Mizuho Raises New Jersey Resources (NYSE:NJR) Price Target to $46.00

New Jersey Resources (NYSE:NJRGet Rating) had its target price increased by Mizuho from $45.00 to $46.00 in a research note published on Friday morning, The Fly reports. The firm currently has a neutral rating on the utilities provider’s stock.

A number of other research firms have also recently commented on NJR. TheStreet raised shares of New Jersey Resources from a c+ rating to a b rating in a report on Monday, August 29th. StockNews.com initiated coverage on shares of New Jersey Resources in a report on Wednesday, October 12th. They issued a hold rating for the company. Guggenheim dropped their target price on shares of New Jersey Resources from $41.00 to $40.00 in a report on Monday, October 24th. Wells Fargo & Company dropped their target price on shares of New Jersey Resources from $47.00 to $41.00 and set an equal weight rating for the company in a report on Wednesday, October 19th. Finally, JPMorgan Chase & Co. cut shares of New Jersey Resources from a neutral rating to an underweight rating and dropped their target price for the stock from $47.00 to $46.00 in a report on Friday, September 9th. Two analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $44.25.

New Jersey Resources Trading Up 5.2 %

Shares of New Jersey Resources stock opened at $47.95 on Friday. The company has a market capitalization of $4.61 billion, a price-to-earnings ratio of 16.77, a PEG ratio of 3.26 and a beta of 0.62. The company has a quick ratio of 0.53, a current ratio of 0.76 and a debt-to-equity ratio of 1.43. New Jersey Resources has a 12-month low of $36.77 and a 12-month high of $47.98. The firm’s 50-day moving average price is $42.86 and its two-hundred day moving average price is $44.14.

New Jersey Resources Increases Dividend

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in New Jersey Resources by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 10,757,330 shares of the utilities provider’s stock valued at $493,331,000 after buying an additional 111,403 shares during the last quarter. State Street Corp increased its position in New Jersey Resources by 4.5% during the 3rd quarter. State Street Corp now owns 10,661,984 shares of the utilities provider’s stock valued at $416,694,000 after purchasing an additional 456,306 shares during the period. Wellington Management Group LLP increased its position in New Jersey Resources by 22.6% during the 1st quarter. Wellington Management Group LLP now owns 3,203,151 shares of the utilities provider’s stock valued at $146,897,000 after purchasing an additional 589,747 shares during the period. Dimensional Fund Advisors LP increased its position in New Jersey Resources by 0.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,827,650 shares of the utilities provider’s stock valued at $109,434,000 after purchasing an additional 18,463 shares during the period. Finally, Bank of New York Mellon Corp increased its position in New Jersey Resources by 5.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,654,659 shares of the utilities provider’s stock valued at $64,035,000 after purchasing an additional 92,320 shares during the period. Institutional investors own 73.94% of the company’s stock.

About New Jersey Resources

(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.

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