New Jersey Resources Corp. (NJR) Stock Rating Lowered by Zacks Investment Research

New Jersey Resources Corp. (NYSE:NJR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.

According to Zacks, “NJ RESOURCES is an exempt energy svcs holding company providing retail & wholesale natural gas & related energy services to customers from the Gulf Coast to New England. Subsidiaries include: (1) N J Natural Gas Co, a natural gas distribution company that provides regulated energy & appliance services to residential, commercial & industrial customers in central & northern N J. (2) NJR Energy Holdings Corp formerly NJR Energy Svcs Corp & (3) NJR Development Corp, a sub-holding company of NJR, which includes the Company’s remaining unregulated operating subsidiaries. “

Several other equities analysts also recently issued reports on NJR. Guggenheim assumed coverage on shares of New Jersey Resources Corp. in a research note on Thursday, November 3rd. They issued a “buy” rating and a $36.00 price objective for the company. TheStreet downgraded shares of New Jersey Resources Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, August 31st. Finally, Argus reaffirmed a “buy” rating and issued a $42.00 target price on shares of New Jersey Resources Corp. in a report on Friday, September 16th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $37.10.

Analyst Recommendations for New Jersey Resources Corp. (NYSE:NJR)

Shares of New Jersey Resources Corp. (NYSE:NJR) opened at 34.20 on Tuesday. The firm has a market capitalization of $2.94 billion, a PE ratio of 22.50 and a beta of 0.38. The stock’s 50 day moving average price is $32.93 and its 200-day moving average price is $34.93. New Jersey Resources Corp. has a 52-week low of $28.02 and a 52-week high of $38.92.

New Jersey Resources Corp. (NYSE:NJR) last released its quarterly earnings data on Tuesday, November 22nd. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by $0.03. New Jersey Resources Corp. had a net margin of 6.91% and a return on equity of 11.54%. The company earned $469.24 million during the quarter, compared to analyst estimates of $449.98 million. During the same quarter in the prior year, the company earned $0.05 EPS. The business’s revenue was up 7.1% on a year-over-year basis. Equities research analysts anticipate that New Jersey Resources Corp. will post $1.79 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Thursday, December 15th will be issued a dividend of $0.255 per share. This is a boost from New Jersey Resources Corp.’s previous quarterly dividend of $0.24. This represents a $1.02 annualized dividend and a yield of 2.98%. The ex-dividend date is Tuesday, December 13th. New Jersey Resources Corp.’s dividend payout ratio is currently 64.43%.

A number of hedge funds and other institutional investors have recently bought and sold shares of NJR. Janney Montgomery Scott LLC boosted its position in New Jersey Resources Corp. by 92.9% in the second quarter. Janney Montgomery Scott LLC now owns 104,824 shares of the company’s stock valued at $4,040,000 after buying an additional 50,469 shares in the last quarter. Robecosam AG boosted its position in New Jersey Resources Corp. by 37.7% in the first quarter. Robecosam AG now owns 208,000 shares of the company’s stock valued at $7,561,000 after buying an additional 57,000 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in New Jersey Resources Corp. by 937.1% in the second quarter. BNP Paribas Arbitrage SA now owns 44,718 shares of the company’s stock valued at $1,724,000 after buying an additional 40,406 shares in the last quarter. Channing Capital Management LLC boosted its position in New Jersey Resources Corp. by 10.1% in the second quarter. Channing Capital Management LLC now owns 145,551 shares of the company’s stock valued at $5,611,000 after buying an additional 13,355 shares in the last quarter. Finally, Confluence Investment Management LLC boosted its position in New Jersey Resources Corp. by 5.8% in the second quarter. Confluence Investment Management LLC now owns 301,618 shares of the company’s stock valued at $11,627,000 after buying an additional 16,583 shares in the last quarter. 60.21% of the stock is owned by hedge funds and other institutional investors.

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About New Jersey Resources Corp.

New Jersey Resources Corporation (NJR) is an energy services holding company that provides retail and wholesale energy services to customers primarily in the Gulf Coast, Mid-Continent, Appalachian, Northeastern, and Western market areas of the United States, as well as Canada. The Company operates within four reportable business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream (formerly Energy Holdings).

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