New Jersey Resources (NYSE:NJR) Reaches New 1-Year Low – Here’s What Happened

New Jersey Resources Co. (NYSE:NJR) shares reached a new 52-week low on Thursday . The company traded as low as $40.00 and last traded at $47.61, with a volume of 534 shares changing hands. The stock had previously closed at $48.03.

Analyst Ratings Changes

Several research firms have recently issued reports on NJR. StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, February 4th. JPMorgan Chase & Co. cut their price objective on New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Wells Fargo & Company increased their target price on New Jersey Resources from $51.00 to $54.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 27th. Finally, Guggenheim lifted their price target on shares of New Jersey Resources from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Four investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $51.75.

New Jersey Resources Stock Performance

The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 1.29. The firm has a 50-day moving average price of $46.76 and a two-hundred day moving average price of $47.00. The firm has a market cap of $4.85 billion, a PE ratio of 14.57 and a beta of 0.63.

New Jersey Resources (NYSE:NJR) last announced its quarterly earnings data on Monday, February 3rd. The utilities provider reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.15. New Jersey Resources had a return on equity of 15.72% and a net margin of 18.25%. During the same period last year, the company posted $0.74 EPS. Research analysts forecast that New Jersey Resources Co. will post 3.15 EPS for the current fiscal year.

New Jersey Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 11th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date is Tuesday, March 11th. New Jersey Resources’s dividend payout ratio (DPR) is 54.22%.

Insider Activity

In other news, COO Patrick J. Migliaccio sold 4,983 shares of the business’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $46.00, for a total transaction of $229,218.00. Following the transaction, the chief operating officer now owns 37,124 shares of the company’s stock, valued at approximately $1,707,704. The trade was a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On New Jersey Resources

Several institutional investors and hedge funds have recently bought and sold shares of the company. Creative Planning increased its position in shares of New Jersey Resources by 2.4% during the 3rd quarter. Creative Planning now owns 20,514 shares of the utilities provider’s stock worth $968,000 after purchasing an additional 481 shares during the last quarter. International Assets Investment Management LLC boosted its stake in New Jersey Resources by 4,620.0% during the third quarter. International Assets Investment Management LLC now owns 83,638 shares of the utilities provider’s stock worth $3,948,000 after buying an additional 81,866 shares during the period. PFG Investments LLC acquired a new stake in shares of New Jersey Resources during the third quarter valued at about $213,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of New Jersey Resources by 3.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 9,185 shares of the utilities provider’s stock valued at $434,000 after acquiring an additional 345 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its holdings in shares of New Jersey Resources by 49.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 6,338 shares of the utilities provider’s stock worth $297,000 after acquiring an additional 2,099 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

New Jersey Resources Company Profile

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.