Brokerages expect New Jersey Resources Corp (NYSE:NJR) to announce $676.55 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for New Jersey Resources’ earnings, with the highest sales estimate coming in at $689.00 million and the lowest estimate coming in at $664.10 million. New Jersey Resources reported sales of $647.33 million in the same quarter last year, which indicates a positive year over year growth rate of 4.5%. The company is expected 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 financial year, with estimates ranging from $2.23 billion to $2.80 billion. For the next year, analysts forecast that the business 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 analysts that follow New Jersey Resources.
New Jersey Resources (NYSE:NJR) last announced its quarterly earnings results on Tuesday, August 6th. The utilities provider reported ($0.20) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 firm had revenue of $434.94 million for the quarter, compared to analysts’ expectations of $592.80 million. During the same period in the previous year, the company earned ($0.09) EPS. The company’s quarterly revenue was down 20.0% on a year-over-year basis.
Several equities research analysts have recently commented on the stock. Guggenheim raised shares of New Jersey Resources from a “sell” rating to a “neutral” rating in a research report on Thursday, July 11th. ValuEngine cut shares of New Jersey Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Finally, Zacks Investment Research cut shares of New Jersey Resources from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th.
Shares of NYSE:NJR traded up $0.04 on Thursday, hitting $44.39. The company had a trading volume of 359,300 shares, compared to its average volume of 395,148. The firm’s 50-day simple moving average is $48.88 and its two-hundred day simple moving average is $48.92. New Jersey Resources has a 1 year low of $43.51 and a 1 year high of $51.83. The company has a quick ratio of 0.62, a current ratio of 0.88 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $4.04 billion, a price-to-earnings ratio of 16.20, a P/E/G ratio of 3.22 and a beta of 0.33.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 20th will be given a $0.292 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $1.17 annualized dividend and a dividend yield of 2.63%. New Jersey Resources’s dividend payout ratio is 42.70%.
In other news, CEO Laurence M. Downes sold 22,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $45.00, for a total value of $990,000.00. Following the completion of the sale, the chief executive officer now directly owns 405,572 shares of the company’s stock, valued at approximately $18,250,740. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.30% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. Nuveen Asset Management LLC acquired a new stake in shares of New Jersey Resources during the second quarter valued at $26,176,000. Norges Bank bought a new stake in New Jersey Resources during the 4th quarter worth approximately $21,222,000. BlackRock Inc. grew its position in New Jersey Resources by 1.5% during the 2nd quarter. BlackRock Inc. now owns 12,449,830 shares of the utilities provider’s stock worth $619,628,000 after acquiring an additional 180,472 shares during the last quarter. First Trust Advisors LP grew its position in New Jersey Resources by 24.4% during the 2nd quarter. First Trust Advisors LP now owns 757,269 shares of the utilities provider’s stock worth $37,689,000 after acquiring an additional 148,575 shares during the last quarter. Finally, Invesco Ltd. grew its position in New Jersey Resources by 17.5% during the 2nd quarter. Invesco Ltd. now owns 980,062 shares of the utilities provider’s stock worth $48,778,000 after acquiring an additional 146,311 shares during the last quarter. Institutional investors own 66.42% 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.
See Also: What is a put option?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for New Jersey Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Jersey Resources and related companies with MarketBeat.com's FREE daily email newsletter.