New Jersey Resources Corp (NJR) Receives $47.67 Consensus PT from Analysts
Shares of New Jersey Resources Corp (NYSE:NJR) have received a consensus recommendation of “Buy” from the eight research firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $47.67.
Several research analysts have recently commented on NJR shares. ValuEngine upgraded New Jersey Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, May 1st. Zacks Investment Research lowered New Jersey Resources from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 1st. Argus raised their price target on New Jersey Resources from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, May 30th. Finally, Bank of America lowered New Jersey Resources from a “neutral” rating to an “underperform” rating in a research report on Tuesday, June 5th. They noted that the move was a valuation call.
Shares of New Jersey Resources stock opened at $46.00 on Tuesday. The company has a market capitalization of $4.09 billion, a P/E ratio of 26.59, a price-to-earnings-growth ratio of 2.50 and a beta of 0.25. New Jersey Resources has a fifty-two week low of $35.55 and a fifty-two week high of $47.60. The company has a quick ratio of 1.16, a current ratio of 1.45 and a debt-to-equity ratio of 0.84.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 21st will be issued a $0.2725 dividend. The ex-dividend date of this dividend is Thursday, September 20th. This represents a $1.09 dividend on an annualized basis and a yield of 2.37%. New Jersey Resources’s dividend payout ratio (DPR) is presently 63.01%.
Large investors have recently added to or reduced their stakes in the stock. Tortoise Index Solutions LLC boosted its holdings in New Jersey Resources by 11.8% in the second quarter. Tortoise Index Solutions LLC now owns 45,969 shares of the utilities provider’s stock valued at $2,057,000 after purchasing an additional 4,834 shares during the period. Meeder Asset Management Inc. purchased a new position in New Jersey Resources in the second quarter valued at $497,000. Royal Bank of Canada boosted its holdings in New Jersey Resources by 20.9% in the first quarter. Royal Bank of Canada now owns 63,690 shares of the utilities provider’s stock valued at $2,554,000 after purchasing an additional 10,989 shares during the period. James Investment Research Inc. purchased a new position in New Jersey Resources in the second quarter valued at $6,357,000. Finally, Schwab Charles Investment Management Inc. boosted its holdings in New Jersey Resources by 6.6% in the first quarter. Schwab Charles Investment Management Inc. now owns 617,712 shares of the utilities provider’s stock valued at $24,771,000 after purchasing an additional 38,354 shares during the period. Hedge funds and other institutional investors own 67.67% of the company’s stock.
New Jersey Resources Company Profile
New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 529,800 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.
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