ValuEngine Upgrades New Jersey Resources (NJR) to “Buy”

ValuEngine upgraded shares of New Jersey Resources (NYSE:NJR) from a hold rating to a buy rating in a research report released on Tuesday.

A number of other equities analysts also recently issued reports on NJR. Wells Fargo & Co lifted their price objective on shares of New Jersey Resources from $45.00 to $47.00 and gave the stock a market perform rating in a report on Monday, September 17th. Zacks Investment Research raised shares of New Jersey Resources from a hold rating to a buy rating and set a $52.00 price objective on the stock in a report on Thursday, August 9th. Finally, Guggenheim downgraded shares of New Jersey Resources from a buy rating to a neutral rating in a report on Monday, September 10th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $47.50.

NYSE:NJR opened at $44.54 on Tuesday. The firm has a market capitalization of $4.07 billion, a PE ratio of 25.75, a P/E/G ratio of 2.49 and a beta of 0.19. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.45 and a quick ratio of 1.16. New Jersey Resources has a twelve month low of $35.55 and a twelve month high of $47.93.

New Jersey Resources (NYSE:NJR) last released its quarterly earnings data on Tuesday, August 7th. The utilities provider reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.11). New Jersey Resources had a net margin of 7.60% and a return on equity of 18.68%. The company had revenue of $543.44 million during the quarter, compared to the consensus estimate of $496.70 million. During the same quarter in the prior year, the firm earned $0.20 EPS. Analysts forecast that New Jersey Resources will post 2.65 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. NEXT Financial Group Inc purchased a new position in shares of New Jersey Resources in the 3rd quarter worth about $115,000. Sei Investments Co. boosted its holdings in shares of New Jersey Resources by 115.2% in the 1st quarter. Sei Investments Co. now owns 3,282 shares of the utilities provider’s stock worth $132,000 after buying an additional 1,757 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. purchased a new position in shares of New Jersey Resources in the 2nd quarter worth about $206,000. Tower Bridge Advisors purchased a new position in shares of New Jersey Resources in the 2nd quarter worth about $206,000. Finally, Summit Trail Advisors LLC boosted its holdings in shares of New Jersey Resources by 4,265.0% in the 1st quarter. Summit Trail Advisors LLC now owns 225,059 shares of the utilities provider’s stock worth $225,000 after buying an additional 219,903 shares during the last quarter. 66.42% of the stock is currently owned by hedge funds and other institutional investors.

About New Jersey Resources

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.

Featured Story: Asset Allocation and Your Retirement

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for New Jersey Resources (NYSE:NJR)

Receive News & Ratings for New Jersey Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Jersey Resources and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply