New Jersey Resources (NYSE:NJR) Cut 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 report issued on Tuesday.

A number of other analysts have also weighed in on the company. Mizuho upped their target price on New Jersey Resources from $45.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. JPMorgan Chase & Co. increased their price objective on New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Finally, Wells Fargo & Company increased their price objective on New Jersey Resources from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, New Jersey Resources currently has a consensus rating of “Hold” and a consensus target price of $49.00.

New Jersey Resources Price Performance

NYSE:NJR traded down $0.24 on Tuesday, reaching $46.15. 315,417 shares of the company’s stock traded hands, compared to its average volume of 487,486. The firm has a market cap of $4.58 billion, a PE ratio of 19.31 and a beta of 0.59. The stock has a 50-day simple moving average of $46.48 and a 200-day simple moving average of $44.78. 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 12 month low of $39.44 and a 12 month high of $48.68.

New Jersey Resources (NYSE:NJR) last released its quarterly earnings results on Tuesday, August 6th. The utilities provider reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The company had revenue of $275.64 million during the quarter, compared to analysts’ expectations of $283.56 million. New Jersey Resources had a return on equity of 11.06% and a net margin of 13.61%. The company’s revenue was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.10 EPS. Equities research analysts forecast that New Jersey Resources will post 2.95 earnings per share for the current year.

Hedge Funds Weigh In On New Jersey Resources

Several institutional investors have recently modified their holdings of NJR. V Square Quantitative Management LLC purchased a new stake in shares of New Jersey Resources during the 3rd quarter worth $27,000. Neo Ivy Capital Management purchased a new stake in New Jersey Resources in the second quarter valued at $31,000. Van ECK Associates Corp purchased a new stake in New Jersey Resources in the third quarter valued at $52,000. Spirit of America Management Corp NY lifted its position in New Jersey Resources by 140.0% in the third quarter. Spirit of America Management Corp NY now owns 1,200 shares of the utilities provider’s stock valued at $57,000 after acquiring an additional 700 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in New Jersey Resources by 119.5% in the second quarter. GAMMA Investing LLC now owns 1,214 shares of the utilities provider’s stock valued at $52,000 after acquiring an additional 661 shares during the last quarter. 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.