ValuEngine Downgrades NewJersey Resources (NJR) to Hold

NewJersey Resources (NYSE:NJR) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a report issued on Friday.

Several other analysts also recently weighed in on NJR. Janney Montgomery Scott upgraded NewJersey Resources from a “neutral” rating to a “buy” rating in a research note on Wednesday, November 22nd. Zacks Investment Research upgraded NewJersey Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 18th. Bank of America upped their price target on NewJersey Resources from $35.00 to $38.00 and gave the stock an “underperform” rating in a research note on Wednesday, August 23rd. BidaskClub upgraded NewJersey Resources from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Finally, Argus upped their price target on NewJersey Resources from $46.00 to $49.00 and gave the stock a “buy” rating in a research note on Monday, August 28th. One analyst has rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $42.00.

NewJersey Resources (NJR) traded down $0.30 during mid-day trading on Friday, hitting $44.35. The company’s stock had a trading volume of 518,679 shares, compared to its average volume of 419,263. NewJersey Resources has a 1 year low of $33.70 and a 1 year 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 stock has a market cap of $3,852.51, a P/E ratio of 25.78, a price-to-earnings-growth ratio of 4.05 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) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). NewJersey Resources had a return on equity of 11.97% and a net margin of 5.82%. The firm had revenue of $536.50 million for the quarter, compared to analysts’ expectations of $480.90 million. During the same quarter last year, the company posted ($0.03) EPS. The firm’s revenue was up 14.3% on a year-over-year basis. research analysts forecast that NewJersey Resources will post 1.83 earnings per share for the current year.

In related news, Director Lawrence R. Codey sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $43.13, for a total value of $258,780.00. Following the sale, the director now owns 13,266 shares in the company, valued at approximately $572,162.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.50% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in NewJersey Resources by 8.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,057 shares of the utilities provider’s stock valued at $121,000 after acquiring an additional 244 shares in the last quarter. Advisor Group Inc. lifted its position in NewJersey Resources by 59.7% in the 2nd quarter. Advisor Group Inc. now owns 4,251 shares of the utilities provider’s stock valued at $163,000 after acquiring an additional 1,589 shares in the last quarter. Flinton Capital Management LLC lifted its position in NewJersey Resources by 92.2% in the 2nd quarter. Flinton Capital Management LLC now owns 4,336 shares of the utilities provider’s stock valued at $172,000 after acquiring an additional 2,080 shares in the last quarter. Mosaic Family Wealth LLC lifted its position in NewJersey Resources by 5.9% in the 2nd quarter. Mosaic Family Wealth LLC now owns 4,359 shares of the utilities provider’s stock valued at $173,000 after acquiring an additional 243 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new position in NewJersey Resources in the 3rd quarter valued at approximately $185,000. 63.82% of the stock is currently owned by institutional investors and hedge funds.

COPYRIGHT VIOLATION NOTICE: This article was first reported by Community Financial News and is owned by of Community Financial News. If you are reading this article on another site, it was illegally stolen and reposted in violation of U.S. and international copyright legislation. The original version of this article can be viewed at https://www.com-unik.info/2017/12/03/valuengine-downgrades-newjersey-resources-njr-to-hold.html.

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.

What are top analysts saying about NewJersey Resources Corporation? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for NewJersey Resources Corporation and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit