Published On: Wed, Sep 7th, 2016

New Jersey Resources Corp. (NJR) Stock Rating Lowered by Zacks Investment Research

New Jersey Resources Corp. (NYSE:NJR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “NJ RESOURCES is an exempt energy svcs holding company providing retail & wholesale natural gas & related energy services to customers from the Gulf Coast to New England. Subsidiaries include: (1) N J Natural Gas Co, a natural gas distribution company that provides regulated energy & appliance services to residential, commercial & industrial customers in central & northern N J. (2) NJR Energy Holdings Corp formerly NJR Energy Svcs Corp & (3) NJR Development Corp, a sub-holding company of NJR, which includes the Company’s remaining unregulated operating subsidiaries. “
Other research analysts also recently issued research reports about the stock. Argus reissued a “buy” rating and set a $42.00 target price on shares of New Jersey Resources Corp. in a research report on Monday, June 20th. Wells Fargo & Co. assumed coverage on shares of New Jersey Resources Corp. in a research report on Wednesday, June 1st. They set a “market perform” rating on the stock. Finally, TheStreet downgraded shares of New Jersey Resources Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, August 31st. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $38.13.

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Shares of New Jersey Resources Corp. (NYSE:NJR) traded up 0.70% on Tuesday, reaching $34.37. 286,777 shares of the company’s stock traded hands. The firm’s 50-day moving average is $35.37 and its 200-day moving average is $35.83. The stock has a market cap of $2.96 billion and a price-to-earnings ratio of 26.79. New Jersey Resources Corp. has a 52-week low of $26.89 and a 52-week high of $38.92.
New Jersey Resources Corp. (NYSE:NJR) last posted its earnings results on Tuesday, August 2nd. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by $0.01. The business had revenue of $393.21 million for the quarter, compared to analyst estimates of $425.99 million. During the same quarter last year, the business earned $0.03 earnings per share. The business’s revenue for the quarter was down 14.2% on a year-over-year basis. Analysts anticipate that New Jersey Resources Corp. will post $1.62 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 23rd will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend is Wednesday, September 21st.
Other hedge funds have recently added to or reduced their stakes in the company. LS Investment Advisors LLC boosted its stake in New Jersey Resources Corp. by 75.3% in the second quarter. LS Investment Advisors LLC now owns 5,130 shares of the company’s stock worth $198,000 after buying an additional 2,203 shares in the last quarter. Fulton Bank N.A. purchased a new stake in New Jersey Resources Corp. during the second quarter worth $208,000. Cypress Wealth Advisors LLC purchased a new stake in New Jersey Resources Corp. during the first quarter worth $206,000. Capstone Asset Management Co. boosted its stake in New Jersey Resources Corp. by 5.4% in the second quarter. Capstone Asset Management Co. now owns 7,008 shares of the company’s stock worth $270,000 after buying an additional 360 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its stake in New Jersey Resources Corp. by 7.6% in the first quarter. Jacobs Levy Equity Management Inc. now owns 7,820 shares of the company’s stock worth $285,000 after buying an additional 550 shares in the last quarter.
New Jersey Resources Corporation (NJR) is an energy services holding company that provides retail and wholesale energy services to customers primarily in the Gulf Coast, Mid-Continent, Appalachian, Northeastern, and Western market areas of the United States, as well as Canada. The Company operates within four reportable business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream (formerly Energy Holdings).

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