New Jersey Resources (NYSE:NJR) Price Target Cut to $52.00 by Analysts at JPMorgan Chase & Co.

New Jersey Resources (NYSE:NJR) had its target price cut by research analysts at JPMorgan Chase & Co. from $54.00 to $52.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the utilities provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 8.36% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Guggenheim boosted their price target on shares of New Jersey Resources from $46.00 to $49.00 and gave the stock a “neutral” rating in a report on Wednesday, November 27th. StockNews.com cut New Jersey Resources from a “hold” rating to a “sell” rating in a research note on Friday, January 10th. Finally, Wells Fargo & Company increased their price target on shares of 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $50.50.

New Jersey Resources Trading Up 0.2 %

Shares of NJR traded up $0.12 during mid-day trading on Tuesday, reaching $47.99. 31,386 shares of the company were exchanged, compared to its average volume of 502,489. The business has a 50 day simple moving average of $47.83 and a two-hundred day simple moving average of $46.77. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.36 and a current ratio of 0.62. The stock has a market capitalization of $4.79 billion, a PE ratio of 16.43 and a beta of 0.64. New Jersey Resources has a 52 week low of $39.44 and a 52 week high of $51.94.

New Jersey Resources (NYSE:NJR) last released its earnings results on Monday, November 25th. The utilities provider reported $0.89 EPS for the quarter, hitting the consensus estimate of $0.89. The business had revenue of $395.78 million during the quarter, compared to analysts’ expectations of $406.97 million. New Jersey Resources had a return on equity of 13.54% and a net margin of 16.13%. The firm’s revenue was up 19.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.30 earnings per share. On average, analysts predict that New Jersey Resources will post 3.1 earnings per share for the current fiscal year.

Insider Activity at New Jersey Resources

In related news, COO Patrick J. Migliaccio sold 4,983 shares of New Jersey Resources stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $46.00, for a total transaction of $229,218.00. Following the completion of the sale, the chief operating officer now owns 37,124 shares of the company’s stock, valued at approximately $1,707,704. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.72% of the stock is owned by corporate insiders.

Institutional Trading of New Jersey Resources

Large investors have recently modified their holdings of the business. Spirit of America Management Corp NY raised its stake in New Jersey Resources by 125.0% in the fourth quarter. Spirit of America Management Corp NY now owns 2,700 shares of the utilities provider’s stock valued at $126,000 after purchasing an additional 1,500 shares in the last quarter. Greenwood Capital Associates LLC raised its position in shares of New Jersey Resources by 1.5% during the 4th quarter. Greenwood Capital Associates LLC now owns 25,522 shares of the utilities provider’s stock valued at $1,191,000 after buying an additional 383 shares in the last quarter. Ibex Wealth Advisors bought a new stake in shares of New Jersey Resources during the 4th quarter worth $295,000. R Squared Ltd purchased a new position in New Jersey Resources in the fourth quarter worth $97,000. Finally, United Asset Strategies Inc. bought a new position in New Jersey Resources in the fourth quarter valued at $227,000. Institutional investors own 70.98% of the company’s stock.

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.