New Jersey Resources (NYSE:NJR) Reaches New 52-Week High – Time to Buy?

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

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Mizuho upped their target price on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Wells Fargo & Company upped their target price on shares of 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. StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. 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 equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, New Jersey Resources has a consensus rating of “Hold” and a consensus target price of $49.00.

New Jersey Resources Price Performance

The company has a debt-to-equity ratio of 1.30, a current ratio of 0.60 and a quick ratio of 0.41. The stock has a market capitalization of $5.13 billion, a P/E ratio of 21.36 and a beta of 0.59. The company’s 50 day simple moving average is $46.92 and its two-hundred day simple moving average is $45.29.

New Jersey Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 11th will be paid a dividend of $0.45 per share. The ex-dividend date is Wednesday, December 11th. This represents a $1.80 annualized dividend and a yield of 3.48%. New Jersey Resources’s dividend payout ratio is 75.31%.

Hedge Funds Weigh In On New Jersey Resources

A number of large investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC lifted its position in shares of New Jersey Resources by 3.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 8,840 shares of the utilities provider’s stock worth $378,000 after purchasing an additional 307 shares in the last quarter. Good Life Advisors LLC lifted its position in shares of New Jersey Resources by 1.0% during the third quarter. Good Life Advisors LLC now owns 34,316 shares of the utilities provider’s stock worth $1,620,000 after purchasing an additional 333 shares in the last quarter. Creative Planning lifted its position in shares of New Jersey Resources by 2.4% during the third quarter. Creative Planning now owns 20,514 shares of the utilities provider’s stock worth $968,000 after purchasing an additional 481 shares in the last quarter. Strategy Asset Managers LLC lifted its position in shares of New Jersey Resources by 6.1% during the third quarter. Strategy Asset Managers LLC now owns 8,592 shares of the utilities provider’s stock worth $406,000 after purchasing an additional 496 shares in the last quarter. Finally, Inspire Investing LLC lifted its position in shares of New Jersey Resources by 6.3% during the third quarter. Inspire Investing LLC now owns 8,698 shares of the utilities provider’s stock worth $411,000 after purchasing an additional 515 shares in the last quarter. 70.98% of the stock is currently 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.