JPMorgan Chase & Co. Has Lowered Expectations for New Jersey Resources (NYSE:NJR) Stock Price

New Jersey Resources (NYSE:NJR) had its target price decreased by analysts at JPMorgan Chase & Co. from $54.00 to $52.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the utilities provider’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 10.52% from the stock’s previous close.

Several other equities analysts also recently weighed in on the stock. Guggenheim lifted their target price 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, November 27th. Wells Fargo & Company boosted their target price 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, November 27th. Finally, StockNews.com lowered New Jersey Resources from a “hold” rating to a “sell” rating in a report on Friday, January 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $50.50.

New Jersey Resources Stock Down 0.8 %

NJR stock opened at $47.05 on Tuesday. The stock’s fifty day simple moving average is $47.80 and its two-hundred day simple moving average is $46.82. The company has a current ratio of 0.62, a quick ratio of 0.36 and a debt-to-equity ratio of 1.31. The stock has a market cap of $4.69 billion, a P/E ratio of 16.11 and a beta of 0.64. New Jersey Resources has a 1-year low of $39.44 and a 1-year high of $51.94.

New Jersey Resources (NYSE:NJR) last posted its quarterly earnings data on Monday, November 25th. The utilities provider reported $0.89 EPS for the quarter, meeting the consensus estimate of $0.89. New Jersey Resources had a return on equity of 13.54% and a net margin of 16.13%. The business had revenue of $395.78 million for the quarter, compared to the consensus estimate of $406.97 million. During the same quarter in the prior year, the business earned $0.30 earnings per share. New Jersey Resources’s revenue for the quarter was up 19.5% on a year-over-year basis. Analysts expect that New Jersey Resources will post 3.1 EPS for the current year.

Insider Transactions at New Jersey Resources

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

Hedge Funds Weigh In On New Jersey Resources

A number of institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its position in New Jersey Resources by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,227,815 shares of the utilities provider’s stock worth $57,953,000 after acquiring an additional 33,772 shares in the last quarter. International Assets Investment Management LLC lifted its stake in New Jersey Resources by 4,620.0% during the third quarter. International Assets Investment Management LLC now owns 83,638 shares of the utilities provider’s stock worth $3,948,000 after purchasing an additional 81,866 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of New Jersey Resources by 59.0% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 33,276 shares of the utilities provider’s stock worth $1,552,000 after purchasing an additional 12,353 shares in the last quarter. Quest Partners LLC increased its position in shares of New Jersey Resources by 302.0% during the 3rd quarter. Quest Partners LLC now owns 39,369 shares of the utilities provider’s stock valued at $1,858,000 after purchasing an additional 29,575 shares during the last quarter. Finally, Segall Bryant & Hamill LLC raised its holdings in shares of New Jersey Resources by 4.4% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 422,000 shares of the utilities provider’s stock valued at $19,918,000 after buying an additional 17,664 shares in the last quarter. Institutional investors own 70.98% of the company’s stock.

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.