New Jersey Resources (NYSE:NJR) Given New $54.00 Price Target at Wells Fargo & Company

New Jersey Resources (NYSE:NJR) had its target price lifted by Wells Fargo & Company from $51.00 to $54.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the utilities provider’s stock.

Several other analysts have also commented on NJR. JPMorgan Chase & Co. lifted their price target on shares of New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Mizuho upped their price target on New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. StockNews.com downgraded New Jersey Resources from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Guggenheim upped their target price on shares of New Jersey Resources from $46.00 to $49.00 and gave the company a “neutral” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $49.75.

New Jersey Resources Price Performance

New Jersey Resources stock opened at $51.61 on Wednesday. The company has a current ratio of 0.60, a quick ratio of 0.41 and a debt-to-equity ratio of 1.30. The stock has a market cap of $5.12 billion, a P/E ratio of 17.67 and a beta of 0.59. The company has a 50-day moving average price of $47.12 and a 200 day moving average price of $45.42. New Jersey Resources has a 12-month low of $39.44 and a 12-month high of $51.94.

New Jersey Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.80 annualized dividend and a dividend yield of 3.49%. New Jersey Resources’s dividend payout ratio is presently 61.64%.

Hedge Funds Weigh In On New Jersey Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. FSA Wealth Management LLC purchased a new position in shares of New Jersey Resources in the third quarter valued at approximately $27,000. V Square Quantitative Management LLC acquired a new stake in New Jersey Resources during the 3rd quarter worth approximately $27,000. Neo Ivy Capital Management purchased a new position in New Jersey Resources in the 2nd quarter valued at approximately $31,000. Van ECK Associates Corp acquired a new position in shares of New Jersey Resources in the third quarter worth $52,000. Finally, Spirit of America Management Corp NY increased 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 acquiring an additional 700 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.