New Jersey Resources (NYSE:NJR) Cut to “Sell” at StockNews.com

StockNews.com lowered shares of New Jersey Resources (NYSE:NJR) from a hold rating to a sell rating in a report released on Monday morning.

Separately, Argus raised New Jersey Resources to a strong-buy rating in a report on Monday, June 10th.

New Jersey Resources Stock Down 0.5 %

NJR stock opened at $44.14 on Monday. The company has a quick ratio of 0.56, a current ratio of 0.70 and a debt-to-equity ratio of 1.25. New Jersey Resources has a 52 week low of $38.92 and a 52 week high of $47.37. The stock has a market capitalization of $4.36 billion, a PE ratio of 17.45 and a beta of 0.60. The firm has a 50 day moving average of $43.91 and a 200 day moving average of $42.99.

New Jersey Resources (NYSE:NJR) last announced its quarterly earnings data on Tuesday, August 6th. The utilities provider reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). The company had revenue of $275.64 million for the quarter, compared to analysts’ expectations of $283.56 million. New Jersey Resources had a net margin of 14.46% and a return on equity of 12.16%. New Jersey Resources’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same period last year, the firm earned $0.10 earnings per share. Sell-side analysts forecast that New Jersey Resources will post 2.95 earnings per share for the current year.

Insider Buying and Selling at New Jersey Resources

In other New Jersey Resources news, CEO Stephen D. Westhoven sold 3,400 shares of New Jersey Resources stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $45.00, for a total transaction of $153,000.00. Following the completion of the transaction, the chief executive officer now owns 195,305 shares in the company, valued at approximately $8,788,725. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Stephen D. Westhoven sold 20,000 shares of New Jersey Resources stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $42.82, for a total transaction of $856,400.00. Following the completion of the transaction, the chief executive officer now directly owns 198,705 shares of the company’s stock, valued at approximately $8,508,548.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Stephen D. Westhoven sold 3,400 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $45.00, for a total transaction of $153,000.00. Following the sale, the chief executive officer now directly owns 195,305 shares in the company, valued at $8,788,725. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,000 shares of company stock valued at $2,207,996. 0.75% of the stock is owned by insiders.

Institutional Investors Weigh In On New Jersey Resources

Several hedge funds have recently modified their holdings of NJR. Raymond James & Associates raised its holdings in New Jersey Resources by 8.9% in the 4th quarter. Raymond James & Associates now owns 49,232 shares of the utilities provider’s stock worth $2,195,000 after purchasing an additional 4,010 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in shares of New Jersey Resources by 33.4% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 38,273 shares of the utilities provider’s stock valued at $1,706,000 after buying an additional 9,589 shares in the last quarter. International Assets Investment Management LLC grew its stake in New Jersey Resources by 4,358.0% in the 4th quarter. International Assets Investment Management LLC now owns 94,108 shares of the utilities provider’s stock valued at $4,195,000 after acquiring an additional 91,997 shares during the period. Arkadios Wealth Advisors increased its holdings in New Jersey Resources by 2.3% in the 4th quarter. Arkadios Wealth Advisors now owns 11,765 shares of the utilities provider’s stock worth $524,000 after acquiring an additional 265 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in New Jersey Resources by 4.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 44,427 shares of the utilities provider’s stock worth $1,981,000 after acquiring an additional 1,996 shares during the period. 70.98% of the stock is owned by hedge funds and other institutional investors.

About New Jersey Resources

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.