Shares of New Jersey Resources Corp (NYSE:NJR) have earned an average rating of “Hold” from the eight ratings firms that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $48.00.
A number of brokerages recently weighed in on NJR. Zacks Investment Research raised New Jersey Resources from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a report on Thursday, August 9th. Wells Fargo & Co raised their price objective on New Jersey Resources from $45.00 to $47.00 and gave the company a “market perform” rating in a report on Monday, September 17th. ValuEngine raised New Jersey Resources from a “hold” rating to a “buy” rating in a report on Tuesday, October 9th. Finally, Guggenheim cut New Jersey Resources from a “buy” rating to a “neutral” rating in a report on Monday, September 10th. They noted that the move was a valuation call.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers grew its position in New Jersey Resources by 0.7% during the 3rd quarter. Rhumbline Advisers now owns 169,617 shares of the utilities provider’s stock worth $7,819,000 after acquiring an additional 1,128 shares during the last quarter. Yorktown Management & Research Co Inc grew its position in New Jersey Resources by 12.5% during the 2nd quarter. Yorktown Management & Research Co Inc now owns 10,461 shares of the utilities provider’s stock worth $468,000 after acquiring an additional 1,161 shares during the last quarter. Legacy Advisors LLC grew its position in New Jersey Resources by 10.0% during the 3rd quarter. Legacy Advisors LLC now owns 12,997 shares of the utilities provider’s stock worth $603,000 after acquiring an additional 1,182 shares during the last quarter. Strs Ohio grew its position in New Jersey Resources by 14.3% during the 2nd quarter. Strs Ohio now owns 10,400 shares of the utilities provider’s stock worth $465,000 after acquiring an additional 1,300 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund grew its position in New Jersey Resources by 4.2% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 33,785 shares of the utilities provider’s stock worth $1,512,000 after acquiring an additional 1,353 shares during the last quarter. Institutional investors and hedge funds own 66.80% of the company’s stock.
New Jersey Resources (NYSE:NJR) last announced its quarterly earnings data on Tuesday, August 7th. The utilities provider reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.11). The firm had revenue of $543.44 million for the quarter, compared to analysts’ expectations of $496.70 million. New Jersey Resources had a net margin of 7.60% and a return on equity of 18.68%. During the same period in the prior year, the business posted $0.20 earnings per share. On average, analysts forecast that New Jersey Resources will post 2.65 EPS for the current fiscal year.
New Jersey Resources Company Profile
New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 529,800 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.
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