Mizuho Raises New Jersey Resources (NYSE:NJR) Price Target to $47.00

New Jersey Resources (NYSE:NJR) had its price target raised by Mizuho from $45.00 to $47.00 in a report published on Friday, Benzinga reports. They currently have a neutral rating on the utilities provider’s stock.

Several other research firms have also issued reports on NJR. StockNews.com lowered shares of New Jersey Resources from a hold rating to a sell rating in a report on Saturday, September 14th. Argus raised shares of New Jersey Resources to a strong-buy rating in a research note on Monday, June 10th. Finally, JPMorgan Chase & Co. boosted their target price on shares of New Jersey Resources from $48.00 to $49.00 and gave the company a neutral rating in a report on Thursday, August 15th.

New Jersey Resources Stock Performance

NYSE NJR opened at $47.34 on Friday. The company has a market capitalization of $4.68 billion, a price-to-earnings ratio of 18.71 and a beta of 0.59. 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 has a twelve month low of $38.92 and a twelve month high of $48.68. The stock has a fifty day simple moving average of $46.08 and a 200 day simple moving average of $44.04.

New Jersey Resources (NYSE:NJR) last issued its quarterly earnings results on Tuesday, August 6th. The utilities provider reported ($0.09) earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $283.56 million. During the same period in the previous year, the company posted $0.10 EPS. The company’s quarterly revenue was up 4.4% on a year-over-year basis. Sell-side analysts expect that New Jersey Resources will post 2.95 EPS for the current year.

New Jersey Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 23rd will be paid a $0.45 dividend. The ex-dividend date is Monday, September 23rd. This is a positive change from New Jersey Resources’s previous quarterly dividend of $0.42. This represents a $1.80 annualized dividend and a yield of 3.80%. New Jersey Resources’s payout ratio is 71.15%.

Insider Transactions at New Jersey Resources

In related news, CEO Stephen D. Westhoven sold 3,400 shares of the business’s 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 owns 195,305 shares in the company, valued at approximately $8,788,725. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Stephen D. Westhoven sold 26,600 shares of the business’s stock in a transaction that occurred on 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Stephen D. Westhoven sold 3,400 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $45.00, for a total value of $153,000.00. Following the transaction, the chief executive officer now directly owns 195,305 shares in the company, valued at $8,788,725. The disclosure for this sale can be found here. Insiders own 0.75% of the company’s stock.

Institutional Trading of New Jersey Resources

Hedge funds have recently bought and sold shares of the business. Heritage Wealth Advisors bought a new position in shares of New Jersey Resources in the fourth quarter valued at $31,000. Neo Ivy Capital Management acquired a new position in New Jersey Resources during the 2nd quarter valued at about $31,000. GAMMA Investing LLC increased its holdings in 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 purchasing an additional 661 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of New Jersey Resources in the second quarter worth approximately $76,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of New Jersey Resources in the second quarter worth approximately $94,000. Institutional investors and hedge funds 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.