New Jersey Resources Corp. (NJR) Shares Down 2%
New Jersey Resources Corp. (NYSE:NJR) was down 2% on Thursday . The stock traded as low as $37.82 and last traded at $37.93, with a volume of 194,492 shares. The stock had previously closed at $38.71.
Several equities research analysts recently weighed in on NJR shares. BB&T Corp. started coverage on shares of New Jersey Resources Corp. in a report on Wednesday, March 30th. They issued a “hold” rating for the company. Janney Montgomery Scott downgraded 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. Zacks Investment Research raised shares of New Jersey Resources Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, April 19th. Wells Fargo & Co. started coverage on shares of New Jersey Resources Corp. in a report on Wednesday, June 1st. They issued a “market perform” rating for the company. Finally, Argus reaffirmed a “buy” rating and issued a $42.00 price objective on shares of New Jersey Resources Corp. in a report on Monday, June 20th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. New Jersey Resources Corp. has an average rating of “Hold” and a consensus price target of $38.13.
The firm has a market capitalization of $3.24 billion and a P/E ratio of 27.34. The firm’s 50 day moving average price is $36.50 and its 200 day moving average price is $35.31.
New Jersey Resources Corp. (NYSE:NJR) last issued its earnings results on Wednesday, May 4th. The company reported $0.91 EPS for the quarter, hitting the consensus estimate of $0.91. During the same period last year, the business earned $1.16 earnings per share. The firm earned $574.19 million during the quarter, compared to the consensus estimate of $1.08 billion. The firm’s revenue for the quarter was down 43.3% compared to the same quarter last year. On average, 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 was paid on Friday, July 1st. Shareholders of record on Wednesday, June 15th were paid a dividend of $0.24 per share. The ex-dividend date was Monday, June 13th. This represents a $0.96 annualized dividend and a yield of 2.55%.
In other New Jersey Resources Corp. news, Director George R. Zoffinger sold 9,743 shares of the stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $34.77, for a total transaction of $338,764.11. Following the completion of the transaction, the director now directly owns 12,594 shares in the company, valued at $437,893.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
A number of hedge funds and institutional investors recently added to or reduced their stakes in the company. State of Wisconsin Investment Board raised its position in 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 in the last quarter. Rhumbline Advisers raised its position in New Jersey Resources Corp. by 3.6% in the fourth quarter. Rhumbline Advisers now owns 150,146 shares of the company’s stock valued at $4,949,000 after buying an additional 5,165 shares in the last quarter. GAM Holding AG bought a new position in New Jersey Resources Corp. during the fourth quarter valued at about $1,549,000. First Trust Advisors LP raised its position in 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 valued at $8,481,000 after buying an additional 873 shares in the last quarter. Finally, Comerica Bank raised its position in 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 in 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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