New Jersey Resources Corp. (NJR) Downgraded by Zacks Investment Research
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 research analysts have also issued reports on NJR. Argus restated a buy rating and issued a $42.00 target price on shares of New Jersey Resources Corp. in a report on Monday, June 20th. TheStreet lowered shares of New Jersey Resources Corp. from a buy rating to a hold rating in a report on Wednesday, August 31st. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company. New Jersey Resources Corp. presently has a consensus rating of Hold and an average target price of $36.63.
New Jersey Resources Corp. (NYSE:NJR) opened at 32.90 on Thursday. New Jersey Resources Corp. has a 1-year low of $28.02 and a 1-year high of $38.92. The stock has a 50 day moving average of $33.21 and a 200 day moving average of $35.43. The stock has a market cap of $2.83 billion, a price-to-earnings ratio of 25.64 and a beta of 0.49.
New Jersey Resources Corp. (NYSE:NJR) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by $0.01. New Jersey Resources Corp. had a return on equity of 11.43% and a net margin of 5.88%. The business earned $393.21 million during the quarter, compared to analysts’ expectations of $425.99 million. During the same quarter in the prior year, the firm earned $0.03 earnings per share. New Jersey Resources Corp.’s quarterly revenue was down 14.2% on a year-over-year basis. Equities analysts expect that New Jersey Resources Corp. will post $1.61 earnings per share for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of NJR. State Street Corp increased its position in New Jersey Resources Corp. by 43.2% in the second quarter. State Street Corp now owns 7,392,860 shares of the company’s stock worth $284,991,000 after buying an additional 2,230,789 shares in the last quarter. BlackRock Fund Advisors increased its position in New Jersey Resources Corp. by 5.0% in the second quarter. BlackRock Fund Advisors now owns 6,675,546 shares of the company’s stock worth $257,342,000 after buying an additional 319,788 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in New Jersey Resources Corp. by 0.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,575,715 shares of the company’s stock worth $99,294,000 after buying an additional 6,594 shares in the last quarter. Dimensional Fund Advisors LP increased its position in New Jersey Resources Corp. by 5.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,680,171 shares of the company’s stock worth $64,767,000 after buying an additional 92,693 shares in the last quarter. Finally, Ardevora Asset Management LLP increased its position in New Jersey Resources Corp. by 7.3% in the second quarter. Ardevora Asset Management LLP now owns 754,000 shares of the company’s stock worth $29,067,000 after buying an additional 51,400 shares in the last quarter. 60.25% of the stock is owned by institutional investors.
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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