SSgA Funds Management, Inc. recently announced the acquisition of new stake in New Jersey Resources Corporation (NYSE:NJR). The institutional investor has increased its shareholding in the Utilities company by 4.47% to 10.66 million shares with purchase of 0.46 million shares. This fresh investment now brings its stake to 11.08% valued currently at $475.95 million. In addition, Wellington Management Co. LLP raised its holdings by 0.21 million to 2.9 million shares. And Dimensional Fund Advisors LP has lifted its position by 0.66% or 18463.0 shares – to 2.83 million shares.
With over 4.54 million New Jersey Resources Corporation (NJR) shares trading Tuesday and a closing price of $49.89 on the day, the dollar volume was approximately $226.41 million. The shares have shown a positive half year performance of 8.39% and its price on 11/22/22 gained nearly 1.96%. Currently, there are 96.15M common shares owned by the public and among those 95.75M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for NJR have a consensus price objective of $45.83. The analysts have set the share’s price value over the next 12 months at a high of $59.00 and a low of $40.00. The average price target is -6.81% below its recent price level and a downside to the estimated low will see the stock lose -24.73% over that period. But an upside of 15.44% will see the stock hit the forecast high price target while median target price for the stock is $45.00.
Insiders at the company have transacted a total of 32 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 11 of these insider trades were purchases, accounting for 43,725 shares. Insider sales of the common stock occurred on 21 occasions, with total insider shares sold totaling 27,158 shares.
The top 3 mutual fund holders in New Jersey Resources Corporation are SPDR S&P Dividend ETF, Vanguard Total Stock Market Index, and iShares Core S&P Mid Cap ETF. SPDR S&P Dividend ETF owns 4.38 million shares of the company’s stock, all valued at over $195.51 million. The company bought an additional 1199.0 shares recently to bring their total holdings to about 4.55% of the shares outstanding. Vanguard Total Stock Market Index bought 27342.0 shares to see its total holdings expand to 2.9 million shares valued at over $129.6 million and representing 3.02% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 1124.0 shares to bring its total holdings to over 2.89 million shares at a value of $129.09 million. iShares Core S&P Mid Cap ETF now owns shares totaling to 3.01% of the shares outstanding.
Shares of New Jersey Resources Corporation (NYSE: NJR) opened at $49.01, up $0.08 from a prior closing price of $48.93. However, the script later moved the day high at 49.92, up 1.96%. The company’s stock has a 5-day price change of 10.60% and 9.67% over the past three months. NJR shares are trading 21.51% year to date (YTD), with the 12-month market performance up to 27.89% higher. It has a 12-month low price of $36.77 and touched a high of $49.26 over the same period. NJR has an average intraday trading volume of 507.34K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 11.04%, 16.21%, and 13.16% respectively.
Institutional ownership of New Jersey Resources Corporation (NYSE: NJR) shares accounts for 77.90% of the company’s 96.15M shares outstanding. Mutual fund holders own 26.45%, while other institutional holders and individual stakeholders account for 50.32% and 2.24% respectively.
It has a market capitalization of $4.56B and a beta (3y monthly) value of 0.64. The stock’s trailing 12-month PE ratio is 21.94, while the earnings-per-share (ttm) stands at $2.27. The company has a PEG of 3.66 and a Quick Ratio of 0.50 with the debt-to-equity ratio at 1.65. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.24% over the week and 2.71% over the month.
Analysts forecast that New Jersey Resources Corporation (NJR) will achieve an EPS of $0.43 for the current quarter, $0.87 for the next quarter and $2.46 for 2023. The lowest estimate earnings-per-share for the quarter is $0.29 while analysts give the company a high EPS estimate of $0.47. Comparatively, EPS for the current quarter was $0.07 a year ago. Earnings per share for the fiscal year are expected to decrease by -28.80%, and 10.05% over the next financial year. EPS should grow at an annualized rate of 6.00% over the next five years, compared to -4.30% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate New Jersey Resources Corporation (NJR) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 3 of the 8 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the NJR, a number of firms have released research notes about the stock. JP Morgan stated their Underweight rating for the stock in a research note on September 09, 2022, with the firm’s price target at $47-$46. Mizuho coverage for the New Jersey Resources Corporation (NJR) stock in a research note released on January 05, 2022 offered a Neutral rating with a price target of $42. BofA Securities was of a view on June 25, 2021 that the stock is Underperform, while JP Morgan gave the stock Neutral rating on May 03, 2021, issuing a price target of $43. Siebert Williams Shank on their part issued Buy rating on January 19, 2021.