New Jersey Resources (NYSE:NJR) Cut to “Sell” at StockNews.com

New Jersey Resources (NYSE:NJR) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.

Other analysts have also recently issued research reports about the stock. Mizuho increased their price target on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. increased their price target on shares of New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Finally, Wells Fargo & Company increased their price target on shares of New Jersey Resources from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, New Jersey Resources presently has an average rating of “Hold” and a consensus price target of $49.75.

New Jersey Resources Stock Up 1.8 %

New Jersey Resources stock opened at $51.61 on Tuesday. The company has a market cap of $5.12 billion, a P/E ratio of 17.67 and a beta of 0.59. The company has a current ratio of 0.60, a quick ratio of 0.41 and a debt-to-equity ratio of 1.30. The company has a fifty day simple moving average of $47.12 and a 200 day simple moving average of $45.42. New Jersey Resources has a 1-year low of $39.44 and a 1-year high of $51.94.

Institutional Trading of New Jersey Resources

A number of hedge funds have recently modified their holdings of NJR. Victory Capital Management Inc. lifted its stake in shares of New Jersey Resources by 192.9% during the 2nd quarter. Victory Capital Management Inc. now owns 387,950 shares of the utilities provider’s stock worth $16,581,000 after buying an additional 255,503 shares during the last quarter. Boston Partners lifted its stake in shares of New Jersey Resources by 65.5% during the 1st quarter. Boston Partners now owns 480,001 shares of the utilities provider’s stock worth $20,623,000 after buying an additional 190,028 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in New Jersey Resources in the 3rd quarter worth about $8,590,000. AQR Capital Management LLC raised its stake in New Jersey Resources by 39.9% in the 2nd quarter. AQR Capital Management LLC now owns 618,379 shares of the utilities provider’s stock worth $26,430,000 after purchasing an additional 176,396 shares in the last quarter. Finally, Benjamin Edwards Inc. raised its stake in New Jersey Resources by 8,995.5% in the 3rd quarter. Benjamin Edwards Inc. now owns 157,079 shares of the utilities provider’s stock worth $7,414,000 after purchasing an additional 155,352 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

About New Jersey Resources

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.