Brokerages expect New Jersey Resources Corp (NYSE:NJR) to announce sales of $592.80 million for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for New Jersey Resources’ earnings, with the highest sales estimate coming in at $597.00 million and the lowest estimate coming in at $588.60 million. New Jersey Resources reported sales of $543.44 million during the same quarter last year, which indicates a positive year over year growth rate of 9.1%. The business is scheduled to issue its next quarterly earnings results on Tuesday, August 6th.
On average, analysts expect that New Jersey Resources will report full year sales of $2.70 billion for the current fiscal year, with estimates ranging from $2.23 billion to $2.95 billion. For the next financial year, analysts expect that the business will report sales of $2.85 billion, with estimates ranging from $2.38 billion to $3.11 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover New Jersey Resources.
New Jersey Resources (NYSE:NJR) last released its earnings results on Friday, May 3rd. The utilities provider reported $1.27 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.08. The company had revenue of $866.26 million during the quarter, compared to analysts’ expectations of $1.01 billion. New Jersey Resources had a return on equity of 8.73% and a net margin of 4.51%. The business’s revenue was down 15.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.62 EPS.
In other New Jersey Resources news, Director David A. Trice sold 20,000 shares of the stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $49.27, for a total value of $985,400.00. Following the sale, the director now directly owns 23,585 shares of the company’s stock, valued at $1,162,032.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Patrick J. Migliaccio sold 2,068 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $49.96, for a total value of $103,317.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,068 shares of company stock worth $1,287,777. Corporate insiders own 1.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of NJR. Coastal Investment Advisors Inc. acquired a new stake in New Jersey Resources in the first quarter worth $25,000. Nvwm LLC acquired a new stake in New Jersey Resources in the first quarter worth $28,000. CX Institutional acquired a new stake in New Jersey Resources in the first quarter worth $32,000. Oregon Public Employees Retirement Fund increased its position in New Jersey Resources by 4,467.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,577,259 shares of the utilities provider’s stock worth $35,000 after buying an additional 1,542,723 shares during the period. Finally, Liberty Wealth Management LLC acquired a new stake in New Jersey Resources in the fourth quarter worth $81,000. 66.83% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NJR stock traded up $0.07 on Wednesday, hitting $49.57. 397,894 shares of the stock traded hands, compared to its average volume of 419,293. The company has a current ratio of 1.04, a quick ratio of 0.91 and a debt-to-equity ratio of 0.75. The firm has a market cap of $4.45 billion, a P/E ratio of 18.09, a P/E/G ratio of 3.56 and a beta of 0.33. New Jersey Resources has a 1-year low of $40.28 and a 1-year high of $51.83.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be given a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Friday, June 14th. New Jersey Resources’s dividend payout ratio is currently 42.70%.
New Jersey Resources Company Profile
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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