New Jersey Resources (NYSE:NJR) Reaches New 52-Week High – Time to Buy?

New Jersey Resources Co. (NYSE:NJR)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $51.68 and last traded at $51.67, with a volume of 12123 shares trading hands. The stock had previously closed at $51.04.

Wall Street Analyst Weigh In

NJR has been the topic of several analyst reports. StockNews.com upgraded shares of New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. boosted their target price on New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Wells Fargo & Company boosted their target price on New Jersey Resources from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Finally, Mizuho boosted their target price on New Jersey Resources from $45.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Four equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $49.00.

New Jersey Resources Stock Performance

The company has a quick ratio of 0.41, a current ratio of 0.60 and a debt-to-equity ratio of 1.30. The stock has a market cap of $5.13 billion, a price-to-earnings ratio of 21.36 and a beta of 0.59. The company’s 50-day simple moving average is $46.92 and its 200-day simple moving average is $45.29.

New Jersey Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 11th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 3.48%. The ex-dividend date of this dividend is Wednesday, December 11th. New Jersey Resources’s payout ratio is 75.31%.

Hedge Funds Weigh In On New Jersey Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in shares of New Jersey Resources by 39.9% during the 2nd quarter. AQR Capital Management LLC now owns 618,379 shares of the utilities provider’s stock valued at $26,430,000 after acquiring an additional 176,396 shares in the last quarter. Victory Capital Management Inc. lifted its position in 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 worth $16,581,000 after acquiring an additional 255,503 shares during the last quarter. Bank of New York Mellon Corp lifted its position in New Jersey Resources by 3.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,284,245 shares of the utilities provider’s stock worth $54,889,000 after acquiring an additional 40,094 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of New Jersey Resources by 10.1% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 155,658 shares of the utilities provider’s stock valued at $6,653,000 after buying an additional 14,338 shares during the last quarter. Finally, Quest Partners LLC raised its position in shares of New Jersey Resources by 302.0% during the third quarter. Quest Partners LLC now owns 39,369 shares of the utilities provider’s stock valued at $1,858,000 after buying an additional 29,575 shares during the last quarter. 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.