Analysts forecast that NewJersey Resources Corporation (NYSE:NJR) will announce $570.70 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for NewJersey Resources’ earnings, with the lowest sales estimate coming in at $556.00 million and the highest estimate coming in at $585.40 million. NewJersey Resources posted sales of $541.03 million in the same quarter last year, which would indicate a positive year over year growth rate of 5.5%. The firm is expected to issue its next earnings results 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 financial year, analysts anticipate that the business will post sales of $2.31 billion per share, with estimates ranging from $2.00 billion to $2.52 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for NewJersey Resources.
NewJersey Resources (NYSE:NJR) last announced its quarterly earnings data on Tuesday, November 21st. The utilities provider reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). NewJersey Resources had a net margin of 5.82% and a return on equity of 11.97%. The business had revenue of $536.50 million for the quarter, compared to analysts’ expectations of $480.90 million. During the same period in the prior year, the company posted ($0.03) EPS. The firm’s revenue was up 14.3% on a year-over-year basis.
In other NewJersey Resources news, Director Lawrence R. Codey sold 6,000 shares of the stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $43.13, for a total value of $258,780.00. Following the sale, the director now directly owns 13,266 shares of the company’s stock, valued at approximately $572,162.58. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Amanda Mullan sold 920 shares of the stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $44.64, for a total transaction of $41,068.80. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank grew its position 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 valued at $121,000 after buying an additional 244 shares during the last quarter. Patten Group Inc. grew its position in shares of NewJersey Resources by 2,111.9% in the 3rd quarter. Patten Group Inc. now owns 66,357 shares of the utilities provider’s stock valued at $126,000 after buying an additional 63,357 shares during the last quarter. Advisor Group Inc. grew its position in NewJersey Resources by 59.7% during the 2nd quarter. Advisor Group Inc. now owns 4,251 shares of the utilities provider’s stock worth $163,000 after purchasing an additional 1,589 shares during the last quarter. Flinton Capital Management LLC grew its position in NewJersey Resources by 92.2% during the 2nd quarter. Flinton Capital Management LLC now owns 4,336 shares of the utilities provider’s stock worth $172,000 after purchasing an additional 2,080 shares during the last quarter. Finally, Mosaic Family Wealth LLC grew its position in NewJersey Resources by 5.9% during the 2nd quarter. Mosaic Family Wealth LLC now owns 4,359 shares of the utilities provider’s stock worth $173,000 after purchasing an additional 243 shares during the last quarter. 63.60% of the stock is currently owned by institutional investors.
Shares of NewJersey Resources (NYSE:NJR) traded up $0.15 during midday trading on Friday, reaching $43.55. 352,700 shares of the company traded hands, compared to its average volume of 426,468. NewJersey Resources has a one year low of $33.70 and a one year high of $45.45. The stock has a market cap of $3,770.00, a PE ratio of 25.23, a PEG ratio of 3.96 and a beta of 0.42. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.46 and a current ratio of 0.72.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be issued a dividend of $0.2725 per share. The ex-dividend date of this dividend is Thursday, December 14th. This is a positive change from NewJersey Resources’s previous quarterly dividend of $0.26. This represents a $1.09 dividend on an annualized basis and a yield of 2.50%. NewJersey Resources’s dividend payout ratio is 72.19%.
About NewJersey Resources
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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