New Jersey Resources (NYSE:NJR – Get Free Report) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Tuesday.
Other equities research analysts also recently issued reports about the company. JPMorgan Chase & Co. reduced their price objective on 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 increased their price target on shares of New Jersey Resources from $51.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 27th. Finally, Guggenheim boosted their price objective on shares of New Jersey Resources from $46.00 to $49.00 and gave the company a “neutral” rating in a research report on Wednesday, November 27th. Four investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.50.
Get Our Latest Stock Analysis on New Jersey Resources
New Jersey Resources Trading Down 3.4 %
New Jersey Resources (NYSE:NJR – Get Free Report) last posted its quarterly earnings data on Monday, February 3rd. The utilities provider reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.15. New Jersey Resources had a net margin of 16.13% and a return on equity of 13.54%. During the same quarter in the previous year, the business posted $0.74 EPS. As a group, sell-side analysts expect that New Jersey Resources will post 3.1 earnings per share for the current year.
Insider Activity at New Jersey Resources
In other New Jersey Resources news, COO Patrick J. Migliaccio sold 4,983 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was 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 $1,707,704. The trade was a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.72% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the stock. Sei Investments Co. boosted its position in New Jersey Resources by 58.4% during the second quarter. Sei Investments Co. now owns 11,296 shares of the utilities provider’s stock worth $483,000 after purchasing an additional 4,166 shares during the period. Creative Planning boosted its holdings in shares of New Jersey Resources by 5.7% during the 2nd quarter. Creative Planning now owns 20,033 shares of the utilities provider’s stock worth $856,000 after buying an additional 1,086 shares during the period. B. Riley Wealth Advisors Inc. acquired a new position in New Jersey Resources in the 2nd quarter valued at $258,000. Sanctuary Advisors LLC acquired a new position in New Jersey Resources in the 2nd quarter valued at $620,000. Finally, GAMMA Investing LLC raised its holdings in New Jersey Resources by 52.5% in the 3rd quarter. GAMMA Investing LLC now owns 1,851 shares of the utilities provider’s stock worth $87,000 after acquiring an additional 637 shares during the period. Institutional investors and hedge funds own 70.98% of the company’s stock.
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.
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