Equities analysts expect New Jersey Resources Corp (NYSE:NJR) to post $747.85 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for New Jersey Resources’ earnings, with the highest sales estimate coming in at $761.70 million and the lowest estimate coming in at $734.00 million. New Jersey Resources posted sales of $733.55 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 1.9%. The business is scheduled to report its next earnings results on Friday, May 4th.
According to Zacks, analysts expect that New Jersey Resources will report full year sales of $747.85 million for the current financial year, with estimates ranging from $2.27 billion to $2.58 billion. For the next financial year, analysts expect that the company will post sales of $2.45 billion per share, with estimates ranging from $2.33 billion to $2.54 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for New Jersey Resources.
New Jersey Resources (NYSE:NJR) last issued its earnings results on Thursday, February 8th. The utilities provider reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.97. The business had revenue of $705.31 million for the quarter, compared to analyst estimates of $564.47 million. New Jersey Resources had a net margin of 9.08% and a return on equity of 18.96%. The company’s revenue for the quarter was up 30.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.47 EPS.
A number of research analysts recently issued reports on the stock. TheStreet upgraded shares of New Jersey Resources from a “c+” rating to a “b+” rating in a report on Monday, March 12th. ValuEngine upgraded shares of New Jersey Resources from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Bank of America restated a “neutral” rating on shares of New Jersey Resources in a report on Tuesday, February 27th. Guggenheim restated a “buy” rating and set a $42.00 price objective on shares of New Jersey Resources in a report on Friday, February 23rd. Finally, Zacks Investment Research raised shares of New Jersey Resources from a “hold” rating to a “strong-buy” rating and set a $44.00 price target on the stock in a research note on Tuesday, February 13th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $43.25.
In other New Jersey Resources news, VP Patrick J. Migliaccio sold 2,618 shares of New Jersey Resources stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $37.90, for a total value of $99,222.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.50% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. BlackRock Inc. grew its holdings in New Jersey Resources by 1.4% during the 4th quarter. BlackRock Inc. now owns 11,659,855 shares of the utilities provider’s stock valued at $468,727,000 after buying an additional 157,140 shares in the last quarter. Millennium Management LLC raised its stake in shares of New Jersey Resources by 68.4% in the fourth quarter. Millennium Management LLC now owns 1,143,427 shares of the utilities provider’s stock worth $45,966,000 after buying an additional 464,501 shares during the period. Geode Capital Management LLC raised its stake in shares of New Jersey Resources by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 704,091 shares of the utilities provider’s stock worth $28,304,000 after buying an additional 4,296 shares during the period. First Trust Advisors LP raised its stake in shares of New Jersey Resources by 21.8% in the fourth quarter. First Trust Advisors LP now owns 613,451 shares of the utilities provider’s stock worth $24,661,000 after buying an additional 109,597 shares during the period. Finally, Victory Capital Management Inc. raised its stake in shares of New Jersey Resources by 2.4% in the fourth quarter. Victory Capital Management Inc. now owns 612,930 shares of the utilities provider’s stock worth $24,640,000 after buying an additional 14,406 shares during the period. 64.13% of the stock is currently owned by institutional investors and hedge funds.
NYSE NJR traded up $0.10 during trading on Friday, reaching $40.70. 23,795 shares of the stock traded hands, compared to its average volume of 683,624. The stock has a market cap of $3,556.35, a P/E ratio of 23.50, a P/E/G ratio of 2.60 and a beta of 0.31. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 0.83. New Jersey Resources has a fifty-two week low of $35.55 and a fifty-two week high of $45.45.
The business also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th were paid a $0.2725 dividend. This represents a $1.09 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date was Wednesday, March 14th. New Jersey Resources’s payout ratio is currently 63.01%.
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About New Jersey Resources
New Jersey Resources Corporation is an energy services holding company. The Company’s business is the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. It operates in four business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream.
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