New Jersey Resources Corp. (NYSE:NJR)‘s stock had its “buy” rating reissued by investment analysts at Argus in a report released on Friday. They presently have a $42.00 target price on the stock. Argus’ price objective would indicate a potential upside of 23.89% from the company’s previous close.

Several other brokerages have also commented on NJR. Zacks Investment Research upgraded New Jersey Resources Corp. from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research report on Wednesday, July 13th. Wells Fargo & Co. began coverage on New Jersey Resources Corp. in a research report on Wednesday, June 1st. They issued a “market perform” rating for the company. Finally, TheStreet lowered New Jersey Resources Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, August 31st. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. New Jersey Resources Corp. has a consensus rating of “Hold” and a consensus target price of $38.13.

Analyst Recommendations for New Jersey Resources Corp. (NYSE:NJR)

Shares of New Jersey Resources Corp. (NYSE:NJR) opened at 33.90 on Friday. The firm has a 50-day moving average price of $34.37 and a 200 day moving average price of $35.78. The firm has a market cap of $2.92 billion, a price-to-earnings ratio of 26.42 and a beta of 0.56. New Jersey Resources Corp. has a 12-month low of $27.71 and a 12-month high of $38.92.

New Jersey Resources Corp. (NYSE:NJR) last issued its earnings results on Tuesday, August 2nd. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by $0.01. The firm earned $393.21 million during the quarter, compared to analyst estimates of $425.99 million. New Jersey Resources Corp. had a return on equity of 11.43% and a net margin of 5.88%. New Jersey Resources Corp.’s revenue was down 14.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.03 EPS. On average, equities research analysts anticipate that New Jersey Resources Corp. will post $1.62 earnings per share for the current fiscal year.

The business also recently disclosed 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 is Wednesday, September 21st. This represents a $0.96 dividend on an annualized basis and a yield of 2.83%. New Jersey Resources Corp.’s dividend payout ratio is currently 76.80%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NJR. Robecosam AG increased its stake in shares of New Jersey Resources Corp. by 37.7% in the first quarter. Robecosam AG now owns 208,000 shares of the company’s stock valued at $7,561,000 after buying an additional 57,000 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of New Jersey Resources Corp. by 937.1% in the second quarter. BNP Paribas Arbitrage SA now owns 44,718 shares of the company’s stock valued at $1,724,000 after buying an additional 40,406 shares during the last quarter. BlackRock Inc. increased its stake in shares of New Jersey Resources Corp. by 87.2% in the first quarter. BlackRock Inc. now owns 175,070 shares of the company’s stock valued at $6,377,000 after buying an additional 81,557 shares during the last quarter. Mutual of America Capital Management LLC increased its stake in shares of New Jersey Resources Corp. by 7.0% in the second quarter. Mutual of America Capital Management LLC now owns 62,502 shares of the company’s stock valued at $2,409,000 after buying an additional 4,113 shares during the last quarter. Finally, State Street Corp increased its stake in shares of New Jersey Resources Corp. by 190.0% in the first quarter. State Street Corp now owns 5,162,071 shares of the company’s stock valued at $188,055,000 after buying an additional 3,381,888 shares during the last quarter. Institutional investors and hedge funds own 60.30% of the company’s stock.

New Jersey Resources Corp. Company Profile

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).

5 Day Chart for NYSE:NJR

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