New Jersey Resources (NYSE:NJR) Stock Price Expected to Rise, Guggenheim Analyst Says

New Jersey Resources (NYSE:NJR) had its price objective hoisted by analysts at Guggenheim from $46.00 to $49.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the utilities provider’s stock. Guggenheim’s price target suggests a potential downside of 3.37% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. StockNews.com cut New Jersey Resources from a “hold” rating to a “sell” rating in a research note on Tuesday. Wells Fargo & Company increased their target price on New Jersey Resources from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Mizuho increased their target price on New Jersey Resources from $45.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Finally, JPMorgan Chase & Co. increased their target price on New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, New Jersey Resources presently has a consensus rating of “Hold” and an average target price of $49.00.

New Jersey Resources Trading Down 1.5 %

NYSE NJR opened at $50.71 on Wednesday. New Jersey Resources has a 12 month low of $39.44 and a 12 month high of $51.80. The stock has a market cap of $5.03 billion, a P/E ratio of 17.37 and a beta of 0.59. The stock’s fifty day moving average price is $47.04 and its 200-day moving average price is $45.38. The company has a current ratio of 0.60, a quick ratio of 0.41 and a debt-to-equity ratio of 1.30.

Institutional Investors Weigh In On New Jersey Resources

Several institutional investors have recently modified their holdings of NJR. AQR Capital Management LLC lifted its holdings in New Jersey Resources by 39.9% in the second quarter. AQR Capital Management LLC now owns 618,379 shares of the utilities provider’s stock valued at $26,430,000 after acquiring an additional 176,396 shares during the period. Victory Capital Management Inc. lifted its holdings in New Jersey Resources by 192.9% in the second quarter. Victory Capital Management Inc. now owns 387,950 shares of the utilities provider’s stock valued at $16,581,000 after acquiring an additional 255,503 shares during the period. Bank of New York Mellon Corp lifted its holdings in New Jersey Resources by 3.2% in the second quarter. Bank of New York Mellon Corp now owns 1,284,245 shares of the utilities provider’s stock valued at $54,889,000 after acquiring an additional 40,094 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in New Jersey Resources by 10.1% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 155,658 shares of the utilities provider’s stock valued at $6,653,000 after acquiring an additional 14,338 shares during the period. Finally, Quest Partners LLC lifted its holdings in New Jersey Resources by 302.0% in the third quarter. Quest Partners LLC now owns 39,369 shares of the utilities provider’s stock valued at $1,858,000 after acquiring an additional 29,575 shares during the period. 70.98% of the stock is owned by hedge funds and other institutional investors.

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.