The New Jersey Resources Corp. (NJR) gets “Hold” status at Zacks Investment Research

The New Jersey Resources Corp. (NJR) gets “Hold” status at 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 report published on Thursday.

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 research firms have also recently commented on NJR. TheStreet cut shares of New Jersey Resources Corp. from a buy rating to a hold rating in a research report on Wednesday, August 31st. Argus reaffirmed a buy rating and set a $42.00 price objective on shares of New Jersey Resources Corp. in a research report on Friday, September 16th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. New Jersey Resources Corp. currently has an average rating of Hold and an average price target of $36.63.

Shares of New Jersey Resources Corp. (NYSE:NJR) traded up 0.40% during midday trading on Thursday, hitting $32.35. 30,290 shares of the company were exchanged. The company has a market capitalization of $2.79 billion, a P/E ratio of 25.21 and a beta of 0.49. The company has a 50-day moving average of $33.27 and a 200 day moving average of $35.49. New Jersey Resources Corp. has a one year low of $28.02 and a one year high of $38.92.

New Jersey Resources Corp. (NYSE:NJR) last issued its earnings results on Tuesday, August 2nd. The company reported $0.13 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.14 by $0.01. The firm had revenue of $393.21 million for the quarter, compared to analyst estimates of $425.99 million. New Jersey Resources Corp. had a return on equity of 11.43% and a net margin of 5.88%. New Jersey Resources Corp.’s quarterly revenue was down 14.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.03 earnings per share. On average, equities research analysts expect that New Jersey Resources Corp. will post $1.61 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in the stock. Robecosam AG boosted its stake in shares of New Jersey Resources Corp. by 37.7% in the first quarter. Robecosam AG now owns 208,000 shares of the company’s stock worth $7,561,000 after buying an additional 57,000 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of New Jersey Resources Corp. by 937.1% in the second quarter. BNP Paribas Arbitrage SA now owns 44,718 shares of the company’s stock worth $1,724,000 after buying an additional 40,406 shares during the last quarter. BlackRock Inc. boosted its stake in shares of New Jersey Resources Corp. by 87.2% in the first quarter. BlackRock Inc. now owns 175,070 shares of the company’s stock worth $6,377,000 after buying an additional 81,557 shares during the last quarter. Mutual of America Capital Management LLC boosted its stake in shares of New Jersey Resources Corp. by 7.0% in the second quarter. Mutual of America Capital Management LLC now owns 62,502 shares of the company’s stock worth $2,409,000 after buying an additional 4,113 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of New Jersey Resources Corp. by 190.0% in the first quarter. State Street Corp now owns 5,162,071 shares of the company’s stock worth $188,055,000 after buying an additional 3,381,888 shares during the last quarter. 60.28% of the stock is owned by 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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