NewJersey Resources (NYSE:NJR) Upgraded by Wall Street Zen to “Hold” Rating

Wall Street Zen upgraded shares of NewJersey Resources (NYSE:NJR) from a sell rating to a hold rating in a research report sent to investors on Sunday,Wall Street Zen reports.

Several other equities analysts also recently issued reports on NJR. Wells Fargo & Company downgraded shares of NewJersey Resources from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $63.00 to $61.00 in a report on Wednesday, August 5th. JPMorgan Chase & Co. cut their price objective on shares of NewJersey Resources from $64.00 to $63.00 and set an “overweight” rating on the stock in a research report on Friday, September 11th. Weiss Ratings downgraded shares of NewJersey Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 6th. New Street Research set a $68.00 target price on shares of NewJersey Resources in a research note on Monday, September 14th. Finally, Huntington started coverage on shares of NewJersey Resources in a research report on Monday, September 14th. They issued an “outperform” rating and a $68.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $61.50.

NewJersey Resources Trading Down 0.0%

NYSE NJR opened at $53.31 on Friday. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.45 and a current ratio of 0.66. NewJersey Resources has a one year low of $43.46 and a one year high of $60.86. The company has a 50-day simple moving average of $55.71 and a 200-day simple moving average of $55.71. The firm has a market capitalization of $5.41 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 2.96 and a beta of 0.50.

NewJersey Resources (NYSE:NJR) last released its quarterly earnings data on Monday, August 3rd. The utilities provider reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.05. NewJersey Resources had a net margin of 16.42% and a return on equity of 14.46%. The firm had revenue of $349.18 million for the quarter, compared to analyst estimates of $342.13 million. During the same quarter in the prior year, the business earned ($0.15) earnings per share. NewJersey Resources’s quarterly revenue was up 16.8% on a year-over-year basis. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. On average, equities analysts forecast that NewJersey Resources will post 3.6 earnings per share for the current year.

NewJersey Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 24th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.8%. This is a positive change from NewJersey Resources’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Thursday, September 24th. NewJersey Resources’s dividend payout ratio is 52.49%.

Insider Buying and Selling at NewJersey Resources

In related news, COO Patrick Migliaccio sold 3,000 shares of NewJersey Resources stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $55.63, for a total transaction of $166,890.00. Following the sale, the chief operating officer directly owned 32,202 shares in the company, valued at $1,791,397.26. The trade was a 8.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NewJersey Resources

Several large investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of NewJersey Resources in the 2nd quarter worth approximately $1,008,340,000. Dimensional Fund Advisors LP increased its stake in shares of NewJersey Resources by 5.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,141,330 shares of the utilities provider’s stock valued at $227,447,000 after acquiring an additional 207,165 shares during the period. Geode Capital Management LLC increased its stake in shares of NewJersey Resources by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 2,629,373 shares of the utilities provider’s stock valued at $121,285,000 after acquiring an additional 10,448 shares during the period. Energy Income Partners LLC bought a new stake in NewJersey Resources during the second quarter worth approximately $78,592,000. Finally, Norges Bank bought a new stake in NewJersey Resources during the fourth quarter worth approximately $60,075,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

NewJersey Resources Company Profile

New Jersey Resources Corporation (NYSE: NJR) is an energy services holding company based in Wall, New Jersey. Through its subsidiaries, the company provides regulated natural gas distribution, energy management, wholesale energy services, renewable energy development, and natural gas storage and transportation solutions.

Its principal subsidiary, New Jersey Natural Gas, operates a regulated natural gas utility serving residential, commercial, and industrial customers in central and northern New Jersey.