NewJersey Resources (NYSE:NJR) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of NewJersey Resources (NYSE:NJR) from a sell rating to a hold rating in a report issued on Sunday morning,Wall Street Zen reports.

A number of other equities analysts also recently issued reports on the company. JPMorgan Chase & Co. dropped their price target on NewJersey Resources from $64.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, September 11th. Huntington started coverage on NewJersey Resources in a research report on Monday, September 14th. They set an “outperform” rating and a $68.00 price objective for the company. Weiss Ratings downgraded NewJersey Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Wells Fargo & Company cut NewJersey Resources from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $63.00 to $61.00 in a research report on Wednesday, August 5th. Finally, New Street Research set a $68.00 price target on NewJersey Resources in a research note on Monday, September 14th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $61.50.

NewJersey Resources Stock Down 0.3%

NJR opened at $52.75 on Friday. The company has a quick ratio of 0.45, a current ratio of 0.66 and a debt-to-equity ratio of 1.21. The firm has a 50 day moving average price of $55.46 and a 200-day moving average price of $55.67. NewJersey Resources has a twelve month low of $43.46 and a twelve month high of $60.86. The stock has a market capitalization of $5.35 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 2.95 and a beta of 0.50.

NewJersey Resources (NYSE:NJR) last issued its quarterly earnings data on Monday, August 3rd. The utilities provider reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. NewJersey Resources had a net margin of 16.42% and a return on equity of 14.46%. The company had revenue of $349.18 million for the quarter, compared to the consensus estimate of $342.13 million. During the same quarter in the prior year, the firm earned ($0.15) earnings per share. The firm’s revenue for the quarter was up 16.8% compared to the same quarter last year. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. Equities research analysts forecast that NewJersey Resources will post 3.59 earnings per share for the current year.

NewJersey Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 24th will be paid a $0.50 dividend. This is a positive change from NewJersey Resources’s previous quarterly dividend of $0.47. The ex-dividend date is Thursday, September 24th. This represents a $2.00 annualized dividend and a dividend yield of 3.8%. NewJersey Resources’s dividend payout ratio (DPR) is currently 52.49%.

Insider Buying and Selling

In related news, COO Patrick Migliaccio sold 3,000 shares of NewJersey Resources stock in a transaction on Friday, August 14th. The stock was sold at an average price of $55.63, for a total transaction of $166,890.00. Following the transaction, the chief operating officer directly owned 32,202 shares in the company, valued at approximately $1,791,397.26. The trade was a 8.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.70% of the company’s stock.

Institutional Trading of NewJersey Resources

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in NewJersey Resources during the 2nd quarter valued at approximately $1,008,340,000. PNC Financial Services Group Inc. lifted its holdings in shares of NewJersey Resources by 29.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 46,535 shares of the utilities provider’s stock worth $2,146,000 after buying an additional 10,666 shares in the last quarter. World Investment Advisors purchased a new position in shares of NewJersey Resources in the fourth quarter worth $1,924,000. Norges Bank bought a new position in shares of NewJersey Resources during the fourth quarter worth $60,075,000. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of NewJersey Resources by 112.0% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 66,487 shares of the utilities provider’s stock worth $3,651,000 after acquiring an additional 35,128 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

About NewJersey Resources

New Jersey Resources Corporation (NYSE: NJR) is an energy services holding company based in Wall, New Jersey. Through its subsidiaries, the company provides regulated natural gas distribution, energy management, wholesale energy services, renewable energy development, and natural gas storage and transportation solutions.

Its principal subsidiary, New Jersey Natural Gas, operates a regulated natural gas utility serving residential, commercial, and industrial customers in central and northern New Jersey.