Zacks Investment Research Downgrades New Jersey Resources (NJR) to Hold

New Jersey Resources (NYSE:NJR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

According to Zacks, “New Jersey Resources Corporation is an energy services holding company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses: New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains the natural gas transportation and distribution infrastructure to serve the customers. NJR Clean Energy Ventures invests in, owns and operates solar and onshore wind projects. NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions. NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers. NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products. “

Several other equities research analysts have also recently issued reports on the stock. Guggenheim cut shares of New Jersey Resources from a “buy” rating to a “neutral” rating in a research report on Monday, September 10th. They noted that the move was a valuation call. Wells Fargo & Co raised 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 research report on Monday, September 17th. Finally, ValuEngine upgraded shares of New Jersey Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, October 9th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $47.50.

Shares of NYSE NJR opened at $45.94 on Wednesday. New Jersey Resources has a 52 week low of $35.55 and a 52 week high of $47.93. The stock has a market capitalization of $4.07 billion, a PE ratio of 26.55, a price-to-earnings-growth ratio of 2.49 and a beta of 0.19. The company has a quick ratio of 1.16, a current ratio of 1.45 and a debt-to-equity ratio of 0.84.

New Jersey Resources (NYSE:NJR) last released its quarterly earnings data on Tuesday, August 7th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.11). New Jersey Resources had a return on equity of 18.68% and a net margin of 7.60%. The firm had revenue of $543.44 million for the quarter, compared to analyst estimates of $496.70 million. During the same quarter in the previous year, the business posted $0.20 earnings per share. As a group, equities research analysts predict that New Jersey Resources will post 2.65 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in NJR. New York State Common Retirement Fund increased its position in New Jersey Resources by 5.2% during the first quarter. New York State Common Retirement Fund now owns 117,714 shares of the utilities provider’s stock worth $4,720,000 after purchasing an additional 5,858 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in New Jersey Resources by 2.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,587,705 shares of the utilities provider’s stock worth $63,667,000 after buying an additional 36,167 shares during the period. Russell Investments Group Ltd. boosted its stake in New Jersey Resources by 9.8% during the first quarter. Russell Investments Group Ltd. now owns 90,699 shares of the utilities provider’s stock worth $3,636,000 after buying an additional 8,088 shares during the period. Sei Investments Co. boosted its stake in New Jersey Resources by 115.2% during the first 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 period. Finally, Principal Financial Group Inc. boosted its stake in New Jersey Resources by 3.5% during the first quarter. Principal Financial Group Inc. now owns 379,993 shares of the utilities provider’s stock worth $15,237,000 after buying an additional 12,708 shares during the period. Hedge funds and other institutional investors own 66.42% 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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