New Jersey Resources (NYSE:NJR) Lowered to Sell at StockNews.com

New Jersey Resources (NYSE:NJR) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.

A number of other analysts have also recently weighed in on the stock. Argus raised shares of New Jersey Resources to a “strong-buy” rating in a report on Monday, June 10th. JPMorgan Chase & Co. raised their price target on shares of New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th.

New Jersey Resources Stock Performance

NJR stock traded up $0.08 during midday trading on Thursday, reaching $46.40. The company had a trading volume of 317,002 shares, compared to its average volume of 501,305. The firm has a market capitalization of $4.59 billion, a PE ratio of 18.34 and a beta of 0.60. The stock has a 50 day moving average price of $45.06 and a 200 day moving average price of $43.57. New Jersey Resources has a fifty-two week low of $38.92 and a fifty-two week high of $47.37. The company has a quick ratio of 0.41, a current ratio of 0.60 and a debt-to-equity ratio of 1.30.

New Jersey Resources (NYSE:NJR) last released its quarterly earnings data 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). New Jersey Resources had a net margin of 13.61% and a return on equity of 11.06%. The company had revenue of $275.64 million for the quarter, compared to analyst estimates of $283.56 million. During the same quarter in the prior year, the firm earned $0.10 EPS. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. Analysts anticipate that New Jersey Resources will post 2.95 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Stephen D. Westhoven sold 26,600 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Stephen D. Westhoven sold 3,400 shares of the firm’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $45.00, for a total transaction of $153,000.00. Following the completion of the transaction, the chief executive officer now owns 195,305 shares of the company’s stock, valued at $8,788,725. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $1,198,596.00. Following the completion of the sale, the chief executive officer now owns 168,705 shares in the company, valued at $7,601,847.30. The disclosure for this sale can be found here. Insiders sold 30,000 shares of company stock valued at $1,351,596 over the last 90 days. 0.75% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On New Jersey Resources

Several hedge funds have recently made changes to their positions in NJR. Heritage Wealth Advisors acquired a new stake in New Jersey Resources during the fourth quarter valued at approximately $31,000. Neo Ivy Capital Management acquired a new stake in shares of New Jersey Resources during the 2nd quarter valued at $31,000. GAMMA Investing LLC boosted its stake in shares of New Jersey Resources by 119.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,214 shares of the utilities provider’s stock worth $52,000 after acquiring an additional 661 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of New Jersey Resources in the 2nd quarter worth $76,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of New Jersey Resources in the 2nd quarter worth $94,000. 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.