Wall Street Zen Upgrades NewJersey Resources (NYSE:NJR) to “Hold”

NewJersey Resources (NYSE:NJR) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Sunday, Wall Street Zen reports.

Several other equities research analysts also recently commented on the company. JPMorgan Chase & Co. reduced their price objective on NewJersey Resources from $64.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, September 11th. Wells Fargo & Company cut shares of NewJersey Resources from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $63.00 to $61.00 in a research note on Wednesday, August 5th. New Street Research set a $68.00 price target on shares of NewJersey Resources in a research note on Monday, September 14th. Weiss Ratings cut shares of NewJersey Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, August 6th. Finally, Huntington initiated coverage on shares of NewJersey Resources in a research report on Monday, September 14th. They set an “outperform” rating and a $68.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $61.50.

NewJersey Resources Trading Down 0.7%

NYSE:NJR opened at $52.96 on Friday. The stock has a market cap of $5.37 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 2.96 and a beta of 0.50. The company has a quick ratio of 0.45, a current ratio of 0.66 and a debt-to-equity ratio of 1.21. The company’s 50 day moving average price is $55.58 and its 200-day moving average price is $55.69. NewJersey Resources has a 52 week low of $43.46 and a 52 week high of $60.86.

NewJersey Resources (NYSE:NJR) last announced its quarterly earnings data on Monday, August 3rd. The utilities provider reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. NewJersey Resources had a net margin of 16.42% and a return on equity of 14.46%. The company had revenue of $349.18 million during the quarter, compared to analyst estimates of $342.13 million. During the same period in the previous year, the business earned ($0.15) EPS. The firm’s revenue for the quarter was up 16.8% on a year-over-year basis. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. On average, equities research analysts forecast that NewJersey Resources will post 3.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Patrick Migliaccio sold 3,000 shares of NewJersey Resources stock in a transaction on Friday, August 14th. The stock was sold at an average price of $55.63, for a total transaction of $166,890.00. Following the transaction, the chief operating officer directly owned 32,202 shares in the company, valued at approximately $1,791,397.26. The trade was a 8.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NJR. Sequoia Financial Advisors LLC increased its stake in shares of NewJersey Resources by 13.9% in the second quarter. Sequoia Financial Advisors LLC now owns 7,640 shares of the utilities provider’s stock worth $428,000 after purchasing an additional 932 shares in the last quarter. NewEdge Advisors LLC lifted its stake in shares of NewJersey Resources by 118.4% during the 2nd quarter. NewEdge Advisors LLC now owns 8,085 shares of the utilities provider’s stock valued at $453,000 after buying an additional 4,383 shares in the last quarter. Allworth Financial LP lifted its stake in shares of NewJersey Resources by 7.9% during the 2nd quarter. Allworth Financial LP now owns 14,805 shares of the utilities provider’s stock valued at $830,000 after buying an additional 1,081 shares in the last quarter. Nykredit A S bought a new position in NewJersey Resources in the 2nd quarter worth $119,000. Finally, Allianz Asset Management GmbH boosted its holdings in NewJersey Resources by 23.1% in the 2nd quarter. Allianz Asset Management GmbH now owns 199,226 shares of the utilities provider’s stock worth $11,165,000 after buying an additional 37,408 shares during the period. Institutional investors own 70.98% of the company’s stock.

About NewJersey Resources

New Jersey Resources Corporation (NYSE: NJR) is an energy services holding company based in Wall, New Jersey. Through its subsidiaries, the company provides regulated natural gas distribution, energy management, wholesale energy services, renewable energy development, and natural gas storage and transportation solutions.

Its principal subsidiary, New Jersey Natural Gas, operates a regulated natural gas utility serving residential, commercial, and industrial customers in central and northern New Jersey.