New Jersey Resources (NYSE:NJR) Reaches New 1-Year High – Still a Buy?

New Jersey Resources Co. (NYSE:NJR)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $51.68 and last traded at $51.67, with a volume of 12123 shares changing hands. The stock had previously closed at $51.04.

Analyst Ratings Changes

NJR has been the topic of a number of research analyst reports. StockNews.com downgraded shares of New Jersey Resources from a “hold” rating to a “sell” rating in a research note on Tuesday. 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 report on Wednesday, October 16th. Mizuho increased their price target on New Jersey Resources from $45.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Guggenheim raised their target price on shares of New Jersey Resources from $46.00 to $49.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. increased their price objective on shares of New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $49.00.

New Jersey Resources Stock Performance

The firm has a fifty day simple moving average of $47.04 and a two-hundred day simple moving average of $45.38. The firm has a market cap of $5.03 billion, a price-to-earnings ratio of 17.37 and a beta of 0.59. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.60 and a quick ratio of 0.41.

New Jersey Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Wednesday, December 11th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 3.55%. The ex-dividend date is Wednesday, December 11th. New Jersey Resources’s dividend payout ratio (DPR) is currently 61.64%.

Institutional Trading of New Jersey Resources

Several hedge funds and other institutional investors have recently bought and sold shares of NJR. V Square Quantitative Management LLC purchased a new stake in New Jersey Resources during the third quarter worth $27,000. FSA Wealth Management LLC purchased a new stake in shares of New Jersey Resources during the 3rd quarter worth about $27,000. Neo Ivy Capital Management acquired a new stake in shares of New Jersey Resources during the 2nd quarter valued at about $31,000. GAMMA Investing LLC increased its stake in shares of New Jersey Resources by 119.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,214 shares of the utilities provider’s stock valued at $52,000 after purchasing an additional 661 shares in the last quarter. Finally, Van ECK Associates Corp acquired a new position in New Jersey Resources in the 3rd quarter worth about $52,000. 70.98% of the stock is owned by institutional investors and hedge funds.

About New Jersey Resources

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.