StockNews.com Downgrades New Jersey Resources (NYSE:NJR) to Sell

New Jersey Resources (NYSE:NJR) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

Several other brokerages have also weighed in on NJR. Mizuho increased their price objective on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, September 20th. JPMorgan Chase & Co. increased their price objective on shares of New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Finally, Wells Fargo & Company increased their price objective on shares of New Jersey Resources from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $49.75.

New Jersey Resources Trading Up 1.8 %

Shares of NYSE NJR opened at $51.61 on Tuesday. The company’s 50 day simple moving average is $47.12 and its 200 day simple moving average is $45.42. New Jersey Resources has a fifty-two week low of $39.44 and a fifty-two week high of $51.94. The firm has a market capitalization of $5.12 billion, a P/E ratio of 17.67 and a beta of 0.59. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.60 and a quick ratio of 0.41.

Institutional Investors Weigh In On New Jersey Resources

Several large investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC increased its position in shares of New Jersey Resources by 3.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 8,840 shares of the utilities provider’s stock worth $378,000 after acquiring an additional 307 shares in the last quarter. Good Life Advisors LLC grew its position in New Jersey Resources by 1.0% in the third quarter. Good Life Advisors LLC now owns 34,316 shares of the utilities provider’s stock valued at $1,620,000 after purchasing an additional 333 shares in the last quarter. Creative Planning grew its position in New Jersey Resources by 2.4% in the third quarter. Creative Planning now owns 20,514 shares of the utilities provider’s stock valued at $968,000 after purchasing an additional 481 shares in the last quarter. Strategy Asset Managers LLC grew its position in New Jersey Resources by 6.1% in the third quarter. Strategy Asset Managers LLC now owns 8,592 shares of the utilities provider’s stock valued at $406,000 after purchasing an additional 496 shares in the last quarter. Finally, Inspire Investing LLC grew its position in New Jersey Resources by 6.3% in the third quarter. Inspire Investing LLC now owns 8,698 shares of the utilities provider’s stock valued at $411,000 after purchasing an additional 515 shares in the last quarter. Institutional investors 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.