New Jersey Resources (NYSE:NJR – Get Rating) posted its quarterly earnings data on Thursday. The utilities provider reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.10), Briefing.com reports. New Jersey Resources had a net margin of 8.20% and a return on equity of 11.63%. The business had revenue of $552.34 million during the quarter, compared to analysts’ expectations of $418.65 million. During the same period in the previous year, the business posted ($0.15) EPS. The company’s revenue for the quarter was up 50.3% compared to the same quarter last year. New Jersey Resources updated its FY22 guidance to $2.40-2.50 EPS and its FY 2022 guidance to $2.40-$2.50 EPS.
New Jersey Resources Stock Performance
NYSE NJR traded down $1.07 during trading hours on Friday, hitting $44.69. The company had a trading volume of 391,057 shares, compared to its average volume of 343,262. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.53 and a current ratio of 0.63. New Jersey Resources has a 1-year low of $34.41 and a 1-year high of $47.50. The company has a market cap of $4.30 billion, a PE ratio of 19.52, a price-to-earnings-growth ratio of 3.11 and a beta of 0.53. The business has a 50 day moving average of $44.43 and a 200-day moving average of $43.77.
New Jersey Resources Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Monday, September 26th will be paid a $0.3625 dividend. The ex-dividend date is Friday, September 23rd. This represents a $1.45 annualized dividend and a yield of 3.24%. New Jersey Resources’s dividend payout ratio is presently 63.32%.
Wall Street Analysts Forecast Growth
Insider Buying and Selling at New Jersey Resources
In other New Jersey Resources news, COO Patrick J. Migliaccio sold 2,690 shares of the company’s stock in a transaction on Thursday, May 19th. The shares were sold at an average price of $45.25, for a total value of $121,722.50. Following the completion of the transaction, the chief operating officer now owns 36,016 shares in the company, valued at $1,629,724. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.68% of the stock is currently owned by insiders.
Institutional Investors Weigh In On New Jersey Resources
Several hedge funds have recently made changes to their positions in the business. American Century Companies Inc. raised its holdings in New Jersey Resources by 172.2% during the first quarter. American Century Companies Inc. now owns 14,056 shares of the utilities provider’s stock worth $645,000 after purchasing an additional 8,893 shares in the last quarter. Bank of Montreal Can raised its holdings in New Jersey Resources by 3.3% during the first quarter. Bank of Montreal Can now owns 52,212 shares of the utilities provider’s stock worth $2,421,000 after purchasing an additional 1,664 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in New Jersey Resources by 10.1% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 35,205 shares of the utilities provider’s stock worth $1,615,000 after purchasing an additional 3,233 shares in the last quarter. APG Asset Management N.V. purchased a new position in New Jersey Resources during the first quarter worth about $2,081,000. Finally, Great West Life Assurance Co. Can raised its holdings in New Jersey Resources by 12.7% during the first quarter. Great West Life Assurance Co. Can now owns 114,869 shares of the utilities provider’s stock worth $5,510,000 after purchasing an additional 12,945 shares in the last quarter. Institutional investors and hedge funds own 72.01% of the company’s stock.
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 Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 564,000 residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.
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