New Jersey Resources Corp. (NJR) Sees Large Volume Increase
Shares of New Jersey Resources Corp. (NYSE:NJR) saw strong trading volume on Friday . 1,420,903 shares traded hands during mid-day trading, an increase of 190% from the previous session’s volume of 490,541 shares.The stock last traded at $37.24 and had previously closed at $36.94.
Several analysts recently weighed in on the company. Wells Fargo & Co. initiated coverage on New Jersey Resources Corp. in a report on Wednesday, June 1st. They issued a “market perform” rating for the company. Zacks Investment Research raised New Jersey Resources Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, April 19th. Finally, Argus reaffirmed a “buy” rating and set a $42.00 target price on shares of New Jersey Resources Corp. in a report on Monday, June 20th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. New Jersey Resources Corp. currently has a consensus rating of “Hold” and a consensus price target of $38.13.
The company’s 50-day moving average is $37.45 and its 200-day moving average is $35.80. The company has a market capitalization of $3.20 billion and a P/E ratio of 27.01.
New Jersey Resources Corp. (NYSE:NJR) last issued its quarterly earnings data on Wednesday, May 4th. The company reported $0.91 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.91. The business earned $574.19 million during the quarter, compared to the consensus estimate of $1.08 billion. The company’s revenue for the quarter was down 43.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.16 earnings per share. On average, equities research analysts predict that New Jersey Resources Corp. will post $1.62 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 23rd will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Wednesday, September 21st.
In related news, Director George R. Zoffinger sold 9,743 shares of the company’s stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $34.77, for a total value of $338,764.11. Following the completion of the sale, the director now directly owns 12,594 shares in the company, valued at $437,893.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Other large investors have modified their holdings of the company. GAM Holding AG acquired a new stake in shares of New Jersey Resources Corp. during the fourth quarter worth about $1,549,000. PNC Financial Services Group Inc. boosted its stake in shares of New Jersey Resources Corp. by 2.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 53,974 shares of the company’s stock worth $1,779,000 after buying an additional 1,374 shares in the last quarter. State of Tennessee Treasury Department acquired a new stake in shares of New Jersey Resources Corp. during the fourth quarter worth about $2,192,000. Comerica Bank boosted its stake in shares of New Jersey Resources Corp. by 0.7% in the fourth quarter. Comerica Bank now owns 87,127 shares of the company’s stock worth $2,931,000 after buying an additional 603 shares in the last quarter. Finally, State of Wisconsin Investment Board boosted its stake in shares of 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 worth $3,966,000 after buying an additional 3,598 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).
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.