New Jersey Resources Corp. (NYSE:NJR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm presently has a $36.00 price target on the stock. Zacks Investment Research’s price target points to a potential upside of 13.35% from the stock’s current price.
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. “
Other equities analysts have also issued research reports about the stock. Argus restated a “buy” rating and set a $42.00 target price on shares of New Jersey Resources Corp. in a research report on Monday, June 20th. TheStreet lowered shares of New Jersey Resources Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, August 31st. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $36.63.
New Jersey Resources Corp. (NYSE:NJR) opened at 31.76 on Tuesday. The firm has a 50 day moving average of $33.33 and a 200-day moving average of $35.52. The stock has a market cap of $2.74 billion, a PE ratio of 24.75 and a beta of 0.49. 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 announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.14 by $0.01. The firm earned $393.21 million during the quarter, compared to analysts’ expectations of $425.99 million. New Jersey Resources Corp. had a return on equity of 11.43% and a net margin of 5.88%. The business’s revenue for the quarter was down 14.2% on a year-over-year basis. During the same period last year, the company earned $0.03 earnings per share. Equities analysts anticipate that New Jersey Resources Corp. will post $1.61 earnings per share for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in the stock. Walleye Trading LLC acquired a new position in New Jersey Resources Corp. during the second quarter valued at approximately $142,000. Tower Research Capital LLC TRC acquired a new position in New Jersey Resources Corp. during the second quarter valued at approximately $163,000. Hallmark Capital Management Inc. acquired a new position in New Jersey Resources Corp. during the second quarter valued at approximately $179,000. LS Investment Advisors LLC raised its position in New Jersey Resources Corp. by 75.3% in the second quarter. LS Investment Advisors LLC now owns 5,130 shares of the company’s stock valued at $198,000 after buying an additional 2,203 shares during the period. Finally, Cypress Wealth Advisors LLC acquired a new position in New Jersey Resources Corp. during the first quarter valued at approximately $206,000. Institutional investors and hedge funds own 60.28% of the company’s stock.
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).