New Jersey Resources Corp. (NYSE:NJR) dropped 2% during mid-day trading on Thursday . The stock traded as low as $37.82 and last traded at $37.93, with a volume of 194,492 shares changing hands. The stock had previously closed at $38.71.

NJR has been the topic of several research reports. Argus reaffirmed a “buy” rating and set a $42.00 price target on shares of New Jersey Resources Corp. in a report on Monday, June 20th. Zacks Investment Research raised shares of New Jersey Resources Corp. from a “hold” rating to a “strong-buy” rating and set a $42.00 price target on the stock in a report on Wednesday, May 4th. Janney Montgomery Scott lowered shares of New Jersey Resources Corp. from a “buy” rating to a “neutral” rating in a report on Thursday, March 31st. They noted that the move was a valuation call. BB&T Corp. initiated coverage on shares of New Jersey Resources Corp. in a report on Wednesday, March 30th. They set a “hold” rating on the stock. Finally, Wells Fargo & Co. began coverage on shares of New Jersey Resources Corp. in a report on Wednesday, June 1st. They set a “market perform” rating on the stock. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $38.13.

The firm has a 50 day moving average price of $36.60 and a 200-day moving average price of $35.36. The firm has a market cap of $3.27 billion and a PE ratio of 27.59.

New Jersey Resources Corp. (NYSE:NJR) last announced its quarterly earnings results on Wednesday, May 4th. The company reported $0.91 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.91. The firm earned $574.19 million during the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the previous year, the company posted $1.16 earnings per share. The company’s quarterly revenue was down 43.3% compared to the same quarter last year. On average, equities research analysts predict that New Jersey Resources Corp. will post $1.62 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, July 1st. Stockholders of record on Wednesday, June 15th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date was Monday, June 13th.

In other news, Director George R. Zoffinger sold 9,743 shares of the stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $34.77, for a total value of $338,764.11. Following the sale, the director now directly owns 12,594 shares of the company’s stock, valued at $437,893.38. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Several large investors have recently made changes to their positions in NJR. Dimensional Fund Advisors LP increased its stake in shares of New Jersey Resources Corp. by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,580,298 shares of the company’s stock worth $52,089,000 after buying an additional 14,959 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of New Jersey Resources Corp. by 32.9% in the fourth quarter. Wells Fargo & Company MN now owns 779,279 shares of the company’s stock worth $25,684,000 after buying an additional 192,759 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of New Jersey Resources Corp. by 4.4% in the fourth quarter. Principal Financial Group Inc. now owns 582,027 shares of the company’s stock worth $19,184,000 after buying an additional 24,555 shares during the last quarter. Russell Frank Co increased its stake in shares of New Jersey Resources Corp. by 126.1% in the fourth quarter. Russell Frank Co now owns 290,435 shares of the company’s stock worth $9,788,000 after buying an additional 161,997 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in shares of New Jersey Resources Corp. by 0.3% in the fourth quarter. First Trust Advisors LP now owns 257,306 shares of the company’s stock worth $8,481,000 after buying an additional 873 shares during the last quarter.

New Jersey Resources Corporation (NJR) is an energy services holding company that provides retail and wholesale energy services to customers primarily in the Gulf Coast, Mid-Continent, Appalachian, Northeastern, and Western market areas of the United States, as well as Canada. The Company operates within four reportable business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream (formerly Energy Holdings).

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