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

StockNews.com downgraded shares of New Jersey Resources (NYSE:NJR) from a hold rating to a sell rating in a research report report published on Friday morning.

Several other research firms also recently weighed in on NJR. Mizuho boosted their target price on shares of New Jersey Resources from $45.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. raised New Jersey Resources from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $52.00 to $54.00 in a report on Thursday, December 12th. Guggenheim increased their target price on New Jersey Resources from $46.00 to $49.00 and gave the stock a “neutral” rating in a report on Wednesday, November 27th. Finally, Wells Fargo & Company boosted their price target on New Jersey Resources from $51.00 to $54.00 and gave the company an “equal weight” rating in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $51.00.

New Jersey Resources Trading Down 2.4 %

NYSE:NJR opened at $45.31 on Friday. The stock has a market cap of $4.52 billion, a price-to-earnings ratio of 15.52 and a beta of 0.64. New Jersey Resources has a one year low of $39.44 and a one year high of $51.94. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.36 and a current ratio of 0.62. The business’s 50-day simple moving average is $47.86 and its 200 day simple moving average is $46.46.

New Jersey Resources (NYSE:NJR) last announced its earnings results on Monday, November 25th. The utilities provider reported $0.89 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.89. New Jersey Resources had a return on equity of 13.54% and a net margin of 16.13%. The company had revenue of $395.78 million for the quarter, compared to analyst estimates of $406.97 million. During the same period in the prior year, the company posted $0.30 EPS. New Jersey Resources’s quarterly revenue was up 19.5% on a year-over-year basis. As a group, sell-side analysts predict that New Jersey Resources will post 3.1 earnings per share for the current fiscal year.

New Jersey Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 3.97%. The ex-dividend date was Wednesday, December 11th. New Jersey Resources’s dividend payout ratio (DPR) is 61.64%.

Insider Buying and Selling

In related news, COO Patrick J. Migliaccio sold 4,983 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $46.00, for a total value of $229,218.00. Following the completion of the transaction, the chief operating officer now directly owns 37,124 shares of the company’s stock, valued at $1,707,704. This represents a 11.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.72% of the stock is owned by company insiders.

Institutional Trading of New Jersey Resources

A number of institutional investors have recently made changes to their positions in the stock. FSA Wealth Management LLC bought a new stake in New Jersey Resources in the third quarter worth about $27,000. V Square Quantitative Management LLC acquired a new stake in New Jersey Resources during the third quarter valued at approximately $27,000. Versant Capital Management Inc boosted its holdings in New Jersey Resources by 9,400.0% during the fourth quarter. Versant Capital Management Inc now owns 665 shares of the utilities provider’s stock worth $31,000 after buying an additional 658 shares in the last quarter. Van ECK Associates Corp acquired a new position in New Jersey Resources in the third quarter worth approximately $52,000. Finally, Spirit of America Management Corp NY lifted its position in shares of New Jersey Resources by 140.0% during the 3rd quarter. Spirit of America Management Corp NY now owns 1,200 shares of the utilities provider’s stock valued at $57,000 after acquiring an additional 700 shares during the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

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.