New Jersey Resources Co. (NYSE: NJR) hit a new 52-week high on Friday, as Wells Fargo & Company raised its price target on the stock to $45.00 from $41.00. Effective immediately, Wells Fargo & Company has given the stock an equal weighting. With 10814 shares traded, New Jersey Resources recorded a high of $47.60 and a low of $47.53. The stock’s previous close was $45.58.
Other equity analysts recently discussed their thoughts on NJR. JPMorgan Chase & Co. downgraded New Jersey Resources to underweight from neutral in a research note published Friday, September 9, and lowered the company’s price target to $46,000 from $47. StockNews.com first reported on New Jersey Resources on Wednesday, October 12th. The company was rated “Hold”. In a study published Friday, Mizuho raised its “neutral” rating and price target on New Jersey Resources to $46,000 from $45.00. The Street upgraded New Jersey Resources’ rating to “b” from “c+” on Aug. 29. Guggenheim lowered its price target on New Jersey Resources to $40.00 from $41.00 in a report published on Monday, October 24. One analyst rates the stock a Sell and the other three rate it a Hold. According to Bloomberg, New Jersey Resources has an average price target of $44.25 and an average recommendation of hold.
Some institutional investors and hedge funds have recently changed the number of their shares:
Meeder Asset Management Inc. increased its stake in New Jersey Resources by 54.9% in the first quarter. After acquiring an additional 1,550 shares during this period, Meeder Asset Management Inc. now owns 4,373 shares of the utility worth $201,000.
Comerica Bank increased its stake in New Jersey Resources by 2.4% in the first quarter. Comerica Bank currently owns 1,051 more shares in the utility than it did in the last reporting period, for a total of 45,275 shares or $218,000 in the company.
The State Board of Administration for the Florida Retirement System increased its stake in New Jersey Resources by 11.7% in the first quarter. The State Board of Administration of the Florida Retirement System now owns 55,522 shares of the utility company’s stock valued at $2,546,000 after purchasing an additional 5,834 shares last quarter.
Hightower 6M Holding LLC increased its stake in New Jersey Resources by approximately $240,000 during the first quarter.
Not to mention, Hazlett Burt & Watson Inc. added over $121,000 to its holdings of New Jersey Resources stock during the first quarter. Institutional investors and hedge funds own 73.94% of the company’s shares.
The company has a quick ratio of 0.53, a current ratio of 0.76 and a debt to equity ratio of 1.43. The company’s market capitalization is $4.59 billion; the PE ratio is 20.56; the PEG is 3.02 and the beta is 0.62. The stock price is $42.79 for the 50-day moving average and $44.11 for the 200-day moving average.
The company also announced a quarterly dividend that would be paid on Jan. 3. Beginning Wednesday, December 14th, shareholders will receive a dividend of $0.39 per share. The ex-dividend date for this dividend is Tuesday December 13th. That equates to a dividend of $1.56 with an annual dividend yield of 3.27%. The latest quarterly dividend paid by New Jersey Resources was $0.36, which is an increase. Currently, New Jersey Resources has a payout percentage of 68.12 percent.
The energy services holding company, New Jersey Resources Corporation, also provides regulated gas distribution and retail and wholesale energy services. The company’s four main businesses are natural gas distribution, clean energy companies, energy services, and storage and transportation. The Natural Gas Distribution Sector provides regulated natural gas distribution services to more than 564,000 residential and commercial customers in Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey. It also participates in the marketplaces for off-system sales and capacity releases.