Wells Fargo & Company Boosts New Jersey Resources (NYSE:NJR) Price Target to $45.00

New Jersey Resources (NYSE:NJRGet Rating) had its target price hoisted by stock analysts at Wells Fargo & Company from $41.00 to $45.00 in a research note issued on Friday, Marketbeat reports. The brokerage currently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s target price would suggest a potential downside of 6.15% from the company’s previous close.

Several other equities analysts have also recently issued reports on the stock. TheStreet upgraded shares of New Jersey Resources from a “c+” rating to a “b” rating in a research report on Monday, August 29th. StockNews.com assumed coverage on shares of New Jersey Resources in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Mizuho upped their price target on shares of New Jersey Resources from $45.00 to $46.00 and gave the company a “neutral” rating in a research report on Friday. JPMorgan Chase & Co. cut shares of New Jersey Resources from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $47.00 to $46.00 in a research report on Friday, September 9th. Finally, Guggenheim decreased their price objective on shares of New Jersey Resources from $41.00 to $40.00 in a research report on Monday, October 24th. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $44.25.

New Jersey Resources Trading Up 5.2 %

Shares of NYSE NJR opened at $47.95 on Friday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.53 and a current ratio of 0.76. New Jersey Resources has a 52-week low of $36.77 and a 52-week high of $47.98. The firm has a 50 day moving average price of $42.86 and a two-hundred day moving average price of $44.14. The stock has a market cap of $4.61 billion, a P/E ratio of 16.77, a price-to-earnings-growth ratio of 3.10 and a beta of 0.62.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Meeder Asset Management Inc. boosted its stake in New Jersey Resources by 54.9% during the first quarter. Meeder Asset Management Inc. now owns 4,373 shares of the utilities provider’s stock worth $201,000 after acquiring an additional 1,550 shares in the last quarter. Comerica Bank boosted its stake in New Jersey Resources by 2.4% during the first quarter. Comerica Bank now owns 45,275 shares of the utilities provider’s stock worth $2,118,000 after acquiring an additional 1,051 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in New Jersey Resources by 11.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 55,522 shares of the utilities provider’s stock worth $2,546,000 after acquiring an additional 5,834 shares in the last quarter. Hightower 6M Holding LLC bought a new position in New Jersey Resources during the first quarter worth $240,000. Finally, Hazlett Burt & Watson Inc. bought a new position in New Jersey Resources during the first quarter worth $121,000. 73.94% of the stock is owned by institutional investors.

New Jersey Resources Company Profile

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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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