NewJersey Resources Corporation (NYSE:NJR) was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating in a report issued on Monday, July 24th.
NJR has been the topic of a number of other research reports. Bank of America Corporation reaffirmed an “underperform” rating and set a $35.00 price target (up previously from $32.00) on shares of NewJersey Resources Corporation in a report on Friday, May 19th. Zacks Investment Research raised shares of NewJersey Resources Corporation from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. NewJersey Resources Corporation currently has a consensus rating of “Buy” and a consensus target price of $38.80.
NewJersey Resources Corporation (NYSE:NJR) opened at 43.05 on Monday. NewJersey Resources Corporation has a 1-year low of $30.46 and a 1-year high of $44.30. The company has a market cap of $3.73 billion, a PE ratio of 19.30 and a beta of 0.47. The stock has a 50 day moving average of $41.61 and a 200-day moving average of $40.43.
NewJersey Resources Corporation (NYSE:NJR) last announced its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.19. The firm had revenue of $457.52 million for the quarter, compared to the consensus estimate of $410.24 million. NewJersey Resources Corporation had a net margin of 8.81% and a return on equity of 12.77%. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.13 EPS. On average, equities research analysts predict that NewJersey Resources Corporation will post $1.75 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently bought and sold shares of NJR. Louisiana State Employees Retirement System raised its position in NewJersey Resources Corporation by 2.3% in the first quarter. Louisiana State Employees Retirement System now owns 21,800 shares of the utilities provider’s stock valued at $863,000 after buying an additional 500 shares during the last quarter. Doyle Wealth Management purchased a new position in NewJersey Resources Corporation during the first quarter valued at approximately $221,000. Capstone Asset Management Co. raised its stake in shares of NewJersey Resources Corporation by 0.4% in the first quarter. Capstone Asset Management Co. now owns 7,198 shares of the utilities provider’s stock worth $285,000 after buying an additional 30 shares in the last quarter. Bank of Montreal Can raised its stake in shares of NewJersey Resources Corporation by 6.4% in the first quarter. Bank of Montreal Can now owns 37,572 shares of the utilities provider’s stock worth $1,488,000 after buying an additional 2,247 shares in the last quarter. Finally, Creative Planning raised its stake in shares of NewJersey Resources Corporation by 0.3% in the first quarter. Creative Planning now owns 13,267 shares of the utilities provider’s stock worth $525,000 after buying an additional 40 shares in the last quarter. 65.03% of the stock is owned by hedge funds and other institutional investors.
NewJersey Resources Corporation Company Profile
New Jersey Resources Corporation is an energy services holding company. The Company’s business is the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. It operates in four business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream.
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