New Jersey Resources Co. (NYSE:NJR) Receives $49.00 Consensus Price Target from Analysts

Shares of New Jersey Resources Co. (NYSE:NJR) have been given a consensus rating of “Hold” by the five research firms that are covering the company, MarketBeat reports. Four research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $49.75.

A number of brokerages have weighed in on NJR. JPMorgan Chase & Co. upped their price target on New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Mizuho upped their target price on shares of New Jersey Resources from $45.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Wells Fargo & Company lifted their price target on shares of New Jersey Resources from $51.00 to $54.00 and gave the company an “equal weight” rating in a report on Wednesday. Guggenheim upped their price objective on shares of New Jersey Resources from $46.00 to $49.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, StockNews.com lowered shares of New Jersey Resources from a “hold” rating to a “sell” rating in a report on Tuesday.

Institutional Trading of New Jersey Resources

A number of hedge funds and other institutional investors have recently modified their holdings of NJR. Victory Capital Management Inc. raised its holdings in 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 purchasing an additional 255,503 shares during the last quarter. Boston Partners raised its stake in shares of New Jersey Resources by 65.5% during the first 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. bought a new stake in shares of New Jersey Resources during the third quarter worth approximately $8,590,000. AQR Capital Management LLC lifted its holdings in New Jersey Resources by 39.9% in the second quarter. AQR Capital Management LLC now owns 618,379 shares of the utilities provider’s stock valued at $26,430,000 after buying an additional 176,396 shares during the period. Finally, Benjamin Edwards Inc. boosted its stake in New Jersey Resources by 8,995.5% in the third quarter. Benjamin Edwards Inc. now owns 157,079 shares of the utilities provider’s stock valued at $7,414,000 after acquiring an additional 155,352 shares during the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

New Jersey Resources Trading Down 0.1 %

NJR stock opened at $51.58 on Wednesday. New Jersey Resources has a 1-year low of $39.44 and a 1-year high of $51.94. The firm has a market cap of $5.12 billion, a P/E ratio of 17.66 and a beta of 0.59. The business’s 50 day moving average is $47.28 and its 200-day moving average is $45.52. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.31.

New Jersey Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 11th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 3.49%. The ex-dividend date of this dividend is Wednesday, December 11th. New Jersey Resources’s payout ratio is presently 61.64%.

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.