New Jersey Resources (NYSE:NJR) Sets New 52-Week Low – Here’s Why

New Jersey Resources Co. (NYSE:NJR)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $40.00 and last traded at $47.61, with a volume of 534 shares traded. The stock had previously closed at $48.03.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on NJR shares. JPMorgan Chase & Co. lowered their price objective on shares of New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, February 4th. Wells Fargo & Company upped their price objective on New Jersey Resources from $51.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 27th. Finally, Guggenheim increased their price objective on New Jersey Resources from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Four investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, New Jersey Resources currently has an average rating of “Moderate Buy” and a consensus price target of $51.75.

New Jersey Resources Stock Down 1.1 %

The firm’s fifty day simple moving average is $46.69 and its 200 day simple moving average is $46.96. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 1.29. The company has a market cap of $4.76 billion, a price-to-earnings ratio of 14.30 and a beta of 0.63.

New Jersey Resources (NYSE:NJR) last posted its earnings results on Monday, February 3rd. The utilities provider reported $1.29 EPS for the quarter, beating the consensus estimate of $1.14 by $0.15. New Jersey Resources had a return on equity of 15.72% and a net margin of 18.25%. During the same period last year, the firm earned $0.74 EPS. Sell-side analysts predict that New Jersey Resources Co. will post 3.15 earnings per share for the current year.

New Jersey Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 11th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 3.79%. The ex-dividend date of this dividend is Tuesday, March 11th. New Jersey Resources’s dividend payout ratio (DPR) is presently 54.22%.

Insider Activity at New Jersey Resources

In related news, COO Patrick J. Migliaccio sold 4,983 shares of the business’s stock in a transaction on 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 sale, the chief operating officer now directly owns 37,124 shares of the company’s stock, valued at $1,707,704. The trade was a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.72% of the stock is currently owned by corporate insiders.

Institutional Trading of New Jersey Resources

Hedge funds and other institutional investors have recently made changes to their positions in the company. Roxbury Financial LLC acquired a new stake in shares of New Jersey Resources in the 4th quarter valued at about $25,000. FSA Wealth Management LLC acquired a new stake in shares of New Jersey Resources in the third quarter valued at approximately $27,000. Versant Capital Management Inc grew its position in shares of New Jersey Resources by 9,400.0% during the fourth quarter. Versant Capital Management Inc now owns 665 shares of the utilities provider’s stock worth $31,000 after acquiring an additional 658 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of New Jersey Resources by 69.8% in the 4th quarter. UMB Bank n.a. now owns 839 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 345 shares during the period. Finally, Halbert Hargrove Global Advisors LLC acquired a new position in shares of New Jersey Resources in the 4th quarter valued at $42,000. 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.