Brokerages Set New Jersey Resources Co. (NYSE:NJR) PT at $42.00

Shares of New Jersey Resources Co. (NYSE:NJRGet Rating) have been given an average recommendation of “Hold” by the seven ratings firms that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $42.00.

A number of analysts have recently weighed in on NJR shares. StockNews.com upgraded New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, March 30th. TheStreet upgraded New Jersey Resources from a “c+” rating to a “b” rating in a research note on Monday, March 7th. Zacks Investment Research upgraded New Jersey Resources from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Friday, January 7th. Finally, Mizuho lowered New Jersey Resources from a “buy” rating to a “neutral” rating and set a $42.00 target price for the company. in a research note on Wednesday, January 5th.

A number of hedge funds have recently made changes to their positions in NJR. Strategy Asset Managers LLC bought a new position in New Jersey Resources during the first quarter worth about $310,000. Confluence Investment Management LLC boosted its holdings in New Jersey Resources by 4.7% during the first quarter. Confluence Investment Management LLC now owns 425,080 shares of the utilities provider’s stock worth $19,494,000 after buying an additional 18,942 shares during the last quarter. Norges Bank bought a new position in New Jersey Resources during the fourth quarter worth about $31,692,000. Walleye Capital LLC bought a new position in New Jersey Resources during the fourth quarter worth about $3,632,000. Finally, Barclays PLC boosted its holdings in New Jersey Resources by 48.8% during the fourth quarter. Barclays PLC now owns 139,570 shares of the utilities provider’s stock worth $5,731,000 after buying an additional 45,782 shares during the last quarter. Hedge funds and other institutional investors own 68.59% of the company’s stock.

New Jersey Resources stock traded up $0.03 during mid-day trading on Monday, hitting $45.82. 545,484 shares of the company were exchanged, compared to its average volume of 540,431. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.69 and a quick ratio of 0.45. The business has a fifty day moving average of $43.69. New Jersey Resources has a 1-year low of $34.41 and a 1-year high of $47.23. The company has a market capitalization of $4.40 billion, a P/E ratio of 29.73, a PEG ratio of 3.32 and a beta of 0.55.

New Jersey Resources (NYSE:NJRGet Rating) last released its quarterly earnings data on Thursday, February 3rd. The utilities provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.10. New Jersey Resources had a return on equity of 13.36% and a net margin of 6.23%. The firm had revenue of $675.80 million during the quarter, compared to analyst estimates of $537.66 million. During the same period in the prior year, the company posted $0.46 earnings per share. The business’s revenue for the quarter was up 48.8% compared to the same quarter last year. Research analysts anticipate that New Jersey Resources will post 2.3 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 1st. Investors of record on Wednesday, March 16th were given a $0.363 dividend. The ex-dividend date was Tuesday, March 15th. This represents a $1.45 dividend on an annualized basis and a yield of 3.17%. New Jersey Resources’s payout ratio is 94.16%.

About New Jersey Resources (Get Rating)

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 Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 564,000 residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.

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