Analysts Set NewJersey Resources Corporation (NJR) PT at $41.00

NewJersey Resources Corporation (NYSE:NJR) has been given a consensus recommendation of “Buy” by the seven analysts that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation, two have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $41.00.

A number of equities analysts recently commented on the stock. Janney Montgomery Scott raised shares of NewJersey Resources Corporation from a “neutral” rating to a “buy” rating in a research note on Wednesday. Zacks Investment Research raised shares of NewJersey Resources Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, November 18th. Bank of America Corporation raised their price objective on shares of NewJersey Resources Corporation from $35.00 to $38.00 and gave the stock an “underperform” rating in a research note on Wednesday, August 23rd. BidaskClub raised shares of NewJersey Resources Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Finally, Argus lifted their target price on shares of NewJersey Resources Corporation from $46.00 to $49.00 and gave the company a “buy” rating in a research note on Monday, August 28th.

NewJersey Resources Corporation (NYSE:NJR) traded down $1.05 during trading on Friday, reaching $42.55. 292,416 shares of the company were exchanged, compared to its average volume of 422,806. NewJersey Resources Corporation has a 1 year low of $33.55 and a 1 year high of $45.45. The company has a quick ratio of 0.55, a current ratio of 0.72 and a debt-to-equity ratio of 0.81. The firm has a market cap of $3,700.00, a price-to-earnings ratio of 25.35, a price-to-earnings-growth ratio of 3.96 and a beta of 0.45.

NewJersey Resources Corporation (NYSE:NJR) last posted its quarterly earnings data on Tuesday, November 21st. The utilities provider reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). NewJersey Resources Corporation had a return on equity of 11.97% and a net margin of 5.82%. The firm had revenue of $536.50 million during the quarter, compared to analyst estimates of $480.90 million. During the same period in the prior year, the business posted ($0.03) EPS. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. equities analysts expect that NewJersey Resources Corporation will post 1.83 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be paid a dividend of $0.2725 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.09 dividend on an annualized basis and a dividend yield of 2.56%. This is a positive change from NewJersey Resources Corporation’s previous quarterly dividend of $0.26. NewJersey Resources Corporation’s dividend payout ratio (DPR) is 72.19%.

Several large investors have recently modified their holdings of NJR. Teachers Advisors LLC boosted its stake in shares of NewJersey Resources Corporation by 3.1% during the 1st quarter. Teachers Advisors LLC now owns 159,362 shares of the utilities provider’s stock valued at $6,311,000 after buying an additional 4,762 shares during the period. Renaissance Technologies LLC boosted its stake in shares of NewJersey Resources Corporation by 40.0% during the 1st quarter. Renaissance Technologies LLC now owns 184,100 shares of the utilities provider’s stock valued at $7,290,000 after buying an additional 52,600 shares during the period. Public Employees Retirement System of Ohio boosted its stake in shares of NewJersey Resources Corporation by 2.0% during the 1st quarter. Public Employees Retirement System of Ohio now owns 5,539 shares of the utilities provider’s stock valued at $219,000 after buying an additional 111 shares during the period. Capstone Asset Management Co. boosted its stake in shares of NewJersey Resources Corporation by 0.3% during the 2nd quarter. Capstone Asset Management Co. now owns 7,218 shares of the utilities provider’s stock valued at $287,000 after buying an additional 20 shares during the period. Finally, Bank of Montreal Can boosted its stake in shares of NewJersey Resources Corporation by 0.5% during the 2nd quarter. Bank of Montreal Can now owns 37,774 shares of the utilities provider’s stock valued at $1,500,000 after buying an additional 202 shares during the period. 63.93% of the stock is owned by institutional investors.

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NewJersey Resources Corporation Company Profile

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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