Guggenheim Issues Positive Forecast for New Jersey Resources (NYSE:NJR) Stock Price

New Jersey Resources (NYSE:NJR - Get Free Report) had its target price lifted by analysts at Guggenheim from $53.00 to $54.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the utilities provider's stock. Guggenheim's target price indicates a potential upside of 17.04% from the company's previous close.

NJR has been the subject of a number of other reports. Wells Fargo & Company boosted their price target on New Jersey Resources from $51.00 to $54.00 and gave the company an "equal weight" rating in a report on Wednesday, November 27th. JPMorgan Chase & Co. decreased their target price on shares of New Jersey Resources from $54.00 to $52.00 and set an "overweight" rating for the company in a research note on Tuesday, January 28th. Finally, StockNews.com upgraded shares of New Jersey Resources from a "sell" rating to a "hold" rating in a research report on Tuesday. Four analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $51.75.

New Jersey Resources Stock Performance

NJR traded down $0.81 during trading on Wednesday, reaching $46.14. 487,635 shares of the company's stock were exchanged, compared to its average volume of 563,910. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.89 and a quick ratio of 0.36. New Jersey Resources has a 1 year low of $40.33 and a 1 year high of $51.94. The company's fifty day simple moving average is $47.22 and its 200-day simple moving average is $46.88. The stock has a market capitalization of $4.63 billion, a P/E ratio of 13.90 and a beta of 0.63.

New Jersey Resources (NYSE:NJR - Get Free Report) last issued its earnings results on Monday, February 3rd. The utilities provider reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.15. New Jersey Resources had a net margin of 18.25% and a return on equity of 15.72%. During the same quarter in the previous year, the firm earned $0.74 earnings per share. As a group, research analysts predict that New Jersey Resources will post 3.1 earnings per share for the current fiscal year.

Insider Transactions at New Jersey Resources

In related news, COO Patrick J. Migliaccio sold 4,983 shares of the firm's stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $46.00, for a total transaction of $229,218.00. Following the completion of the sale, the chief operating officer now directly owns 37,124 shares in the company, valued at approximately $1,707,704. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.72% of the company's stock.

Institutional Investors Weigh In On New Jersey Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Roxbury Financial LLC purchased a new stake in New Jersey Resources in the fourth quarter valued at approximately $25,000. V Square Quantitative Management LLC acquired a new stake in shares of New Jersey Resources during the third quarter worth about $27,000. FSA Wealth Management LLC purchased a new position in shares of New Jersey Resources in the third quarter valued at approximately $27,000. Versant Capital Management Inc increased its stake in New Jersey Resources by 9,400.0% during the 4th quarter. Versant Capital Management Inc now owns 665 shares of the utilities provider's stock worth $31,000 after buying an additional 658 shares during the period. Finally, UMB Bank n.a. lifted its holdings in New Jersey Resources by 69.8% during the 4th quarter. UMB Bank n.a. now owns 839 shares of the utilities provider's stock worth $39,000 after buying an additional 345 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company's stock.

New Jersey Resources Company Profile

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.