New Jersey Resources Corp (NJR) Expected to Announce Quarterly Sales of $579.95 Million

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Brokerages expect that New Jersey Resources Corp (NYSE:NJR) will announce sales of $579.95 million for the current quarter, according to Zacks. Two analysts have made estimates for New Jersey Resources’ earnings. The lowest sales estimate is $556.00 million and the highest is $603.90 million. New Jersey Resources reported sales of $536.52 million in the same quarter last year, which indicates a positive year over year growth rate of 8.1%. The company is scheduled to report its next quarterly earnings report before the market opens on Tuesday, November 20th.

According to Zacks, analysts expect that New Jersey Resources will report full-year sales of $2.82 billion for the current financial year, with estimates ranging from $2.77 billion to $2.87 billion. For the next year, analysts forecast that the business will report sales of $2.63 billion, with estimates ranging from $2.34 billion to $3.00 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover New Jersey Resources.

New Jersey Resources (NYSE:NJR) last released its quarterly earnings data on Tuesday, August 7th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.11). The company had revenue of $543.44 million for the quarter, compared to analyst estimates of $496.70 million. New Jersey Resources had a return on equity of 18.68% and a net margin of 7.60%. During the same quarter in the prior year, the company earned $0.20 earnings per share.

NJR has been the topic of a number of research analyst reports. ValuEngine raised New Jersey Resources from a “hold” rating to a “buy” rating in a research report on Tuesday, October 9th. Zacks Investment Research raised New Jersey Resources from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research report on Thursday, August 9th. Wells Fargo & Co raised their price target on New Jersey Resources from $45.00 to $47.00 and gave the stock a “market perform” rating in a research report on Monday, September 17th. Finally, Guggenheim lowered New Jersey Resources from a “buy” rating to a “neutral” rating in a research report on Monday, September 10th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $47.50.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. raised its position in shares of New Jersey Resources by 7.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 660,745 shares of the utilities provider’s stock worth $29,569,000 after purchasing an additional 43,033 shares during the period. Tortoise Index Solutions LLC raised its position in New Jersey Resources by 11.8% in the 2nd quarter. Tortoise Index Solutions LLC now owns 45,969 shares of the utilities provider’s stock valued at $2,057,000 after buying an additional 4,834 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in New Jersey Resources by 4.2% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 33,785 shares of the utilities provider’s stock valued at $1,512,000 after buying an additional 1,353 shares during the last quarter. Wells Fargo & Company MN raised its position in New Jersey Resources by 6.9% in the 2nd quarter. Wells Fargo & Company MN now owns 1,069,817 shares of the utilities provider’s stock valued at $47,875,000 after buying an additional 69,099 shares during the last quarter. Finally, United Services Automobile Association raised its position in New Jersey Resources by 26.9% in the 2nd quarter. United Services Automobile Association now owns 148,227 shares of the utilities provider’s stock valued at $3,452,000 after buying an additional 31,439 shares during the last quarter. 66.80% of the stock is currently owned by institutional investors.

New Jersey Resources stock traded up $0.39 during mid-day trading on Monday, hitting $47.50. The stock had a trading volume of 231,651 shares, compared to its average volume of 451,318. The company has a quick ratio of 1.16, a current ratio of 1.45 and a debt-to-equity ratio of 0.84. New Jersey Resources has a 12 month low of $35.55 and a 12 month high of $47.93. The stock has a market cap of $4.17 billion, a price-to-earnings ratio of 27.46, a P/E/G ratio of 3.37 and a beta of 0.21.

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 529,800 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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