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

New Jersey Resources Co. (NYSE:NJR) shares reached a new 52-week high on Tuesday . The company traded as high as $48.76 and last traded at $48.74, with a volume of 305594 shares. The stock had previously closed at $48.45.

Wall Street Analysts Forecast Growth

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

New Jersey Resources Trading Up 0.6 %

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 firm has a market capitalization of $4.83 billion, a P/E ratio of 20.27 and a beta of 0.59. The firm has a 50-day moving average of $46.69 and a two-hundred day moving average of $45.15.

New Jersey Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 11th will be given a $0.45 dividend. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.80 annualized dividend and a yield of 3.69%. New Jersey Resources’s dividend payout ratio is presently 75.31%.

Hedge Funds Weigh In On New Jersey Resources

Several large investors have recently bought and sold shares of NJR. Victory Capital Management Inc. raised its position in shares of New Jersey Resources by 192.9% during the second 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. Energy Income Partners LLC raised its position in shares of New Jersey Resources by 54.9% during the first quarter. Energy Income Partners LLC now owns 537,636 shares of the utilities provider’s stock worth $23,070,000 after acquiring an additional 190,500 shares during the last quarter. Boston Partners raised its position in shares of New Jersey Resources by 65.5% during the first quarter. Boston Partners now owns 480,001 shares of the utilities provider’s stock worth $20,623,000 after acquiring an additional 190,028 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of New Jersey Resources during the third quarter worth about $8,590,000. Finally, AQR Capital Management LLC raised its position in shares of New Jersey Resources by 39.9% during the second quarter. AQR Capital Management LLC now owns 618,379 shares of the utilities provider’s stock worth $26,430,000 after acquiring an additional 176,396 shares during the last quarter. 70.98% of the stock is currently owned by 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.