StockNews.com Downgrades New Jersey Resources (NYSE:NJR) to Sell

New Jersey Resources (NYSE:NJR) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Saturday.

A number of other analysts also recently issued reports on the stock. Argus raised shares of New Jersey Resources to a “strong-buy” rating in a research report on Monday, June 10th. JPMorgan Chase & Co. increased their price objective on shares of New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th.

New Jersey Resources Stock Performance

Shares of NYSE NJR opened at $47.63 on Friday. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.60 and a quick ratio of 0.41. The company has a market cap of $4.72 billion, a PE ratio of 18.83 and a beta of 0.59. The company has a 50-day simple moving average of $45.55 and a 200-day simple moving average of $43.81. New Jersey Resources has a 12 month low of $38.92 and a 12 month high of $47.64.

New Jersey Resources (NYSE:NJR) last announced its quarterly earnings data on Tuesday, August 6th. The utilities provider reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). New Jersey Resources had a net margin of 13.61% and a return on equity of 11.06%. The business had revenue of $275.64 million during the quarter, compared to analysts’ expectations of $283.56 million. During the same period in the prior year, the firm earned $0.10 EPS. New Jersey Resources’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, equities analysts anticipate that New Jersey Resources will post 2.95 earnings per share for the current year.

Insider Transactions at New Jersey Resources

In other New Jersey Resources news, CEO Stephen D. Westhoven sold 26,600 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $45.06, for a total value of $1,198,596.00. Following the sale, the chief executive officer now directly owns 168,705 shares of the company’s stock, valued at $7,601,847.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Stephen D. Westhoven sold 3,400 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $45.00, for a total transaction of $153,000.00. Following the completion of the transaction, the chief executive officer now directly owns 195,305 shares in the company, valued at $8,788,725. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Stephen D. Westhoven sold 26,600 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $45.06, for a total value of $1,198,596.00. Following the completion of the sale, the chief executive officer now owns 168,705 shares in the company, valued at $7,601,847.30. The disclosure for this sale can be found here. Insiders own 0.75% of the company’s stock.

Institutional Investors Weigh In On New Jersey Resources

Several institutional investors have recently bought and sold shares of NJR. Avantax Advisory Services Inc. boosted its holdings in shares of New Jersey Resources by 2.8% in the first quarter. Avantax Advisory Services Inc. now owns 9,357 shares of the utilities provider’s stock valued at $402,000 after acquiring an additional 255 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in New Jersey Resources by 3.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 8,840 shares of the utilities provider’s stock valued at $378,000 after purchasing an additional 307 shares in the last quarter. QRG Capital Management Inc. increased its position in shares of New Jersey Resources by 7.0% during the 4th quarter. QRG Capital Management Inc. now owns 5,984 shares of the utilities provider’s stock valued at $267,000 after purchasing an additional 389 shares during the period. Strategy Asset Managers LLC raised its stake in shares of New Jersey Resources by 5.2% in the 1st quarter. Strategy Asset Managers LLC now owns 7,942 shares of the utilities provider’s stock worth $341,000 after buying an additional 390 shares in the last quarter. Finally, Ameritas Investment Partners Inc. lifted its holdings in shares of New Jersey Resources by 0.9% in the first quarter. Ameritas Investment Partners Inc. now owns 46,847 shares of the utilities provider’s stock valued at $2,010,000 after buying an additional 416 shares during the period. Institutional investors and hedge funds own 70.98% of the company’s stock.

New Jersey Resources Company Profile

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.