New Jersey Resources (NYSE:NJR) Price Target Raised to $47.00

New Jersey Resources (NYSE:NJR) had its target price upped by Mizuho from $45.00 to $47.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have a neutral rating on the utilities provider’s stock.

Other research analysts have also issued research reports about the company. StockNews.com lowered New Jersey Resources from a hold rating to a sell rating in a research report on Saturday, September 14th. JPMorgan Chase & Co. upped their price objective on shares of New Jersey Resources from $48.00 to $49.00 and gave the stock a neutral rating in a research report on Thursday, August 15th. Finally, Argus upgraded shares of New Jersey Resources to a strong-buy rating in a research report on Monday, June 10th.

New Jersey Resources Stock Down 0.1 %

NJR opened at $47.64 on Friday. The company has a fifty day moving average of $46.02 and a two-hundred day moving average of $44.01. The stock has a market capitalization of $4.71 billion, a price-to-earnings ratio of 18.83 and a beta of 0.59. New Jersey Resources has a fifty-two week low of $38.92 and a fifty-two week high of $48.68. 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 (NYSE:NJR) last announced its quarterly earnings results on Tuesday, August 6th. The utilities provider reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The business had revenue of $275.64 million during the quarter, compared to analysts’ expectations of $283.56 million. New Jersey Resources had a net margin of 13.61% and a return on equity of 11.06%. New Jersey Resources’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.10 EPS. On average, research analysts expect that New Jersey Resources will post 2.95 earnings per share for the current year.

New Jersey Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd will be paid a $0.45 dividend. The ex-dividend date of this dividend is Monday, September 23rd. This is a positive change from New Jersey Resources’s previous quarterly dividend of $0.42. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.78%. New Jersey Resources’s payout ratio is currently 71.15%.

Insider Activity at New Jersey Resources

In other New Jersey Resources news, CEO Stephen D. Westhoven sold 26,600 shares of New Jersey Resources 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 owns 168,705 shares of the company’s stock, valued at approximately $7,601,847.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Stephen D. Westhoven sold 26,600 shares of the stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $45.06, for a total value of $1,198,596.00. Following the completion of the sale, the chief executive officer now owns 168,705 shares of the company’s stock, valued at $7,601,847.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Stephen D. Westhoven sold 3,400 shares of New Jersey Resources 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 transaction, the chief executive officer now owns 195,305 shares in the company, valued at approximately $8,788,725. The disclosure for this sale can be found here. 0.75% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On New Jersey Resources

A number of hedge funds have recently modified their holdings of the company. Heritage Wealth Advisors acquired a new stake in New Jersey Resources during the fourth quarter worth $31,000. Neo Ivy Capital Management acquired a new stake in shares of New Jersey Resources during the 2nd quarter worth about $31,000. GAMMA Investing LLC increased its position in shares of New Jersey Resources by 119.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,214 shares of the utilities provider’s stock worth $52,000 after purchasing an additional 661 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in New Jersey Resources in the 2nd quarter valued at about $76,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in New Jersey Resources in the second quarter valued at about $94,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

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.