StockNews.com upgraded shares of New Jersey Resources (NYSE:NJR – Free Report) from a sell rating to a hold rating in a report issued on Tuesday morning.
NJR has been the subject of a number of other reports. JPMorgan Chase & Co. decreased their price target on New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Guggenheim increased their price target on New Jersey Resources from $46.00 to $49.00 and gave the company a “neutral” rating in a research report on Wednesday, November 27th. Finally, Wells Fargo & Company increased their price target on New Jersey Resources from $51.00 to $54.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 27th. Four research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.50.
Read Our Latest Analysis on New Jersey Resources
New Jersey Resources Stock Performance
New Jersey Resources (NYSE:NJR – Get Free Report) last issued its quarterly earnings data on Monday, February 3rd. The utilities provider reported $1.29 EPS for the quarter, topping the consensus estimate of $1.14 by $0.15. New Jersey Resources had a return on equity of 13.54% and a net margin of 16.13%. During the same period in the prior year, the firm earned $0.74 earnings per share. Equities analysts anticipate that New Jersey Resources will post 3.1 earnings per share for the current fiscal year.
New Jersey Resources Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 11th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date of this dividend is Tuesday, March 11th. New Jersey Resources’s dividend payout ratio is currently 54.22%.
Insider Transactions at New Jersey Resources
In other news, COO Patrick J. Migliaccio sold 4,983 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $46.00, for a total value of $229,218.00. Following the completion of the transaction, the chief operating officer now directly owns 37,124 shares of the company’s stock, valued at $1,707,704. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.72% of the company’s stock.
Hedge Funds Weigh In On New Jersey Resources
A number of large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its holdings in shares of New Jersey Resources by 8.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,211,702 shares of the utilities provider’s stock worth $56,526,000 after acquiring an additional 96,393 shares during the period. J. W. Coons Advisors LLC boosted its stake in New Jersey Resources by 31.5% during the fourth quarter. J. W. Coons Advisors LLC now owns 6,145 shares of the utilities provider’s stock valued at $287,000 after buying an additional 1,472 shares during the period. Nicholson Wealth Management Group LLC boosted its stake in New Jersey Resources by 57.3% during the fourth quarter. Nicholson Wealth Management Group LLC now owns 31,517 shares of the utilities provider’s stock valued at $1,470,000 after buying an additional 11,478 shares during the period. Good Life Advisors LLC boosted its stake in New Jersey Resources by 1.0% during the fourth quarter. Good Life Advisors LLC now owns 34,643 shares of the utilities provider’s stock valued at $1,616,000 after buying an additional 327 shares during the period. Finally, Atlas Legacy Advisors LLC bought a new stake in New Jersey Resources during the fourth quarter valued at $314,000. 70.98% of the stock is owned by institutional investors.
About New Jersey Resources
New Jersey Resources Corporation, an energy services holding company, distributes natural gas. 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 576,000 customers in 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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