New Jersey Resources (NYSE:NJR) Price Target Raised to $47.00 at Mizuho

New Jersey Resources (NYSE:NJR) had its price target boosted by equities research analysts at Mizuho from $45.00 to $47.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the utilities provider’s stock. Mizuho’s target price points to a potential downside of 1.45% from the stock’s current price.

NJR has been the subject of several other reports. Argus upgraded shares of New Jersey Resources to a “strong-buy” rating in a research report on Monday, June 10th. StockNews.com cut New Jersey Resources from a “hold” rating to a “sell” rating in a report on Saturday, September 14th. Finally, JPMorgan Chase & Co. lifted their price target on shares of New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th.

New Jersey Resources Price Performance

NJR stock remained flat at $47.69 during mid-day trading on Friday. The company’s stock had a trading volume of 340,560 shares, compared to its average volume of 495,540. The company has a 50-day moving average price of $45.96 and a two-hundred day moving average price of $43.95. The stock has a market capitalization of $4.71 billion, a P/E ratio of 18.76 and a beta of 0.59. New Jersey Resources has a 1-year low of $38.92 and a 1-year high of $48.68. The company has a quick ratio of 0.41, a current ratio of 0.60 and a debt-to-equity ratio of 1.30.

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

Insider Activity

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

Several institutional investors and hedge funds have recently bought and sold shares of NJR. Avantax Advisory Services Inc. lifted its stake in shares of New Jersey Resources by 2.8% in the 1st quarter. Avantax Advisory Services Inc. now owns 9,357 shares of the utilities provider’s stock valued at $402,000 after purchasing an additional 255 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in New Jersey Resources by 3.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 8,840 shares of the utilities provider’s stock valued at $378,000 after buying an additional 307 shares during the period. Strategy Asset Managers LLC boosted its holdings in shares of New Jersey Resources by 5.2% during the 1st quarter. Strategy Asset Managers LLC now owns 7,942 shares of the utilities provider’s stock valued at $341,000 after buying an additional 390 shares in the last quarter. Ameritas Investment Partners Inc. grew its position in shares of New Jersey Resources by 0.9% in the 1st quarter. Ameritas Investment Partners Inc. now owns 46,847 shares of the utilities provider’s stock worth $2,010,000 after buying an additional 416 shares during the period. Finally, Arkadios Wealth Advisors increased its stake in shares of New Jersey Resources by 3.6% in the 1st quarter. Arkadios Wealth Advisors now owns 12,193 shares of the utilities provider’s stock worth $523,000 after acquiring an additional 428 shares in the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

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.