New Jersey Resources (NYSE:NJR - Get Free Report) was upgraded by equities researchers at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a research note issued on Thursday, Marketbeat Ratings reports. The firm presently has a $54.00 price target on the utilities provider's stock, up from their previous price target of $52.00. JPMorgan Chase & Co.'s price target would indicate a potential upside of 12.90% from the stock's current price.
Several other equities analysts have also issued reports on the company. Wells Fargo & Company upped their price target on New Jersey Resources from $51.00 to $54.00 and gave the company an "equal weight" rating in a research note on Wednesday, November 27th. Guggenheim boosted their price target on shares of New Jersey Resources from $46.00 to $49.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 27th. Mizuho lifted their target price on shares of New Jersey Resources from $45.00 to $47.00 and gave the stock a "neutral" rating in a report on Friday, September 20th. Finally, StockNews.com upgraded New Jersey Resources from a "sell" rating to a "hold" rating in a research report on Wednesday, December 4th. Four investment 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. According to MarketBeat.com, New Jersey Resources currently has a consensus rating of "Moderate Buy" and an average price target of $51.00.
Check Out Our Latest Report on NJR
New Jersey Resources Price Performance
NJR traded down $0.04 during midday trading on Thursday, hitting $47.83. The company had a trading volume of 530,462 shares, compared to its average volume of 489,367. New Jersey Resources has a twelve month low of $39.44 and a twelve month high of $51.94. The company has a market capitalization of $4.77 billion, a PE ratio of 16.41 and a beta of 0.63. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.36 and a current ratio of 0.62. The firm's 50-day simple moving average is $47.68 and its 200-day simple moving average is $45.84.
New Jersey Resources (NYSE:NJR - Get Free Report) last issued its quarterly earnings results on Monday, November 25th. The utilities provider reported $0.89 earnings per share for the quarter, meeting analysts' consensus estimates of $0.89. New Jersey Resources had a net margin of 16.13% and a return on equity of 13.54%. The business had revenue of $395.78 million during the quarter, compared to analyst estimates of $406.97 million. During the same quarter last year, the business posted $0.30 earnings per share. New Jersey Resources's revenue for the quarter was up 19.5% compared to the same quarter last year. Equities research analysts predict that New Jersey Resources will post 3.05 EPS for the current fiscal year.
Institutional Investors Weigh In On New Jersey Resources
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC raised its stake in shares of New Jersey Resources by 57.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 22,532 shares of the utilities provider's stock valued at $1,150,000 after purchasing an additional 8,230 shares during the period. Virtu Financial LLC bought a new position in shares of New Jersey Resources during the third quarter worth about $271,000. Geode Capital Management LLC raised its position in New Jersey Resources by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,366,381 shares of the utilities provider's stock valued at $111,714,000 after buying an additional 34,782 shares during the last quarter. Barclays PLC lifted its stake in New Jersey Resources by 140.0% in the 3rd quarter. Barclays PLC now owns 189,827 shares of the utilities provider's stock valued at $8,959,000 after acquiring an additional 110,723 shares in the last quarter. Finally, MML Investors Services LLC boosted its position in New Jersey Resources by 14.5% during the 3rd quarter. MML Investors Services LLC now owns 8,621 shares of the utilities provider's stock worth $407,000 after acquiring an additional 1,093 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.
New Jersey Resources Company Profile
(
Get Free Report)
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.
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