New Jersey Resources (NYSE:NJR) was upgraded by equities researchers at TheStreet from a “c+” rating to a “b+” rating in a report issued on Monday.
Other analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of New Jersey Resources from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. Guggenheim reaffirmed a “buy” rating and issued a $44.00 price objective on shares of New Jersey Resources in a report on Wednesday, January 3rd. Bank of America reaffirmed a “neutral” rating on shares of New Jersey Resources in a report on Tuesday, February 27th. ValuEngine downgraded shares of New Jersey Resources from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Janney Montgomery Scott raised shares of New Jersey Resources from a “neutral” rating to a “buy” rating in a report on Wednesday, November 22nd. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. New Jersey Resources currently has an average rating of “Buy” and an average price target of $43.25.
Shares of New Jersey Resources (NYSE:NJR) opened at $39.70 on Monday. The company has a market cap of $3,490.66, a price-to-earnings ratio of 15.63, a PEG ratio of 2.55 and a beta of 0.35. The company has a quick ratio of 0.62, a current ratio of 0.83 and a debt-to-equity ratio of 0.74. New Jersey Resources has a twelve month low of $35.55 and a twelve month high of $45.45.
In related news, VP Patrick J. Migliaccio sold 2,618 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $37.90, for a total value of $99,222.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.50% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Patten Group Inc. lifted its stake in shares of New Jersey 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 purchasing an additional 63,357 shares during the period. Cornerstone Capital Management Holdings LLC. acquired a new position in New Jersey Resources during the fourth quarter worth $144,000. MHI Funds LLC acquired a new position in New Jersey Resources during the fourth quarter worth $179,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in New Jersey Resources by 54.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,731 shares of the utilities provider’s stock worth $190,000 after acquiring an additional 1,674 shares during the period. Finally, Tower Bridge Advisors acquired a new position in New Jersey Resources during the fourth quarter worth $201,000. Hedge funds and other institutional investors own 64.16% of the company’s stock.
New Jersey Resources 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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