Today, New Jersey Resources Corp. (NJR) Lowered by The Zacks Investment Research

Today, New Jersey Resources Corp. (NJR) Lowered by The Zacks Investment Research

Zacks Investment Research lowered shares of New Jersey Resources Corp. (NYSE:NJR) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.

According to Zacks, “NJ RESOURCES is an exempt energy svcs holding company providing retail & wholesale natural gas & related energy services to customers from the Gulf Coast to New England. Subsidiaries include: (1) N J Natural Gas Co, a natural gas distribution company that provides regulated energy & appliance services to residential, commercial & industrial customers in central & northern N J. (2) NJR Energy Holdings Corp formerly NJR Energy Svcs Corp & (3) NJR Development Corp, a sub-holding company of NJR, which includes the Company’s remaining unregulated operating subsidiaries. “

A number of other analysts also recently commented on NJR. Guggenheim assumed coverage on shares of New Jersey Resources Corp. in a report on Thursday, November 3rd. They issued a buy rating and a $36.00 target price on the stock. TheStreet lowered shares of New Jersey Resources Corp. from a buy rating to a hold rating in a report on Wednesday, August 31st. Finally, Argus restated a buy rating and set a $42.00 price target on shares of New Jersey Resources Corp. in a report on Friday, September 16th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $37.10.

New Jersey Resources Corp. (NYSE:NJR) opened at 34.20 on Tuesday. The stock has a 50 day moving average of $32.93 and a 200-day moving average of $34.93. The stock has a market cap of $2.94 billion, a P/E ratio of 22.50 and a beta of 0.38. New Jersey Resources Corp. has a 52 week low of $28.02 and a 52 week high of $38.92.

New Jersey Resources Corp. (NYSE:NJR) last released its earnings results on Tuesday, November 22nd. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by $0.03. New Jersey Resources Corp. had a return on equity of 11.54% and a net margin of 6.91%. The business earned $469.24 million during the quarter, compared to the consensus estimate of $449.98 million. During the same quarter in the previous year, the firm earned $0.05 earnings per share. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. Analysts forecast that New Jersey Resources Corp. will post $1.79 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Thursday, December 15th will be given a dividend of $0.255 per share. The ex-dividend date is Tuesday, December 13th. This is an increase from New Jersey Resources Corp.’s previous quarterly dividend of $0.24. This represents a $1.02 dividend on an annualized basis and a yield of 2.98%. New Jersey Resources Corp.’s payout ratio is presently 64.43%.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp increased its position in shares of New Jersey Resources Corp. by 43.2% in the second quarter. State Street Corp now owns 7,392,860 shares of the company’s stock worth $284,991,000 after buying an additional 2,230,789 shares during the last quarter. BlackRock Fund Advisors increased its position in shares of New Jersey Resources Corp. by 5.0% in the third quarter. BlackRock Fund Advisors now owns 7,007,187 shares of the company’s stock worth $230,256,000 after buying an additional 331,641 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of New Jersey Resources Corp. by 0.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,575,715 shares of the company’s stock worth $99,294,000 after buying an additional 6,594 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of New Jersey Resources Corp. by 5.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,680,171 shares of the company’s stock worth $64,767,000 after buying an additional 92,693 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its position in shares of New Jersey Resources Corp. by 180.0% in the third quarter. Adage Capital Partners GP L.L.C. now owns 1,400,000 shares of the company’s stock worth $46,004,000 after buying an additional 900,000 shares during the last quarter. 60.21% of the stock is currently owned by hedge funds and other institutional investors.

About New Jersey Resources Corp.

New Jersey Resources Corporation (NJR) is an energy services holding company that provides retail and wholesale energy services to customers primarily in the Gulf Coast, Mid-Continent, Appalachian, Northeastern, and Western market areas of the United States, as well as Canada. The Company operates within four reportable business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream (formerly Energy Holdings).

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