New Jersey Resources (NYSE:NJR) Upgraded to “Neutral” at Guggenheim

Guggenheim upgraded shares of New Jersey Resources (NYSE:NJR) from a sell rating to a neutral rating in a research report report published on Thursday morning, BenzingaRatingsTable reports.

Separately, Zacks Investment Research cut GENEL ENERGY PL/ADR from a hold rating to a sell rating in a research report on Thursday, July 4th.

New Jersey Resources stock opened at $49.75 on Thursday. New Jersey Resources has a 12-month low of $43.51 and a 12-month high of $51.83. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.91 and a current ratio of 1.04. The company has a 50-day simple moving average of $49.33. The company has a market capitalization of $4.44 billion, a PE ratio of 34.08, a PEG ratio of 3.55 and a beta of 0.37.

New Jersey Resources (NYSE:NJR) last released its earnings results on Friday, May 3rd. The utilities provider reported $1.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.08. New Jersey Resources had a return on equity of 8.73% and a net margin of 4.51%. The firm had revenue of $866.26 million for the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the business posted $1.62 earnings per share. The business’s revenue for the quarter was down 15.0% on a year-over-year basis. Research analysts forecast that New Jersey Resources will post 2 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 20th will be given a $0.292 dividend. This represents a $1.17 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date is Thursday, September 19th. New Jersey Resources’s dividend payout ratio is presently 42.70%.

In other news, Director David A. Trice sold 12,000 shares of New Jersey Resources stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $49.74, for a total transaction of $596,880.00. Following the sale, the director now directly owns 11,585 shares of the company’s stock, valued at $576,237.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.30% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. 6 Meridian boosted its stake in shares of New Jersey Resources by 2.1% during the second quarter. 6 Meridian now owns 10,565 shares of the utilities provider’s stock valued at $526,000 after purchasing an additional 218 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of New Jersey Resources by 0.3% during the first quarter. Arizona State Retirement System now owns 63,744 shares of the utilities provider’s stock valued at $3,174,000 after purchasing an additional 221 shares in the last quarter. Advisory Services Network LLC boosted its stake in shares of New Jersey Resources by 1.5% during the first quarter. Advisory Services Network LLC now owns 19,101 shares of the utilities provider’s stock valued at $951,000 after purchasing an additional 289 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of New Jersey Resources by 1.3% during the first quarter. Louisiana State Employees Retirement System now owns 23,800 shares of the utilities provider’s stock valued at $1,185,000 after purchasing an additional 300 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its stake in shares of New Jersey Resources by 2.8% during the first quarter. Steward Partners Investment Advisory LLC now owns 13,173 shares of the utilities provider’s stock valued at $655,000 after purchasing an additional 360 shares in the last quarter. 66.11% of the stock is currently owned by hedge funds and other institutional investors.

About New Jersey Resources

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 538,700 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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