New Jersey Resources (NYSE:NJR) Upgraded at Guggenheim

Guggenheim upgraded shares of New Jersey Resources (NYSE:NJR) from a sell rating to a neutral rating in a report released on Thursday, BenzingaRatingsTable reports.

Separately, Zacks Investment Research downgraded GENEL ENERGY PL/ADR from a hold rating to a sell rating in a report on Thursday, July 4th.

NYSE NJR opened at $49.75 on Thursday. The firm has a market cap of $4.44 billion, a P/E ratio of 34.08, a PEG ratio of 3.55 and a beta of 0.37. The company has a current ratio of 1.04, a quick ratio of 0.91 and a debt-to-equity ratio of 0.75. New Jersey Resources has a 12 month low of $43.51 and a 12 month high of $51.83. The firm has a 50 day moving average of $49.33.

New Jersey Resources (NYSE:NJR) last released its quarterly earnings data on Friday, May 3rd. The utilities provider reported $1.27 EPS for the quarter, beating the consensus estimate of $1.19 by $0.08. The company had revenue of $866.26 million during the quarter, compared to the consensus estimate of $1.01 billion. New Jersey Resources had a return on equity of 8.73% and a net margin of 4.51%. The firm’s revenue for the quarter was down 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.62 EPS. As a group, equities analysts predict that New Jersey Resources will post 2 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 20th will be issued a dividend of $0.292 per share. This represents a $1.17 annualized dividend and a yield of 2.35%. The ex-dividend date is Thursday, September 19th. New Jersey Resources’s dividend payout ratio is 42.70%.

In other New Jersey Resources news, Director David A. Trice sold 12,000 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $49.74, for a total transaction of $596,880.00. Following the completion of the sale, the director now owns 11,585 shares of the company’s stock, valued at approximately $576,237.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.30% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Nvwm LLC acquired a new stake in New Jersey Resources during the 1st quarter valued at $28,000. CX Institutional acquired a new stake in New Jersey Resources during the 1st quarter valued at $32,000. Liberty Wealth Management LLC acquired a new stake in New Jersey Resources during the 4th quarter valued at $81,000. World Asset Management Inc acquired a new stake in New Jersey Resources during the 1st quarter valued at $206,000. Finally, Gateway Advisory LLC acquired a new stake in New Jersey Resources during the 1st quarter valued at $215,000. 66.11% of the stock is owned by institutional investors and hedge funds.

About New Jersey Resources

New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 538,700 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.

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