New Jersey Resources (NYSE:NJR) Downgraded to Sell Rating by StockNews.com

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

A number of other equities research analysts also recently issued reports on NJR. Mizuho increased their price objective 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. JPMorgan Chase & Co. raised New Jersey Resources from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $52.00 to $54.00 in a research report on Thursday, December 12th. Guggenheim lifted their target price on shares of New Jersey Resources from $46.00 to $49.00 and gave the company a “neutral” rating in a report on Wednesday, November 27th. Finally, Wells Fargo & Company boosted their target price on shares of New Jersey Resources from $51.00 to $54.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $51.00.

New Jersey Resources Trading Down 2.4 %

Shares of New Jersey Resources stock traded down $1.11 on Friday, hitting $45.31. 499,938 shares of the company’s stock traded hands, compared to its average volume of 453,290. The company has a fifty day moving average of $47.86 and a two-hundred day moving average of $46.41. New Jersey Resources has a one year low of $39.44 and a one year high of $51.94. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.62 and a quick ratio of 0.36. The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of 15.52 and a beta of 0.64.

New Jersey Resources (NYSE:NJR) last released its earnings results on Monday, November 25th. The utilities provider reported $0.89 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.89. The company had revenue of $395.78 million during the quarter, compared to analyst estimates of $406.97 million. New Jersey Resources had a return on equity of 13.54% and a net margin of 16.13%. New Jersey Resources’s quarterly revenue was up 19.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.30 earnings per share. As a group, sell-side analysts expect that New Jersey Resources will post 3.1 earnings per share for the current year.

Insider Activity at New Jersey Resources

In other New Jersey Resources news, COO Patrick J. Migliaccio sold 4,983 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $46.00, for a total value of $229,218.00. Following the completion of the transaction, the chief operating officer now owns 37,124 shares in the company, valued at approximately $1,707,704. This represents a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.72% of the stock is currently owned by corporate insiders.

Institutional Trading of New Jersey Resources

Several hedge funds have recently made changes to their positions in the company. V Square Quantitative Management LLC acquired a new stake in shares of New Jersey Resources in the third quarter valued at about $27,000. FSA Wealth Management LLC purchased a new stake in New Jersey Resources in the third quarter valued at approximately $27,000. Versant Capital Management Inc grew its holdings in New Jersey Resources by 9,400.0% in the fourth quarter. Versant Capital Management Inc now owns 665 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 658 shares during the period. Van ECK Associates Corp acquired a new position in New Jersey Resources during the third quarter valued at approximately $52,000. Finally, Spirit of America Management Corp NY lifted its position in shares of 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 worth $57,000 after purchasing an additional 700 shares in the last quarter. Hedge funds and other institutional investors 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.