Janney Montgomery Scott Starts New Jersey Resources (NJR) at Buy
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Janney Montgomery Scott initaites coverage on New Jersey Resources Corp. (NYSE: NJR) with a Buy rating and $44 fair value target.
The firm commented, "the company boasts a long history of consistent earnings growth and annual dividend increases unmatched within the natural gas group. Additionally, we view the New Jersey regulatory environment more favorably than in recent years. Recent efforts as part of the state's Energy Master Plan allow the company to accelerate utility infrastructure spending and earn an immediate return on this investment. We view New Jersey Resources as one of the better-managed and financially stronger companies within the natural gas sector and believe it should be a core holding in utility portfolios."
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