New Jersey Resources Co. (NYSE:NJR) Expected to Post Quarterly Sales of $443.89 Million
Analysts expect New Jersey Resources Co. (NYSE:NJR) to report revenue of $443.89 million for the current quarter, Zacks Investment Research reports. Two analysts provided earnings estimates for New Jersey Resources, with the highest sales estimate of $466.00 million and the lowest estimate of $421.77 million. New Jersey Resources reported sales of $454.31 million in the same quarter last year, which would indicate a negative 2.3% year-over-year growth rate. The company is expected to release its next quarterly results before the market opens on Thursday, February 3.
On average, analysts expect New Jersey Resources to report annual sales of $2.10 billion for the current year, with estimates ranging from $2.02 billion to $2.18 billion. . For the next fiscal year, analysts expect the company to record sales of $2.14 billion, with estimates ranging from $2.07 billion to $2.22 billion. Zacks sell averages are an average average based on a survey of sell-side analysts who track New Jersey Resources.
New Jersey Resources (NYSE:NJR) last released its results on Thursday, February 3. The utility provider reported earnings per share (EPS) of $0.69 for the quarter, beating Thomson Reuters consensus estimate of $0.68 by $0.01. The company posted revenue of $675.80 million in the quarter, compared to analyst estimates of $537.66 million. New Jersey Resources had a return on equity of 12.16% and a net margin of 5.47%. New Jersey Resources’ revenue for the quarter increased 48.8% year over year. In the same quarter of the previous year, the company had earned earnings per share of $0.46.
A number of analysts have weighed in on the company recently. Mizuho downgraded New Jersey Resources from a “buy” rating to a “neutral” rating and set a price target of $42.00 for the company. in a research note from Wednesday, January 5. Zacks Investment Research upgraded New Jersey Resources from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a Friday, Jan. 7 research note. One equity research analyst gave the stock a sell rating, two gave the company a hold rating and two gave the company a buy rating. According to data from MarketBeat, New Jersey Resources currently has an average rating of “Hold” and a consensus price target of $42.00.
In related news, CFO Patrick J. Migliaccio sold 4,000 shares of New Jersey Resources in a trade dated Tuesday, November 23. The stock was sold at an average price of $39.02, for a total value of $156,080.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. 0.68% of the shares are held by insiders of the company.
A number of hedge funds and other institutional investors have recently increased or reduced their stakes in the stock. State of Michigan Retirement System increased its position in New Jersey Resources by 1.2% in the fourth quarter. State of Michigan Retirement System now owns 24,449 shares of the utility provider worth $1,004,000 after buying 300 additional shares in the last quarter. Signaturefd LLC increased its position in New Jersey Resources by 75.4% in the third quarter. Signaturefd LLC now owns 735 shares of the utility provider worth $26,000 after buying 316 additional shares in the last quarter. AE Wealth Management LLC increased its position in New Jersey Resources by 5.0% in the third quarter. AE Wealth Management LLC now owns 6,684 shares of the utility provider worth $233,000 after buying 320 additional shares in the last quarter. Steward Partners Investment Advisory LLC increased its position in New Jersey Resources by 2.0% in the second quarter. Steward Partners Investment Advisory LLC now owns 19,421 shares of the utility provider worth $768,000 after buying 375 additional shares in the last quarter. Finally, PDT Partners LLC increased its position in New Jersey Resources by 0.6% in the second quarter. PDT Partners LLC now owns 71,700 shares of the utility provider worth $2,837,000 after buying an additional 400 shares in the last quarter. Institutional investors hold 68.76% of the company’s shares.
NYSE:NJR opened at $40.23 on Friday. The company has a market capitalization of $3.86 billion, a PE ratio of 32.98, a growth price-earnings ratio of 2.48 and a beta of 0.60. New Jersey Resources has a fifty-two week low of $34.41 and a fifty-two week high of $44.41. The company has a debt ratio of 1.33, a quick ratio of 0.40 and a current ratio of 0.60. The company has a 50-day moving average price of $39.55 and a 200-day moving average price of $38.41.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 1. Shareholders of record on Wednesday, March 16 will receive a dividend of $0.363 per share. The ex-dividend date is Tuesday, March 15. This represents an annualized dividend of $1.45 and a dividend yield of 3.61%. New Jersey Resources’ payout ratio is currently 118.85%.
About New Jersey Resources
New Jersey Resources Corp. is a holding company. The company provides safe and reliable natural gas and clean energy services, including transmission, distribution, asset management and home services. It operates through the following segments: natural gas distribution, clean energy companies, energy services, and storage and transportation.
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