StockNews.com Lowers New Jersey Resources (NYSE:NJR) to Sell

StockNews.com downgraded shares of New Jersey Resources (NYSE:NJR) from a hold rating to a sell rating in a research report released on Thursday.

Several other brokerages have also weighed in on NJR. Argus raised shares of New Jersey Resources to a strong-buy rating in a report on Monday, June 10th. JPMorgan Chase & Co. lifted their price target on New Jersey Resources from $48.00 to $49.00 and gave the stock a neutral rating in a research note on Thursday, August 15th.

New Jersey Resources Stock Down 0.8 %

Shares of NYSE NJR opened at $46.03 on Thursday. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.41 and a current ratio of 0.60. New Jersey Resources has a 1 year low of $38.92 and a 1 year high of $47.37. The stock’s 50-day simple moving average is $45.13 and its 200-day simple moving average is $43.61. The firm has a market cap of $4.55 billion, a price-to-earnings ratio of 18.19 and a beta of 0.59.

New Jersey Resources (NYSE:NJR) last announced its earnings results on Tuesday, August 6th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). The business had revenue of $275.64 million during the quarter, compared to analyst estimates of $283.56 million. New Jersey Resources had a net margin of 13.61% and a return on equity of 11.06%. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.10 earnings per share. As a group, equities analysts anticipate that New Jersey Resources will post 2.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other New Jersey Resources news, CEO Stephen D. Westhoven sold 26,600 shares of the stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $45.06, for a total transaction of $1,198,596.00. Following the sale, the chief executive officer now directly owns 168,705 shares of the company’s stock, valued at $7,601,847.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Stephen D. Westhoven sold 3,400 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $45.00, for a total value of $153,000.00. Following the sale, the chief executive officer now owns 195,305 shares of the company’s stock, valued at approximately $8,788,725. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Stephen D. Westhoven sold 26,600 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $45.06, for a total value of $1,198,596.00. Following the transaction, the chief executive officer now owns 168,705 shares of the company’s stock, valued at approximately $7,601,847.30. The disclosure for this sale can be found here. Insiders sold a total of 30,000 shares of company stock valued at $1,351,596 over the last 90 days. 0.75% of the stock is owned by company insiders.

Institutional Investors Weigh In On New Jersey Resources

A number of hedge funds have recently added to or reduced their stakes in NJR. Heritage Wealth Advisors acquired a new stake in shares of New Jersey Resources in the 4th quarter worth about $31,000. Neo Ivy Capital Management bought a new position in New Jersey Resources in the 2nd quarter worth about $31,000. GAMMA Investing LLC increased its stake in shares of New Jersey Resources by 119.5% in the second quarter. GAMMA Investing LLC now owns 1,214 shares of the utilities provider’s stock valued at $52,000 after purchasing an additional 661 shares during the period. International Assets Investment Management LLC bought a new stake in shares of New Jersey Resources during the second quarter valued at approximately $76,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of New Jersey Resources during the second quarter worth approximately $94,000. 70.98% of the stock is currently owned by institutional investors.

New Jersey Resources Company Profile

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.