Brokerages Set New Jersey Resources Co. (NYSE:NJR) Price Target at $51.00

Shares of New Jersey Resources Co. (NYSE:NJR - Get Free Report) have been assigned an average rating of "Moderate Buy" from the five ratings firms that are presently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $51.00.

Several research analysts recently weighed in on NJR shares. Mizuho upped their price target on shares of New Jersey Resources from $45.00 to $47.00 and gave the stock a "neutral" rating in a research report on Friday, September 20th. StockNews.com cut New Jersey Resources from a "hold" rating to a "sell" rating in a report on Friday, January 10th. Wells Fargo & Company raised their target price on New Jersey Resources from $51.00 to $54.00 and gave the company an "equal weight" rating in a research report on Wednesday, November 27th. JPMorgan Chase & Co. upgraded New Jersey Resources from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $52.00 to $54.00 in a research report on Thursday, December 12th. Finally, Guggenheim raised their price objective on New Jersey Resources from $46.00 to $49.00 and gave the company a "neutral" rating in a report on Wednesday, November 27th.

New Jersey Resources Price Performance

NJR traded up $0.92 during trading on Thursday, hitting $47.39. The company's stock had a trading volume of 744,608 shares, compared to its average volume of 516,531. The company has a current ratio of 0.62, a quick ratio of 0.36 and a debt-to-equity ratio of 1.31. The firm has a market capitalization of $4.73 billion, a price-to-earnings ratio of 16.23 and a beta of 0.64. The business's fifty day simple moving average is $47.88 and its 200 day simple moving average is $46.51. New Jersey Resources has a twelve month low of $39.44 and a twelve month high of $51.94.

New Jersey Resources (NYSE:NJR - Get Free Report) last released its quarterly earnings results on Monday, November 25th. The utilities provider reported $0.89 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.89. The firm had revenue of $395.78 million for the quarter, compared to analysts' expectations of $406.97 million. New Jersey Resources had a net margin of 16.13% and a return on equity of 13.54%. The firm's revenue for the quarter was up 19.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.30 EPS. On average, equities research analysts forecast that New Jersey Resources will post 3.1 EPS for the current fiscal year.

New Jersey Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Wednesday, December 11th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend was Wednesday, December 11th. New Jersey Resources's dividend payout ratio is currently 61.64%.

Insider Activity at New Jersey Resources

In other New Jersey Resources news, COO Patrick J. Migliaccio sold 4,983 shares of the firm's stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $46.00, for a total value of $229,218.00. Following the completion of the sale, the chief operating officer now directly owns 37,124 shares of the company's stock, valued at $1,707,704. This trade represents a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.72% of the company's stock.

Institutional Investors Weigh In On New Jersey Resources

A number of hedge funds have recently modified their holdings of the company. V Square Quantitative Management LLC purchased a new stake in shares of New Jersey Resources in the 3rd quarter valued at approximately $27,000. FSA Wealth Management LLC purchased a new position in New Jersey Resources in the third quarter worth approximately $27,000. Versant Capital Management Inc increased its stake in New Jersey Resources by 9,400.0% during the fourth quarter. Versant Capital Management Inc now owns 665 shares of the utilities provider's stock worth $31,000 after acquiring an additional 658 shares during the last quarter. UMB Bank n.a. raised its position in New Jersey Resources by 69.8% in the fourth quarter. UMB Bank n.a. now owns 839 shares of the utilities provider's stock valued at $39,000 after purchasing an additional 345 shares during the period. Finally, Van ECK Associates Corp acquired a new position in shares of New Jersey Resources in the 3rd quarter valued at $52,000. Hedge funds and other institutional investors 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.