New Jersey Resources (NYSE:NJR) Upgraded at StockNews.com

StockNews.com upgraded shares of New Jersey Resources (NYSE:NJRFree Report) from a sell rating to a hold rating in a research note issued to investors on Thursday.

Separately, Mizuho lowered their target price on New Jersey Resources from $47.00 to $45.00 and set a neutral rating on the stock in a report on Monday, February 5th.

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New Jersey Resources Stock Down 0.8 %

NJR stock opened at $44.11 on Thursday. The stock has a market capitalization of $4.36 billion, a price-to-earnings ratio of 17.43 and a beta of 0.62. The company has a 50-day moving average of $42.99 and a two-hundred day moving average of $42.80. New Jersey Resources has a 52-week low of $38.92 and a 52-week high of $50.72. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.70 and a quick ratio of 0.56.

New Jersey Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Wednesday, June 12th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 3.81%. The ex-dividend date is Wednesday, June 12th. New Jersey Resources’s payout ratio is 66.40%.

Hedge Funds Weigh In On New Jersey Resources

Institutional investors have recently added to or reduced their stakes in the company. Raymond James & Associates raised its stake in shares of New Jersey Resources by 6.8% in the third quarter. Raymond James & Associates now owns 45,222 shares of the utilities provider’s stock valued at $1,837,000 after acquiring an additional 2,870 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of New Jersey Resources by 13.7% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 28,684 shares of the utilities provider’s stock valued at $1,165,000 after buying an additional 3,464 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of New Jersey Resources by 15.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,345 shares of the utilities provider’s stock worth $827,000 after acquiring an additional 2,647 shares during the last quarter. Fifth Third Bancorp lifted its position in shares of New Jersey Resources by 68.0% during the third quarter. Fifth Third Bancorp now owns 1,018 shares of the utilities provider’s stock worth $41,000 after purchasing an additional 412 shares in the last quarter. Finally, Jennison Associates LLC bought a new stake in shares of New Jersey Resources during the third quarter valued at approximately $829,000. 70.98% of the stock is owned by institutional investors.

New Jersey Resources Company Profile

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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.

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