In a report released yesterday, Gabe Moreen from Mizuho Securities maintained a Hold rating on New Jersey Resources (NJR – Research Report), with a price target of $51.00. The company’s shares opened today at $51.26.
Moreen covers the Industrial Goods sector, focusing on stocks such as Kinetik, Enterprise Products Partners, and Oneok. According to TipRanks, Moreen has an average return of 6.3% and a 69.92% success rate on recommended stocks.
New Jersey Resources has an analyst consensus of Moderate Sell, with a price target consensus of $47.67, which is a -7.00% downside from current levels. In a report released on April 24, Guggenheim also maintained a Hold rating on the stock with a $47.00 price target.
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Based on New Jersey Resources’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $723.57 million and a net profit of $532.26 million. In comparison, last year the company earned a revenue of $912.32 million and had a net profit of $721.35 million
Based on the recent corporate insider activity of 40 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NJR in relation to earlier this year.
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New Jersey Resources Corp. is a holding company. The firm provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. It operates through the following segments: New Jersey Natural Gas, NJR Clean Energy Ventures, NJR Energy Services, NJR Midstream, and NJR Home Services. The New Jersey Natural Gas segment provides regulated retail natural gas service to residential and commercial customers in central and northern New Jersey. The NJR Clean Energy Ventures segment invests in, owns and operates solar projects. The NJR Energy Services segment manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services in the U.S. and Canada. The NJR Midstream segment serves customers from local distributors and producers to electric generators and wholesale marketers. The NJR Home Services segment provides heating, ventilation and cooling service, sales and installation of appliances services to its customers, as well as solar installation projects, and is the primary contributor to home services. The company was founded in 1981 and is headquartered in Wall, NJ.
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