New Jersey Resources (NYSE:NJR) Lifted to Hold at StockNews.com

StockNews.com upgraded shares of New Jersey Resources (NYSE:NJR) from a sell rating to a hold rating in a research note issued to investors on Tuesday.

Separately, Argus raised New Jersey Resources to a strong-buy rating in a report on Monday, June 10th.

New Jersey Resources Stock Up 0.7 %

Shares of NYSE NJR opened at $45.01 on Tuesday. The company has a market capitalization of $4.45 billion, a price-to-earnings ratio of 17.79 and a beta of 0.60. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.70 and a quick ratio of 0.56. The business has a 50-day moving average of $44.02 and a two-hundred day moving average of $43.09. New Jersey Resources has a 1 year low of $38.92 and a 1 year high of $47.37.

New Jersey Resources (NYSE:NJR) last announced its quarterly earnings results on Tuesday, August 6th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). The business had revenue of $275.64 million for the quarter, compared to analysts’ expectations of $283.56 million. New Jersey Resources had a return on equity of 12.16% and a net margin of 14.46%. The firm’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period last year, the firm earned $0.10 earnings per share. On average, analysts forecast that New Jersey Resources will post 2.95 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Stephen D. Westhoven sold 26,600 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $45.06, for a total value of $1,198,596.00. Following the completion of the sale, the chief executive officer now directly owns 168,705 shares of the company’s stock, valued at approximately $7,601,847.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Stephen D. Westhoven sold 26,600 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $45.06, for a total value of $1,198,596.00. Following the transaction, the chief executive officer now owns 168,705 shares in the company, valued at approximately $7,601,847.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Stephen D. Westhoven sold 3,400 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 195,305 shares in the company, valued at approximately $8,788,725. The disclosure for this sale can be found here. In the last three months, insiders sold 50,000 shares of company stock valued at $2,207,996. Insiders own 0.75% of the company’s stock.

Hedge Funds Weigh In On New Jersey Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cox Capital Mgt LLC increased its position in New Jersey Resources by 180.8% during the 1st quarter. Cox Capital Mgt LLC now owns 75,647 shares of the utilities provider’s stock worth $3,246,000 after purchasing an additional 48,703 shares during the period. Janney Montgomery Scott LLC grew its holdings in shares of New Jersey Resources by 20.2% in the 4th quarter. Janney Montgomery Scott LLC now owns 172,271 shares of the utilities provider’s stock worth $7,680,000 after acquiring an additional 28,953 shares during the period. Jackson Creek Investment Advisors LLC acquired a new stake in shares of New Jersey Resources in the 4th quarter worth approximately $935,000. Confluence Investment Management LLC acquired a new stake in shares of New Jersey Resources in the 1st quarter worth approximately $19,337,000. Finally, Vanguard Group Inc. grew its holdings in shares of New Jersey Resources by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 11,897,288 shares of the utilities provider’s stock worth $530,381,000 after acquiring an additional 332,420 shares during the period. 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.