Wells Fargo & Company Boosts New Jersey Resources (NYSE:NJR) Price Target to $54.00

New Jersey Resources (NYSE:NJR) had its price target upped by stock analysts at Wells Fargo & Company from $51.00 to $54.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 4.63% from the stock’s current price.

Several other equities research analysts also recently commented on the company. Guggenheim boosted their price objective on New Jersey Resources from $46.00 to $49.00 and gave the company a “neutral” rating in a report on Wednesday. Mizuho boosted their price target on shares of New Jersey Resources from $45.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. StockNews.com lowered New Jersey Resources from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, JPMorgan Chase & Co. increased their target price on shares of New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $49.75.

New Jersey Resources Stock Performance

NYSE:NJR opened at $51.61 on Wednesday. New Jersey Resources has a twelve month low of $39.44 and a twelve month high of $51.94. The company has a quick ratio of 0.41, a current ratio of 0.60 and a debt-to-equity ratio of 1.30. The firm has a market capitalization of $5.12 billion, a P/E ratio of 17.67 and a beta of 0.59. The company has a fifty day moving average of $47.20 and a 200-day moving average of $45.47.

Institutional Investors Weigh In On New Jersey Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its stake in New Jersey Resources by 5.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,956,772 shares of the utilities provider’s stock worth $126,372,000 after purchasing an additional 154,441 shares in the last quarter. Geode Capital Management LLC lifted its stake in New Jersey Resources by 1.5% in the third quarter. Geode Capital Management LLC now owns 2,366,381 shares of the utilities provider’s stock worth $111,714,000 after purchasing an additional 34,782 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of New Jersey Resources by 3.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,284,245 shares of the utilities provider’s stock valued at $54,889,000 after acquiring an additional 40,094 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in New Jersey Resources by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,227,815 shares of the utilities provider’s stock valued at $57,953,000 after purchasing an additional 33,772 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in New Jersey Resources by 39.9% during the 2nd quarter. AQR Capital Management LLC now owns 618,379 shares of the utilities provider’s stock valued at $26,430,000 after buying an additional 176,396 shares during the period. 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.