NewJersey Resources’ (NJR) “Buy” Rating Reiterated at Guggenheim
Guggenheim restated their buy rating on shares of NewJersey Resources (NYSE:NJR) in a research report sent to investors on Wednesday. The brokerage currently has a $44.00 price objective on the utilities provider’s stock.
Several other equities analysts have also recently weighed in on the stock. ValuEngine cut shares of NewJersey Resources from a buy rating to a hold rating in a research note on Friday, December 1st. Janney Montgomery Scott raised shares of NewJersey Resources from a neutral rating to a buy rating in a research note on Wednesday, November 22nd. Finally, Zacks Investment Research raised shares of NewJersey Resources from a sell rating to a hold rating in a research note on Saturday, November 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $44.00.
Shares of NewJersey Resources (NJR) opened at $39.40 on Wednesday. NewJersey Resources has a 52 week low of $33.70 and a 52 week high of $45.45. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.46 and a current ratio of 0.72. The stock has a market capitalization of $3,420.00, a P/E ratio of 26.09, a P/E/G ratio of 3.63 and a beta of 0.43.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th were paid a dividend of $0.2725 per share. This is a boost from NewJersey Resources’s previous quarterly dividend of $0.26. This represents a $1.09 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend was Thursday, December 14th. NewJersey Resources’s dividend payout ratio (DPR) is currently 72.19%.
In other news, Director Lawrence R. Codey sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $43.13, for a total transaction of $258,780.00. Following the completion of the transaction, the director now directly owns 13,266 shares of the company’s stock, valued at approximately $572,162.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Amanda Mullan sold 920 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $44.64, for a total transaction of $41,068.80. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in NJR. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of NewJersey Resources by 8.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,057 shares of the utilities provider’s stock valued at $121,000 after buying an additional 244 shares during the last quarter. Patten Group Inc. boosted its holdings in shares of NewJersey Resources by 2,111.9% in the 3rd quarter. Patten Group Inc. now owns 66,357 shares of the utilities provider’s stock valued at $126,000 after buying an additional 63,357 shares during the last quarter. Advisor Group Inc. boosted its holdings in shares of NewJersey Resources by 59.7% in the 2nd quarter. Advisor Group Inc. now owns 4,251 shares of the utilities provider’s stock valued at $163,000 after buying an additional 1,589 shares during the last quarter. Flinton Capital Management LLC boosted its holdings in shares of NewJersey Resources by 92.2% in the 2nd quarter. Flinton Capital Management LLC now owns 4,336 shares of the utilities provider’s stock valued at $172,000 after buying an additional 2,080 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new stake in shares of NewJersey Resources in the 3rd quarter valued at approximately $185,000. 63.48% of the stock is owned by institutional investors.
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About NewJersey Resources
New Jersey Resources Corporation is an energy services holding company. The Company’s business is the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. It operates in four business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream.
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