Janney Montgomery Scott Upgrades NewJersey Resources (NYSE:NJR) to Buy

Janney Montgomery Scott upgraded shares of NewJersey Resources (NYSE:NJR) from a neutral rating to a buy rating in a report issued on Wednesday, November 22nd, Marketbeat.com reports.

NJR has been the subject of a number of other reports. BidaskClub raised NewJersey Resources from a hold rating to a buy rating in a research note on Saturday, August 5th. Zacks Investment Research raised NewJersey Resources from a sell rating to a hold rating in a research note on Saturday, November 18th. Argus raised their price objective on NewJersey Resources from $46.00 to $49.00 and gave the stock a buy rating in a research note on Monday, August 28th. Finally, Bank of America raised their price objective on NewJersey Resources from $35.00 to $38.00 and gave the stock an underperform rating in a research note on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $42.00.

Shares of NewJersey Resources (NYSE:NJR) traded up $0.15 during trading on Wednesday, hitting $43.55. The stock had a trading volume of 352,737 shares, compared to its average volume of 426,399. NewJersey Resources has a fifty-two week low of $33.70 and a fifty-two week high of $45.45. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.72 and a quick ratio of 0.46. The firm has a market cap of $3,761.32, a PE ratio of 25.17, a price-to-earnings-growth ratio of 3.95 and a beta of 0.43.

NewJersey Resources (NYSE:NJR) last posted its earnings results on Tuesday, November 21st. The utilities provider reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The business had revenue of $536.50 million during the quarter, compared to analyst estimates of $480.90 million. NewJersey Resources had a net margin of 5.82% and a return on equity of 11.97%. The firm’s revenue was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.03) earnings per share. research analysts forecast that NewJersey Resources will post 1.83 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be issued a dividend of $0.2725 per share. This represents a $1.09 annualized dividend and a dividend yield of 2.50%. This is a positive change from NewJersey Resources’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, December 14th. NewJersey Resources’s dividend payout ratio (DPR) is currently 71.71%.

In other NewJersey Resources news, VP Amanda Mullan sold 920 shares of the firm’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $44.64, for a total transaction of $41,068.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lawrence R. Codey sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $43.13, for a total value of $258,780.00. Following the transaction, the director now owns 13,266 shares in the company, valued at $572,162.58. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of the company. Miller Howard Investments Inc. NY acquired a new stake in NewJersey Resources during the second quarter worth about $5,629,000. Griffin Asset Management Inc. acquired a new stake in NewJersey Resources during the second quarter worth about $4,466,000. Vanguard Group Inc. grew its position in NewJersey Resources by 1.2% during the second quarter. Vanguard Group Inc. now owns 8,361,117 shares of the utilities provider’s stock worth $331,937,000 after buying an additional 99,093 shares in the last quarter. WINTON GROUP Ltd grew its position in NewJersey Resources by 102.3% during the second quarter. WINTON GROUP Ltd now owns 185,985 shares of the utilities provider’s stock worth $7,384,000 after buying an additional 94,056 shares in the last quarter. Finally, Chicago Equity Partners LLC acquired a new stake in NewJersey Resources during the second quarter worth about $3,670,000. 63.60% of the stock is currently owned by institutional investors.

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About NewJersey Resources

New Jersey Resources Corporation is an energy services holding company. The Company’s business is the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. It operates in four business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream.

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