NewJersey Resources Corporation (NJR) Lowered to “Sell” at BidaskClub

NewJersey Resources Corporation (NYSE:NJR) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday, July 12th.

Several other brokerages also recently issued reports on NJR. Zacks Investment Research raised shares of NewJersey Resources Corporation from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, July 11th. Bank of America Corporation reissued an “underperform” rating and set a $35.00 price target (up previously from $32.00) on shares of NewJersey Resources Corporation in a report on Friday, May 19th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $38.80.

Shares of NewJersey Resources Corporation (NJR) traded up 1.75% during mid-day trading on Wednesday, reaching $43.55. 267,999 shares of the company were exchanged. The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of 19.52 and a beta of 0.47. NewJersey Resources Corporation has a 12 month low of $30.46 and a 12 month high of $43.55. The company’s 50-day moving average is $41.08 and its 200 day moving average is $39.88.

NewJersey Resources Corporation (NYSE:NJR) last announced its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.19. NewJersey Resources Corporation had a net margin of 8.81% and a return on equity of 12.77%. The company had revenue of $457.52 million during the quarter, compared to the consensus estimate of $410.24 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. The company’s revenue for the quarter was up 16.4% compared to the same quarter last year. Analysts predict that NewJersey Resources Corporation will post $1.74 EPS for the current year.

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A number of large investors have recently bought and sold shares of the company. Russell Investments Group Ltd. bought a new stake in NewJersey Resources Corporation during the fourth quarter valued at $888,000. FMR LLC increased its stake in NewJersey Resources Corporation by 4.7% in the fourth quarter. FMR LLC now owns 1,318,713 shares of the utilities provider’s stock valued at $46,814,000 after buying an additional 58,867 shares during the last quarter. Credit Agricole S A bought a new stake in NewJersey Resources Corporation during the fourth quarter valued at $615,000. Renaissance Technologies LLC increased its stake in NewJersey Resources Corporation by 806.9% in the fourth quarter. Renaissance Technologies LLC now owns 131,500 shares of the utilities provider’s stock valued at $4,668,000 after buying an additional 117,000 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. increased its stake in NewJersey Resources Corporation by 11.0% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,951 shares of the utilities provider’s stock valued at $104,000 after buying an additional 292 shares during the last quarter. 65.07% of the stock is owned by institutional investors and hedge funds.

About NewJersey Resources Corporation

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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