58. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank boosted its stake in shares of NewJersey Resources by 1.5% in the 2nd quarter. Amalgamated Bank now owns 12,231 shares of the utilities provider’s stock valued at $486,000 after purchasing an additional 185 shares during the last quarter. Stifel Financial Corp boosted its stake in shares of NewJersey Resources by 2.5% in the 2nd quarter. Stifel Financial Corp now owns 9,853 shares of the utilities provider’s stock valued at $390,000 after purchasing an additional 237 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of NewJersey Resources by 8.7% in 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. Public Employees Retirement System of Ohio boosted its stake in shares of NewJersey Resources by 5.1% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 5,823 shares of the utilities provider’s stock valued at $231,000 after purchasing an additional 284 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in shares of NewJersey Resources by 0.8% in the 2nd quarter. Royal Bank of Canada now owns 38,631 shares of the utilities provider’s stock valued at $1,534,000 after purchasing an additional 325 shares during the last quarter. 63.48% of the stock is currently owned by institutional investors.

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About NewJersey Resources

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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