Brokerages Set New Jersey Resources Co. (NYSE:NJR) PT at $51.75

Shares of New Jersey Resources Co. (NYSE:NJR) have earned an average recommendation of “Moderate Buy” from the five research firms that are presently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $51.75.

NJR has been the subject of several analyst reports. Guggenheim boosted their target price on shares of New Jersey Resources from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. JPMorgan Chase & Co. decreased their target price on shares of New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. Wells Fargo & Company boosted their target price on shares of New Jersey Resources from $51.00 to $54.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 27th. Finally, StockNews.com upgraded shares of New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, February 4th.

Insider Transactions at New Jersey Resources

In related news, COO Patrick J. Migliaccio sold 4,983 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $46.00, for a total value of $229,218.00. Following the completion of the sale, the chief operating officer now owns 37,124 shares of the company’s stock, valued at approximately $1,707,704. This represents a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On New Jersey Resources

A number of hedge funds have recently modified their holdings of NJR. Norges Bank purchased a new stake in shares of New Jersey Resources in the fourth quarter valued at about $73,124,000. Millennium Management LLC grew its holdings in shares of New Jersey Resources by 66.0% in the fourth quarter. Millennium Management LLC now owns 1,363,495 shares of the utilities provider’s stock valued at $63,607,000 after purchasing an additional 542,089 shares during the period. Prudential Financial Inc. lifted its position in New Jersey Resources by 3,076.5% in the fourth quarter. Prudential Financial Inc. now owns 321,332 shares of the utilities provider’s stock valued at $14,990,000 after buying an additional 311,216 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in New Jersey Resources by 7.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,309,166 shares of the utilities provider’s stock valued at $154,372,000 after buying an additional 216,000 shares during the last quarter. Finally, Northern Trust Corp lifted its position in New Jersey Resources by 18.5% in the fourth quarter. Northern Trust Corp now owns 1,350,358 shares of the utilities provider’s stock valued at $62,994,000 after buying an additional 210,538 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

New Jersey Resources Stock Performance

Shares of NYSE NJR opened at $47.79 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 1.29. New Jersey Resources has a 12 month low of $40.62 and a 12 month high of $51.94. The company has a 50 day simple moving average of $46.91 and a two-hundred day simple moving average of $47.13. The stock has a market cap of $4.79 billion, a price-to-earnings ratio of 14.39 and a beta of 0.57.

New Jersey Resources (NYSE:NJR) last announced its quarterly earnings data on Monday, February 3rd. The utilities provider reported $1.29 EPS for the quarter, beating the consensus estimate of $1.14 by $0.15. New Jersey Resources had a net margin of 18.25% and a return on equity of 15.72%. During the same quarter in the previous year, the business posted $0.74 earnings per share. As a group, analysts predict that New Jersey Resources will post 3.15 earnings per share for the current year.

New Jersey Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 11th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date is Tuesday, March 11th. New Jersey Resources’s payout ratio is 54.22%.

About New Jersey Resources

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.