New Jersey Resources Corp. (NJR) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of New Jersey Resources Corp. (NYSE:NJR) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The firm currently has $36.00 target price on the stock.
According to Zacks, “NJ RESOURCES is an exempt energy svcs holding company providing retail & wholesale natural gas & related energy services to customers from the Gulf Coast to New England. Subsidiaries include: (1) N J Natural Gas Co, a natural gas distribution company that provides regulated energy & appliance services to residential, commercial & industrial customers in central & northern N J. (2) NJR Energy Holdings Corp formerly NJR Energy Svcs Corp & (3) NJR Development Corp, a sub-holding company of NJR, which includes the Company’s remaining unregulated operating subsidiaries. “
A number of other equities research analysts have also recently commented on NJR. TheStreet cut shares of New Jersey Resources Corp. from a buy rating to a hold rating in a report on Wednesday, August 31st. Argus reaffirmed a buy rating and issued a $42.00 price target on shares of New Jersey Resources Corp. in a report on Friday, September 16th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $36.63.
Shares of New Jersey Resources Corp. (NYSE:NJR) opened at 32.22 on Tuesday. The firm’s 50-day moving average price is $33.27 and its 200 day moving average price is $35.49. The company has a market capitalization of $2.78 billion, a PE ratio of 25.11 and a beta of 0.49. New Jersey Resources Corp. has a 1-year low of $28.02 and a 1-year high of $38.92.
New Jersey Resources Corp. (NYSE:NJR) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by $0.01. The company earned $393.21 million during the quarter, compared to the consensus estimate of $425.99 million. New Jersey Resources Corp. had a return on equity of 11.43% and a net margin of 5.88%. The company’s revenue for the quarter was down 14.2% compared to the same quarter last year. During the same period last year, the firm posted $0.03 EPS. Equities analysts predict that New Jersey Resources Corp. will post $1.61 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NJR. Aperio Group LLC raised its position in New Jersey Resources Corp. by 8.1% in the first quarter. Aperio Group LLC now owns 47,794 shares of the company’s stock worth $1,741,000 after buying an additional 3,573 shares in the last quarter. Franklin Resources Inc. raised its position in New Jersey Resources Corp. by 35.1% in the first quarter. Franklin Resources Inc. now owns 13,475 shares of the company’s stock worth $491,000 after buying an additional 3,500 shares in the last quarter. BlackRock Inc. raised its position in New Jersey Resources Corp. by 87.2% in the first quarter. BlackRock Inc. now owns 175,070 shares of the company’s stock worth $6,377,000 after buying an additional 81,557 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in New Jersey Resources Corp. by 24.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,569,121 shares of the company’s stock worth $93,593,000 after buying an additional 505,468 shares in the last quarter. Finally, Cypress Wealth Advisors LLC acquired a new position in New Jersey Resources Corp. during the first quarter worth $206,000. Institutional investors and hedge funds own 60.28% of the company’s stock.
About New Jersey Resources Corp.
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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