New Jersey Resources (NYSE:NJR) Reaches New 1-Year High Following Analyst Upgrade

New Jersey Resources Co. (NYSE:NJRGet Rating) shares reached a new 52-week high during trading on Friday after Wells Fargo & Company raised their price target on the stock from $41.00 to $45.00. Wells Fargo & Company currently has an equal weight rating on the stock. New Jersey Resources traded as high as $47.60 and last traded at $47.53, with a volume of 10814 shares trading hands. The stock had previously closed at $45.58.

NJR has been the subject of several other reports. JPMorgan Chase & Co. downgraded New Jersey Resources from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $47.00 to $46.00 in a research note on Friday, September 9th. Guggenheim dropped their price objective on New Jersey Resources from $41.00 to $40.00 in a research note on Monday, October 24th. TheStreet raised New Jersey Resources from a “c+” rating to a “b” rating in a research note on Monday, August 29th. StockNews.com assumed coverage on New Jersey Resources in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Mizuho raised their price objective on New Jersey Resources from $45.00 to $46.00 and gave the company a “neutral” rating in a research note on Friday. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $44.25.

Hedge Funds Weigh In On New Jersey Resources

Several hedge funds have recently bought and sold shares of NJR. Wipfli Financial Advisors LLC purchased a new position in New Jersey Resources during the third quarter worth $26,000. Quadrant Capital Group LLC increased its position in New Jersey Resources by 116.0% during the third quarter. Quadrant Capital Group LLC now owns 676 shares of the utilities provider’s stock worth $26,000 after buying an additional 363 shares in the last quarter. Venture Visionary Partners LLC acquired a new stake in shares of New Jersey Resources during the second quarter worth $28,000. Godsey & Gibb Associates acquired a new stake in shares of New Jersey Resources during the second quarter worth $31,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of New Jersey Resources during the second quarter worth $61,000. Hedge funds and other institutional investors own 73.94% of the company’s stock.

New Jersey Resources Stock Up 5.2 %

The firm has a fifty day moving average price of $42.86 and a 200-day moving average price of $44.14. The company has a quick ratio of 0.53, a current ratio of 0.76 and a debt-to-equity ratio of 1.43. The firm has a market cap of $4.61 billion, a price-to-earnings ratio of 16.77, a PEG ratio of 3.10 and a beta of 0.62.

New Jersey Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Wednesday, December 14th will be issued a dividend of $0.39 per share. This is a boost from New Jersey Resources’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $1.56 annualized dividend and a dividend yield of 3.25%. New Jersey Resources’s dividend payout ratio (DPR) is 54.55%.

New Jersey Resources Company Profile

(Get Rating)

New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. 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 564,000 residential and commercial customers throughout 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.

Further Reading

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