Wall Street brokerages expect that NewJersey Resources Corporation (NYSE:NJR) will announce $570.70 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for NewJersey Resources’ earnings, with the highest sales estimate coming in at $585.40 million and the lowest estimate coming in at $556.00 million. NewJersey Resources posted sales of $541.03 million in the same quarter last year, which suggests a positive year over year growth rate of 5.5%. The firm is scheduled to announce its next earnings report on Wednesday, February 14th.
On average, analysts expect that NewJersey Resources will report full year sales of $570.70 million for the current financial year, with estimates ranging from $1.94 billion to $2.45 billion. For the next fiscal year, analysts expect that the firm will report sales of $2.31 billion per share, with estimates ranging from $2.00 billion to $2.52 billion. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for NewJersey Resources.
NewJersey Resources (NYSE:NJR) last issued its earnings results on Tuesday, November 21st. The utilities provider reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.01). The company had revenue of $536.50 million for the quarter, compared to analysts’ expectations of $480.90 million. NewJersey Resources had a negative net margin of 7.43% and a negative return on equity of 11.62%. The company’s revenue was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.03) earnings per share.
A number of research firms have commented on NJR. Zacks Investment Research lowered NewJersey Resources from a “hold” rating to a “sell” rating in a research report on Wednesday. TheStreet lowered NewJersey Resources from a “b” rating to a “c+” rating in a research report on Wednesday, January 3rd. Guggenheim reaffirmed a “buy” rating and set a $44.00 price target on shares of NewJersey Resources in a research report on Wednesday, January 3rd. ValuEngine lowered NewJersey Resources from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, Janney Montgomery Scott raised NewJersey Resources from a “neutral” rating to a “buy” rating in a research report on Wednesday, November 22nd. Two analysts have rated the stock with a sell rating, one has issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $44.00.
Shares of NewJersey Resources (NYSE:NJR) traded down $0.40 during mid-day trading on Thursday, reaching $39.45. The company had a trading volume of 757,500 shares, compared to its average volume of 659,614. The stock has a market cap of $3,490.00, a PE ratio of 26.13, a PEG ratio of 3.63 and a beta of 0.43. NewJersey Resources has a 52 week low of $34.15 and a 52 week high of $45.45. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.72 and a quick ratio of 0.46.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th were given a dividend of $0.2725 per share. This is a positive change from NewJersey Resources’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $1.09 dividend on an annualized basis and a yield of 2.76%. NewJersey Resources’s dividend payout ratio is presently 72.19%.
In other news, Director Lawrence R. Codey sold 6,000 shares of the stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $43.13, for a total value of $258,780.00. Following the completion of the transaction, the director now owns 13,266 shares of the company’s stock, valued at approximately $572,162.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Amanda Mullan sold 920 shares of the stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $44.64, for a total value of $41,068.80. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.
Several large investors have recently made changes to their positions in NJR. Schwab Charles Investment Management Inc. raised its position in shares of NewJersey Resources by 5.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 528,543 shares of the utilities provider’s stock worth $20,984,000 after acquiring an additional 25,358 shares in the last quarter. Legal & General Group Plc grew its stake in shares of NewJersey Resources by 11.9% in the 2nd quarter. Legal & General Group Plc now owns 103,878 shares of the utilities provider’s stock worth $4,129,000 after buying an additional 11,054 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of NewJersey Resources by 8.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,057 shares of the utilities provider’s stock worth $121,000 after buying an additional 244 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of NewJersey Resources by 4.7% in the 2nd quarter. Principal Financial Group Inc. now owns 365,119 shares of the utilities provider’s stock worth $14,495,000 after buying an additional 16,417 shares during the last quarter. Finally, Swiss National Bank grew its stake in shares of NewJersey Resources by 1.5% in the 2nd quarter. Swiss National Bank now owns 143,800 shares of the utilities provider’s stock worth $5,709,000 after buying an additional 2,100 shares during the last quarter. 63.48% of the stock is owned by hedge funds and other institutional investors.
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NewJersey Resources Company Profile
New Jersey Resources Corporation is an energy services holding company. The Company’s business is the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. It operates in four business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream.
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