New Jersey Resources (NYSE:NJR) Hits New 52-Week High at $47.03

New Jersey Resources Co. (NYSE:NJR) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $47.03 and last traded at $46.85, with a volume of 50722 shares. The stock had previously closed at $46.08.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on NJR shares. Argus upgraded New Jersey Resources to a “strong-buy” rating in a research note on Monday, June 10th. StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a report on Thursday, May 16th. Four analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, New Jersey Resources has a consensus rating of “Hold” and an average price target of $45.00.

New Jersey Resources Stock Up 1.7 %

The firm has a market cap of $4.63 billion, a price-to-earnings ratio of 18.21 and a beta of 0.60. The stock’s 50 day moving average is $43.36 and its 200 day moving average is $42.77. The company has a quick ratio of 0.56, a current ratio of 0.70 and a debt-to-equity ratio of 1.25.

New Jersey Resources (NYSE:NJR) last posted its quarterly earnings results on Tuesday, May 7th. The utilities provider reported $1.40 EPS for the quarter, beating the consensus estimate of $1.32 by $0.08. New Jersey Resources had a net margin of 14.46% and a return on equity of 12.16%. The business had revenue of $657.91 million for the quarter, compared to analysts’ expectations of $669.64 million. Analysts forecast that New Jersey Resources Co. will post 2.95 EPS for the current year.

Insider Activity at New Jersey Resources

In other New Jersey Resources news, CEO Stephen D. Westhoven sold 3,400 shares of New Jersey Resources stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $45.00, for a total value of $153,000.00. Following the completion of the sale, the chief executive officer now directly owns 195,305 shares in the company, valued at $8,788,725. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other New Jersey Resources news, CEO Stephen D. Westhoven sold 3,400 shares of the stock in a transaction on Friday, July 12th. The shares were sold at an average price of $45.00, for a total transaction of $153,000.00. Following the transaction, the chief executive officer now directly owns 195,305 shares of the company’s stock, valued at $8,788,725. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Stephen D. Westhoven sold 20,000 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $42.82, for a total value of $856,400.00. Following the completion of the sale, the chief executive officer now directly owns 198,705 shares of the company’s stock, valued at approximately $8,508,548.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,000 shares of company stock valued at $2,207,996. 0.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On New Jersey Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NJR. Parkside Financial Bank & Trust bought a new stake in New Jersey Resources in the 4th quarter valued at $29,000. Headlands Technologies LLC acquired a new position in shares of New Jersey Resources during the fourth quarter worth approximately $31,000. Heritage Wealth Advisors acquired a new position in New Jersey Resources during the 4th quarter worth $31,000. Neo Ivy Capital Management bought a new position in New Jersey Resources in the second quarter valued at about $31,000. Finally, GAMMA Investing LLC bought a new position in shares of New Jersey Resources in the 4th quarter valued at about $40,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

About New Jersey Resources

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.