Analysts forecast that New Jersey Resources Corp (NYSE:NJR) will report $676.55 million in sales for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for New Jersey Resources’ earnings. The highest sales estimate is $689.00 million and the lowest is $664.10 million. New Jersey Resources posted sales of $647.33 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 4.5%. The firm is scheduled to issue its next earnings report on Tuesday, November 19th.
According to Zacks, analysts expect that New Jersey Resources will report full-year sales of $2.60 billion for the current fiscal year, with estimates ranging from $2.23 billion to $2.80 billion. For the next financial year, analysts expect that the company will post sales of $2.73 billion, with estimates ranging from $2.38 billion to $2.92 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow New Jersey Resources.
New Jersey Resources (NYSE:NJR) last released its quarterly earnings results on Tuesday, August 6th. The utilities provider reported ($0.20) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.32). New Jersey Resources had a return on equity of 7.93% and a net margin of 4.90%. The firm had revenue of $434.94 million for the quarter, compared to analysts’ expectations of $592.80 million. During the same period last year, the firm earned ($0.09) EPS. The business’s quarterly revenue was down 20.0% on a year-over-year basis.
Shares of NYSE:NJR traded up $0.04 during trading on Thursday, reaching $44.39. The company had a trading volume of 359,300 shares, compared to its average volume of 395,148. The firm’s fifty day moving average is $48.88 and its 200 day moving average is $48.92. The firm has a market capitalization of $4.04 billion, a PE ratio of 16.20, a price-to-earnings-growth ratio of 3.22 and a beta of 0.33. New Jersey Resources has a twelve month low of $43.51 and a twelve month high of $51.83. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.62 and a current ratio of 0.88.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 20th will be issued a $0.292 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 2.63%. New Jersey Resources’s payout ratio is currently 42.70%.
In related news, CEO Laurence M. Downes sold 22,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $45.00, for a total value of $990,000.00. Following the sale, the chief executive officer now directly owns 405,572 shares in the company, valued at approximately $18,250,740. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. California Public Employees Retirement System grew its position in New Jersey Resources by 7.3% in the second quarter. California Public Employees Retirement System now owns 124,154 shares of the utilities provider’s stock worth $6,179,000 after acquiring an additional 8,448 shares in the last quarter. Stonebridge Capital Advisors LLC bought a new stake in New Jersey Resources in the second quarter worth approximately $45,000. Doyle Wealth Management bought a new stake in New Jersey Resources in the second quarter worth approximately $158,000. Nuveen Asset Management LLC bought a new stake in New Jersey Resources in the second quarter worth approximately $26,176,000. Finally, Price T Rowe Associates Inc. MD grew its position in New Jersey Resources by 0.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 58,911 shares of the utilities provider’s stock worth $2,932,000 after acquiring an additional 230 shares in the last quarter. Institutional investors and hedge funds own 66.42% 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 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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