New Jersey Resources (NYSE:NJR) Price Target Raised to $54.00

New Jersey Resources (NYSE:NJR) had its price objective hoisted by Wells Fargo & Company from $51.00 to $54.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the utilities provider’s stock.

Other analysts also recently issued research reports about the stock. StockNews.com downgraded shares of New Jersey Resources from a “hold” rating to a “sell” rating in a research report on Tuesday. Mizuho upped their target price on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, September 20th. JPMorgan Chase & Co. raised their price target on New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Finally, Guggenheim lifted their target price on New Jersey Resources from $46.00 to $49.00 and gave the company a “neutral” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $49.75.

New Jersey Resources Price Performance

Shares of NYSE NJR opened at $51.58 on Wednesday. The stock has a market cap of $5.12 billion, a P/E ratio of 17.66 and a beta of 0.59. New Jersey Resources has a twelve month low of $39.44 and a twelve month high of $51.94. The stock has a 50 day moving average of $47.28 and a two-hundred day moving average of $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 firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.49%. New Jersey Resources’s dividend payout ratio (DPR) is presently 61.64%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NJR. Victory Capital Management Inc. increased its holdings in shares of New Jersey Resources by 192.9% in the 2nd quarter. Victory Capital Management Inc. now owns 387,950 shares of the utilities provider’s stock valued at $16,581,000 after purchasing an additional 255,503 shares in the last quarter. Boston Partners increased its holdings in New Jersey Resources by 65.5% in the first quarter. Boston Partners now owns 480,001 shares of the utilities provider’s stock valued at $20,623,000 after buying an additional 190,028 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of New Jersey Resources during the 3rd quarter valued at approximately $8,590,000. AQR Capital Management LLC lifted its position in shares of New Jersey Resources by 39.9% during the 2nd quarter. AQR Capital Management LLC now owns 618,379 shares of the utilities provider’s stock valued at $26,430,000 after acquiring an additional 176,396 shares during the period. Finally, Benjamin Edwards Inc. boosted its stake in shares of New Jersey Resources by 8,995.5% during the 3rd quarter. Benjamin Edwards Inc. now owns 157,079 shares of the utilities provider’s stock worth $7,414,000 after acquiring an additional 155,352 shares in the last quarter. Hedge funds and other institutional investors 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.