Wall Street analysts forecast that New Jersey Resources Corp (NYSE:NJR) will report $671.35 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 $689.00 million and the lowest estimate coming in at $653.70 million. New Jersey Resources posted sales of $647.33 million during the same quarter last year, which would indicate a positive year over year growth rate of 3.7%. The firm is expected to report its next quarterly earnings results 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 year, with estimates ranging from $2.23 billion to $2.80 billion. For the next financial year, analysts expect that the firm will report sales of $2.73 billion, with estimates ranging from $2.38 billion to $2.92 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for New Jersey Resources.
New Jersey Resources (NYSE:NJR) last released its quarterly earnings data on Tuesday, August 6th. The utilities provider reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.32). New Jersey Resources had a net margin of 4.90% and a return on equity of 7.93%. The company had revenue of $434.94 million for the quarter, compared to the consensus estimate of $592.80 million. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. The business’s revenue for the quarter was down 20.0% compared to the same quarter last year.
Shares of NYSE:NJR traded up $0.24 during midday trading on Tuesday, reaching $43.79. 469,372 shares of the company traded hands, compared to its average volume of 473,686. The company has a quick ratio of 0.62, a current ratio of 0.88 and a debt-to-equity ratio of 0.77. New Jersey Resources has a 12 month low of $42.70 and a 12 month high of $51.83. The firm has a market capitalization of $3.92 billion, a price-to-earnings ratio of 32.26, a price-to-earnings-growth ratio of 2.51 and a beta of 0.35. The firm’s fifty day moving average price is $44.56 and its two-hundred day moving average price is $47.71.
In related news, CEO Laurence M. Downes sold 22,000 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $45.00, for a total transaction 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 filing with the SEC, which is accessible through the SEC website. Insiders own 1.30% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Coastal Investment Advisors Inc. increased its stake in New Jersey Resources by 84.2% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 921 shares of the utilities provider’s stock worth $45,000 after acquiring an additional 421 shares during the last quarter. Executive Wealth Management LLC bought a new position in New Jersey Resources in the 2nd quarter worth about $45,000. Stonebridge Capital Advisors LLC bought a new position in New Jersey Resources in the 2nd quarter worth about $45,000. Point72 Asset Management L.P. bought a new position in New Jersey Resources in the 2nd quarter worth about $55,000. Finally, Doyle Wealth Management bought a new position in New Jersey Resources in the 2nd quarter worth about $158,000. Institutional investors and hedge funds own 66.95% of the company’s stock.
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 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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