New Jersey Resources (NYSE:NJR) Raised to Hold at StockNews.com

New Jersey Resources (NYSE:NJR) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.

A number of other equities research analysts also recently issued reports on the stock. Mizuho increased their target price on shares of New Jersey Resources from $45.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Wells Fargo & Company raised their price target on shares of New Jersey Resources from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. upped their target price 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. Four research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $49.00.

New Jersey Resources Price Performance

NJR traded up $0.44 on Friday, reaching $46.82. The company had a trading volume of 696,968 shares, compared to its average volume of 386,932. New Jersey Resources has a one year low of $39.44 and a one year high of $48.68. The company has a market capitalization of $4.64 billion, a P/E ratio of 19.59 and a beta of 0.59. The company has a fifty day moving average of $46.51 and a 200-day moving average of $44.95. The company has a current ratio of 0.60, a quick ratio of 0.41 and a debt-to-equity ratio of 1.30.

Hedge Funds Weigh In On New Jersey Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new position in New Jersey Resources in the third quarter worth $27,000. Neo Ivy Capital Management purchased a new stake in New Jersey Resources during the 2nd quarter valued at $31,000. GAMMA Investing LLC raised its holdings in shares of New Jersey Resources by 119.5% during 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 in the last quarter. Van ECK Associates Corp bought a new position in New Jersey Resources in the third quarter worth about $52,000. Finally, Spirit of America Management Corp NY lifted its position in New Jersey Resources by 140.0% during 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 buying an additional 700 shares during the period. Institutional investors and hedge funds own 70.98% of the company’s stock.

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.