Trade Report: The Zacks Investment Research Downgraded New Jersey Resources Corp. (NJR) to Hold

The Zacks Investment Research Downgraded New Jersey Resources Corp. (NJR) to Hold

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

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. “

Several other analysts have also weighed in on NJR. Guggenheim began coverage on New Jersey Resources Corp. in a report on Thursday, November 3rd. They set a buy rating and a $36.00 price target on the stock. TheStreet lowered 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. The stock has an average rating of Hold and an average target price of $37.10.

Shares of New Jersey Resources Corp. (NYSE:NJR) opened at 34.75 on Tuesday. The company has a market cap of $2.99 billion, a PE ratio of 22.86 and a beta of 0.38. The company has a 50-day moving average of $33.09 and a 200 day moving average of $34.92. New Jersey Resources Corp. has a 12-month low of $28.02 and a 12-month high of $38.92.

New Jersey Resources Corp. (NYSE:NJR) last released its quarterly earnings results on Tuesday, November 22nd. The company reported ($0.02) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by $0.03. New Jersey Resources Corp. had a net margin of 6.91% and a return on equity of 11.54%. The company had revenue of $469.24 million for the quarter, compared to analysts’ expectations of $449.98 million. During the same quarter in the previous year, the company posted $0.05 EPS. The business’s quarterly revenue was up 7.1% on a year-over-year basis. On average, equities research analysts expect that New Jersey Resources Corp. will post $1.79 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Thursday, December 15th will be given a dividend of $0.255 per share. This is an increase from New Jersey Resources Corp.’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 2.94%. New Jersey Resources Corp.’s dividend payout ratio is presently 64.43%.

Several institutional investors have recently bought and sold shares of the company. Sit Investment Associates Inc. increased its position in New Jersey Resources Corp. by 43.5% in the third quarter. Sit Investment Associates Inc. now owns 3,050 shares of the company’s stock worth $100,000 after buying an additional 925 shares during the last quarter. Walleye Trading LLC purchased a new position in New Jersey Resources Corp. during the second quarter worth about $142,000. Mosaic Family Wealth LLC increased its position in New Jersey Resources Corp. by 11.9% in the third quarter. Mosaic Family Wealth LLC now owns 3,866 shares of the company’s stock worth $127,000 after buying an additional 412 shares during the last quarter. Tower Research Capital LLC TRC purchased a new position in New Jersey Resources Corp. during the second quarter worth about $163,000. Finally, Hallmark Capital Management Inc. purchased a new position in New Jersey Resources Corp. during the second quarter worth about $179,000. 60.21% of the stock is currently owned by institutional investors and hedge funds.

New Jersey Resources Corp. Company Profile

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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