New Jersey Resources (NYSE:NJR) Given New $49.00 Price Target at Guggenheim

New Jersey Resources (NYSE:NJR - Free Report) had its price target raised by Guggenheim from $46.00 to $49.00 in a report released on Wednesday,Benzinga reports. Guggenheim currently has a neutral rating on the utilities provider's stock.

A number of other research firms have also recently commented on NJR. StockNews.com cut New Jersey Resources from a "hold" rating to a "sell" rating in a research note on Tuesday. Wells Fargo & Company lifted their target price on shares of New Jersey Resources from $47.00 to $51.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 16th. Mizuho increased their price target on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a "neutral" rating in a report on Friday, September 20th. Finally, JPMorgan Chase & Co. lifted their price objective on New Jersey Resources from $48.00 to $49.00 and gave the stock a "neutral" rating in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $49.75.

New Jersey Resources Trading Up 1.8 %

Shares of NJR traded up $0.93 during mid-day trading on Wednesday, hitting $51.64. 206,602 shares of the company's stock traded hands, compared to its average volume of 488,036. The business's 50-day moving average price is $47.04 and its 200-day moving average price is $45.38. New Jersey Resources has a 1 year low of $39.44 and a 1 year high of $51.95. The firm has a market capitalization of $5.12 billion, a P/E ratio of 17.77 and a beta of 0.59. The company has a quick ratio of 0.41, a current ratio of 0.60 and a debt-to-equity ratio of 1.30.

New Jersey Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 11th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 3.49%. The ex-dividend date is Wednesday, December 11th. New Jersey Resources's dividend payout ratio is presently 61.64%.

Hedge Funds Weigh In On New Jersey Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC raised its stake in New Jersey Resources by 3.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 8,840 shares of the utilities provider's stock valued at $378,000 after purchasing an additional 307 shares in the last quarter. Good Life Advisors LLC lifted its holdings in shares of New Jersey Resources by 1.0% in the 3rd quarter. Good Life Advisors LLC now owns 34,316 shares of the utilities provider's stock valued at $1,620,000 after acquiring an additional 333 shares during the last quarter. Creative Planning grew its position in New Jersey Resources by 2.4% in the third quarter. Creative Planning now owns 20,514 shares of the utilities provider's stock worth $968,000 after acquiring an additional 481 shares in the last quarter. Strategy Asset Managers LLC raised its position in New Jersey Resources by 6.1% during the third quarter. Strategy Asset Managers LLC now owns 8,592 shares of the utilities provider's stock valued at $406,000 after purchasing an additional 496 shares during the period. Finally, Inspire Investing LLC boosted its holdings in shares of New Jersey Resources by 6.3% in the 3rd quarter. Inspire Investing LLC now owns 8,698 shares of the utilities provider's stock worth $411,000 after purchasing an additional 515 shares during the period. Institutional investors own 70.98% of the company's stock.

About New Jersey Resources

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.