New Jersey Resources (NYSE:NJR) Rating Lowered to Sell at StockNews.com

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

A number of other equities analysts have also recently issued reports on NJR. Mizuho lifted 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. JPMorgan Chase & Co. lifted their price objective on New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Finally, Wells Fargo & Company increased their target price on New Jersey Resources from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $49.00.

New Jersey Resources Price Performance

Shares of NJR traded down $0.79 on Tuesday, reaching $50.71. The stock had a trading volume of 594,272 shares, compared to its average volume of 489,302. New Jersey Resources has a twelve month low of $39.44 and a twelve month high of $51.80. The firm has a market capitalization of $5.03 billion, a PE ratio of 21.22 and a beta of 0.59. The firm has a 50-day moving average of $47.04 and a 200 day moving average of $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.

Institutional Investors Weigh In On New Jersey Resources

A number of institutional investors have recently bought and sold shares of NJR. Victory Capital Management Inc. grew its stake in shares of New Jersey Resources by 192.9% during the 2nd quarter. Victory Capital Management Inc. now owns 387,950 shares of the utilities provider’s stock valued at $16,581,000 after buying an additional 255,503 shares during the period. Boston Partners increased its position in New Jersey Resources by 65.5% during the 1st quarter. Boston Partners now owns 480,001 shares of the utilities provider’s stock worth $20,623,000 after purchasing an additional 190,028 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in New Jersey Resources in the third quarter valued at approximately $8,590,000. AQR Capital Management LLC lifted its position in New Jersey Resources by 39.9% during the second quarter. AQR Capital Management LLC now owns 618,379 shares of the utilities provider’s stock valued at $26,430,000 after buying an additional 176,396 shares in the last quarter. Finally, Benjamin Edwards Inc. grew its stake in New Jersey Resources by 8,995.5% during the third quarter. Benjamin Edwards Inc. now owns 157,079 shares of the utilities provider’s stock worth $7,414,000 after buying an additional 155,352 shares during the period. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

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.