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

New Jersey Resources (NYSE:NJR) had its target price hoisted by investment analysts at Guggenheim from $46.00 to $49.00 in a note issued to investors 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 research analysts also recently issued research reports about the company. Mizuho raised their price objective 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. JPMorgan Chase & Co. raised their price objective 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. Wells Fargo & Company lifted their target price on New Jersey Resources from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Finally, StockNews.com downgraded New Jersey Resources from a “hold” rating to a “sell” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $49.00.

New Jersey Resources Stock Down 1.5 %

NYSE NJR opened at $50.71 on Wednesday. The stock’s 50-day moving average price is $47.04 and its 200-day moving average price is $45.38. 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 52 week low of $39.44 and a 52 week high of $51.80. The company has a market capitalization of $5.03 billion, a P/E ratio of 17.37 and a beta of 0.59.

Institutional Trading of New Jersey Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in NJR. Price T Rowe Associates Inc. MD grew its holdings in New Jersey Resources by 11.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 60,608 shares of the utilities provider’s stock valued at $2,601,000 after buying an additional 6,039 shares in the last quarter. Cetera Advisors LLC purchased a new position in New Jersey Resources during the 1st quarter valued at approximately $312,000. Boston Partners grew its holdings in New Jersey Resources by 65.5% during the 1st quarter. Boston Partners now owns 480,001 shares of the utilities provider’s stock valued at $20,623,000 after buying an additional 190,028 shares in the last quarter. Confluence Investment Management LLC grew its holdings in New Jersey Resources by 1.7% during the 2nd quarter. Confluence Investment Management LLC now owns 458,483 shares of the utilities provider’s stock valued at $19,596,000 after buying an additional 7,836 shares in the last quarter. Finally, GAMMA Investing LLC grew 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 valued at $52,000 after buying an additional 661 shares in the last quarter. Institutional investors 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.