Brokerages forecast that New Jersey Resources Corp (NYSE:NJR) will announce ($0.42) earnings per share (EPS) for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for New Jersey Resources’ earnings, with estimates ranging from ($0.45) to ($0.40). New Jersey Resources posted earnings per share of ($0.14) in the same quarter last year, which would suggest a negative year over year growth rate of 200%. The company is scheduled to issue its next earnings report on Tuesday, November 20th.
According to Zacks, analysts expect that New Jersey Resources will report full year earnings of $2.65 per share for the current financial year, with EPS estimates ranging from $2.63 to $2.67. For the next fiscal year, analysts forecast that the business will post earnings of $2.01 per share, with EPS estimates ranging from $1.95 to $2.13. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that cover New Jersey Resources.
New Jersey Resources (NYSE:NJR) last released its quarterly earnings results on Tuesday, August 7th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.11). New Jersey Resources had a net margin of 7.60% and a return on equity of 18.68%. The company had revenue of $543.44 million during the quarter, compared to analyst estimates of $496.70 million. During the same period in the prior year, the business posted $0.20 EPS.
A number of equities research analysts recently issued reports on the stock. Zacks Investment Research raised shares of New Jersey Resources from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Wednesday, May 9th. ValuEngine raised shares of New Jersey Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, May 9th. Argus lifted their price target on shares of New Jersey Resources from $45.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, May 30th. Finally, Bank of America cut shares of New Jersey Resources from a “neutral” rating to an “underperform” rating in a research note on Tuesday, June 5th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $45.25.
Institutional investors and hedge funds have recently made changes to their positions in the business. Sei Investments Co. boosted its stake in New Jersey Resources by 115.2% during the 1st quarter. Sei Investments Co. now owns 3,282 shares of the utilities provider’s stock worth $132,000 after purchasing an additional 1,757 shares during the last quarter. Bruderman Asset Management LLC acquired a new stake in New Jersey Resources during the 1st quarter worth $173,000. Deroy & Devereaux Private Investment Counsel Inc. acquired a new stake in New Jersey Resources during the 2nd quarter worth $206,000. Tower Bridge Advisors acquired a new stake in New Jersey Resources during the 2nd quarter worth $206,000. Finally, Summit Trail Advisors LLC boosted its stake in New Jersey Resources by 4,265.0% during the 1st quarter. Summit Trail Advisors LLC now owns 225,059 shares of the utilities provider’s stock worth $225,000 after purchasing an additional 219,903 shares during the last quarter. 66.37% of the stock is currently owned by institutional investors.
New Jersey Resources stock traded down $0.35 during trading on Monday, reaching $46.60. The company had a trading volume of 214,254 shares, compared to its average volume of 549,423. New Jersey Resources has a 1-year low of $35.55 and a 1-year high of $47.60. The stock has a market capitalization of $4.02 billion, a P/E ratio of 26.94, a P/E/G ratio of 2.47 and a beta of 0.25. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.16 and a current ratio of 1.45.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 21st will be paid a $0.2725 dividend. The ex-dividend date is Thursday, September 20th. This represents a $1.09 dividend on an annualized basis and a yield of 2.34%. New Jersey Resources’s dividend payout ratio is currently 63.01%.
About New Jersey Resources
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 529,800 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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