New Jersey Resources Corp. (NJR) Trading Down 1.8%
New Jersey Resources Corp. (NYSE:NJR)’s share price was down 1.8% during mid-day trading on Thursday . The stock traded as low as $37.37 and last traded at $37.38, with a volume of 174,461 shares changing hands. The stock had previously closed at $38.08.
NJR has been the subject of several recent analyst reports. 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 note on Wednesday. Argus restated a “buy” rating and set a $42.00 target price on shares of New Jersey Resources Corp. in a research note on Monday, June 20th. BB&T Corp. initiated coverage on New Jersey Resources Corp. in a research note on Wednesday, March 30th. They set a “hold” rating for the company. Wells Fargo & Co. initiated coverage on New Jersey Resources Corp. in a research note on Wednesday, June 1st. They set a “market perform” rating for the company. Finally, Janney Montgomery Scott cut New Jersey Resources Corp. from a “buy” rating to a “neutral” rating in a research note on Thursday, March 31st. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. New Jersey Resources Corp. currently has an average rating of “Hold” and an average target price of $38.13.
The stock has a market cap of $3.22 billion and a P/E ratio of 27.16. The company has a 50-day moving average of $36.96 and a 200-day moving average of $35.49.
New Jersey Resources Corp. (NYSE:NJR) last issued its quarterly earnings results on Wednesday, May 4th. The company reported $0.91 EPS for the quarter, meeting analysts’ consensus estimates of $0.91. The business earned $574.19 million during the quarter, compared to analysts’ expectations of $1.08 billion. The company’s revenue for the quarter was down 43.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.16 EPS. On average, equities research analysts expect that New Jersey Resources Corp. will post $1.62 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 23rd will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date of this dividend is Wednesday, September 21st.
In other news, Director George R. Zoffinger sold 9,743 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 12,594 shares in the company, valued at approximately $437,893.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Several hedge funds recently made changes to their positions in the company. Wells Fargo & Company MN boosted its stake in shares of New Jersey Resources Corp. by 32.9% in the fourth quarter. Wells Fargo & Company MN now owns 779,279 shares of the company’s stock worth $25,684,000 after buying an additional 192,759 shares during the last quarter. Russell Frank Co boosted its stake in shares of New Jersey Resources Corp. by 126.1% in the fourth quarter. Russell Frank Co now owns 290,435 shares of the company’s stock worth $9,788,000 after buying an additional 161,997 shares during the last quarter. GAM Holding AG bought a new stake in shares of New Jersey Resources Corp. during the fourth quarter worth $1,549,000. Principal Financial Group Inc. boosted its stake in shares of New Jersey Resources Corp. by 4.4% in the fourth quarter. Principal Financial Group Inc. now owns 582,027 shares of the company’s stock worth $19,184,000 after buying an additional 24,555 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of New Jersey Resources Corp. by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,580,298 shares of the company’s stock worth $52,089,000 after buying an additional 14,959 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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