New Jersey Resources (NJR) Sees Large Volume Increase

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New Jersey Resources Corp (NYSE:NJR) saw strong trading volume on Wednesday . 1,285,991 shares traded hands during trading, an increase of 158% from the previous session’s volume of 498,219 shares.The stock last traded at $47.23 and had previously closed at $46.77.

Several equities research analysts have recently issued reports on the stock. Wells Fargo & Co raised their price target on shares of New Jersey Resources from $45.00 to $47.00 and gave the stock a “market perform” rating in a research note on Monday, September 17th. ValuEngine upgraded shares of New Jersey Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, October 9th. Guggenheim lowered shares of New Jersey Resources from a “buy” rating to a “neutral” rating in a research note on Monday, September 10th. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded shares of New Jersey Resources from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research note on Thursday, August 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $47.50.

The company has a current ratio of 1.45, a quick ratio of 1.16 and a debt-to-equity ratio of 0.84. The company has a market capitalization of $3.99 billion, a PE ratio of 27.30, a P/E/G ratio of 3.22 and a beta of 0.21.

New Jersey Resources (NYSE:NJR) last issued its quarterly earnings results on Tuesday, August 7th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.11). New Jersey Resources had a return on equity of 18.68% and a net margin of 7.60%. The company had revenue of $543.44 million for the quarter, compared to analysts’ expectations of $496.70 million. During the same quarter in the previous year, the business earned $0.20 EPS. On average, analysts forecast that New Jersey Resources Corp will post 2.65 earnings per share for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its holdings in New Jersey Resources by 0.7% in the 3rd quarter. Rhumbline Advisers now owns 169,617 shares of the utilities provider’s stock worth $7,819,000 after buying an additional 1,128 shares during the period. JPMorgan Chase & Co. boosted its holdings in New Jersey Resources by 16.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 445,411 shares of the utilities provider’s stock worth $20,533,000 after buying an additional 63,931 shares during the period. SG Americas Securities LLC boosted its holdings in New Jersey Resources by 19.1% in the 3rd quarter. SG Americas Securities LLC now owns 21,804 shares of the utilities provider’s stock worth $1,005,000 after buying an additional 3,501 shares during the period. Bessemer Group Inc. boosted its holdings in New Jersey Resources by 7.8% in the 3rd quarter. Bessemer Group Inc. now owns 55,200 shares of the utilities provider’s stock worth $2,545,000 after buying an additional 4,000 shares during the period. Finally, Commonwealth Equity Services LLC boosted its holdings in New Jersey Resources by 51.8% in the 3rd quarter. Commonwealth Equity Services LLC now owns 28,489 shares of the utilities provider’s stock worth $1,313,000 after buying an additional 9,723 shares during the period. 66.80% of the stock is owned by institutional investors.

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New Jersey Resources Company Profile (NYSE:NJR)

New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 529,800 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.

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