New Jersey Resources Corp. (NJR) Sees Strong Trading Volume
Shares of New Jersey Resources Corp. (NYSE:NJR) saw unusually-high trading volume on Friday . Approximately 1,420,903 shares were traded during mid-day trading, an increase of 190% from the previous session’s volume of 490,541 shares.The stock last traded at $37.24 and had previously closed at $36.94.
NJR has been the subject of several research analyst reports. Argus restated a “buy” rating and issued a $42.00 price objective on shares of New Jersey Resources Corp. in a research report on Monday, June 20th. Zacks Investment Research raised shares of New Jersey Resources Corp. from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a report on Wednesday, July 13th. Finally, Wells Fargo & Co. initiated coverage on shares of New Jersey Resources Corp. in a report on Wednesday, June 1st. They set a “market perform” rating for the company. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. New Jersey Resources Corp. has an average rating of “Hold” and an average target price of $38.13.
The stock has a market capitalization of $3.20 billion and a P/E ratio of 27.01. The stock’s 50-day moving average is $37.45 and its 200 day moving average is $35.80.
New Jersey Resources Corp. (NYSE:NJR) last posted its quarterly earnings results on Wednesday, May 4th. The company reported $0.91 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.91. The firm had revenue of $574.19 million for the quarter, compared to analyst estimates of $1.08 billion. The business’s revenue was down 43.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.16 EPS. On average, equities research analysts expect 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 will be paid on Monday, October 3rd. Investors of record on Friday, September 23rd will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 21st. This represents a $0.96 annualized dividend and a dividend yield of 2.58%.
In related news, Director George R. Zoffinger sold 9,743 shares of the stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $34.77, for a total transaction of $338,764.11. Following the sale, the director now owns 12,594 shares in the company, valued at approximately $437,893.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
A number of institutional investors recently modified their holdings of NJR. GAM Holding AG bought a new position in shares of New Jersey Resources Corp. during the fourth quarter valued at approximately $1,549,000. PNC Financial Services Group Inc. increased its position in shares of New Jersey Resources Corp. by 2.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 53,974 shares of the company’s stock valued at $1,779,000 after buying an additional 1,374 shares during the last quarter. State of Tennessee Treasury Department bought a new position in shares of New Jersey Resources Corp. during the fourth quarter valued at approximately $2,192,000. Comerica Bank increased its position in shares of New Jersey Resources Corp. by 0.7% in the fourth quarter. Comerica Bank now owns 87,127 shares of the company’s stock valued at $2,931,000 after buying an additional 603 shares during the last quarter. Finally, State of Wisconsin Investment Board increased its position in shares of New Jersey Resources Corp. by 3.1% in the fourth quarter. State of Wisconsin Investment Board now owns 120,320 shares of the company’s stock valued at $3,966,000 after buying an additional 3,598 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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