Brokerages expect New Jersey Resources Corp (NYSE:NJR) to report sales of $1.01 billion for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for New Jersey Resources’ earnings, with estimates ranging from $971.00 million to $1.05 billion. New Jersey Resources posted sales of $1.02 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 1%. The firm is scheduled to issue its next quarterly earnings report on Friday, May 3rd.
On average, analysts expect that New Jersey Resources will report full-year sales of $2.80 billion for the current year, with estimates ranging from $2.23 billion to $3.11 billion. For the next financial year, analysts forecast that the company will report sales of $2.94 billion, with estimates ranging from $2.40 billion to $3.24 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for New Jersey Resources.
Get New Jersey Resources alerts:New Jersey Resources (NYSE:NJR) last issued its quarterly earnings results on Wednesday, February 6th. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.08). New Jersey Resources had a net margin of 6.49% and a return on equity of 10.92%. The business had revenue of $811.77 million for the quarter, compared to analysts’ expectations of $712.00 million. During the same period last year, the business earned $1.56 earnings per share. The company’s revenue was up 15.1% on a year-over-year basis.
Several brokerages have issued reports on NJR. Zacks Investment Research raised shares of New Jersey Resources from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a report on Tuesday, January 22nd. Guggenheim cut shares of New Jersey Resources from a “neutral” rating to a “sell” rating in a report on Monday, January 7th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $50.00.
In other New Jersey Resources news, Director M William Howard, Jr. sold 1,000 shares of New Jersey Resources stock in a transaction dated Friday, January 11th. The shares were sold at an average price of $44.63, for a total value of $44,630.00. Following the completion of the transaction, the director now directly owns 18,713 shares of the company’s stock, valued at $835,161.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.30% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the company. Doyle Wealth Management bought a new stake in shares of New Jersey Resources in the fourth quarter worth approximately $145,000. Tower Research Capital LLC TRC grew its stake in shares of New Jersey Resources by 286.1% in the third quarter. Tower Research Capital LLC TRC now owns 3,780 shares of the utilities provider’s stock worth $174,000 after acquiring an additional 2,801 shares during the period. Bruderman Asset Management LLC grew its stake in shares of New Jersey Resources by 55.5% in the fourth quarter. Bruderman Asset Management LLC now owns 4,861 shares of the utilities provider’s stock worth $222,000 after acquiring an additional 1,735 shares during the period. Jefferies Group LLC bought a new stake in shares of New Jersey Resources in the third quarter worth approximately $225,000. Finally, Gotham Asset Management LLC bought a new stake in shares of New Jersey Resources in the fourth quarter worth approximately $224,000. Hedge funds and other institutional investors own 66.75% of the company’s stock.
NYSE NJR traded up $0.34 during trading hours on Friday, reaching $49.45. 339,600 shares of the company’s stock traded hands, compared to its average volume of 480,343. New Jersey Resources has a 52-week low of $38.05 and a 52-week high of $51.83. The stock has a market cap of $4.32 billion, a P/E ratio of 18.05, a price-to-earnings-growth ratio of 3.47 and a beta of 0.32. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.05 and a quick ratio of 0.79.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be issued a $0.2925 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $1.17 annualized dividend and a yield of 2.37%. New Jersey Resources’s dividend payout ratio (DPR) is presently 42.70%.
New Jersey Resources Company Profile
New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 538,700 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.
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