New Jersey Resources price target raised to $53 from $50 at Raymond James

Raymond James raised the firm’s price target on New Jersey Resources (NJR) to $53 from $50 and keeps an Outperform rating on the shares. The firm is constructive on New Jersey Resources’ ability to differentiate itself among steadier gas utilities through its core New Jersey Natural Gas utility, along with regulated midstream assets, and key unregulated businesses. While this business mix does have its doubters, the company has consistently performed well and runs a quality financial model, operating at a peer-leading 18%-20% FFO-to-debt ratio and regularly funding capex without material dilution, the analyst tells investors in a research note.