-$0.12 EPS Expected for NewJersey Resources Corporation (NJR) This Quarter
Wall Street analysts expect NewJersey Resources Corporation (NYSE:NJR) to report earnings of ($0.12) per share for the current quarter, Zacks reports. Two analysts have issued estimates for NewJersey Resources Corporation’s earnings. The highest EPS estimate is ($0.06) and the lowest is ($0.15). NewJersey Resources Corporation posted earnings of ($0.02) per share in the same quarter last year, which would suggest a negative year over year growth rate of 500%. The firm is expected to announce its next quarterly earnings report on Thursday, November 16th.
On average, analysts expect that NewJersey Resources Corporation will report full-year earnings of $1.74 per share for the current year, with EPS estimates ranging from $1.70 to $1.78. For the next fiscal year, analysts forecast that the company will report earnings of $1.87 per share, with EPS estimates ranging from $1.85 to $1.90. Zacks’ EPS calculations are an average based on a survey of analysts that that provide coverage for NewJersey Resources Corporation.
NewJersey Resources Corporation (NYSE:NJR) last issued its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.19. The business had revenue of $457.52 million during the quarter, compared to analysts’ expectations of $410.24 million. NewJersey Resources Corporation had a return on equity of 12.77% and a net margin of 8.81%. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.13 EPS.
A number of equities analysts recently issued reports on NJR shares. BidaskClub raised NewJersey Resources Corporation from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 13th. Zacks Investment Research raised NewJersey Resources Corporation from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, July 11th. Bank of America Corporation raised their price target on NewJersey Resources Corporation from $35.00 to $38.00 and gave the stock an “underperform” rating in a report on Wednesday, August 23rd. Finally, Argus raised their price target on NewJersey Resources Corporation from $46.00 to $49.00 and gave the stock a “buy” rating in a report on Monday, August 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $40.80.
A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its position in NewJersey Resources Corporation by 4,920.6% in the first quarter. BlackRock Inc. now owns 11,662,464 shares of the utilities provider’s stock valued at $461,831,000 after purchasing an additional 11,430,170 shares during the period. Vanguard Group Inc. lifted its position in NewJersey Resources Corporation by 1.2% in the second quarter. Vanguard Group Inc. now owns 8,361,117 shares of the utilities provider’s stock valued at $331,937,000 after purchasing an additional 99,093 shares during the period. State Street Corp lifted its position in NewJersey Resources Corporation by 14.6% in the first quarter. State Street Corp now owns 7,351,830 shares of the utilities provider’s stock valued at $291,138,000 after purchasing an additional 938,056 shares during the period. Goldman Sachs Group Inc. lifted its position in NewJersey Resources Corporation by 38.4% in the first quarter. Goldman Sachs Group Inc. now owns 3,102,931 shares of the utilities provider’s stock valued at $122,876,000 after purchasing an additional 860,703 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in NewJersey Resources Corporation by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,699,029 shares of the utilities provider’s stock valued at $67,281,000 after purchasing an additional 17,238 shares during the period. Hedge funds and other institutional investors own 64.00% of the company’s stock.
Shares of NewJersey Resources Corporation (NJR) traded up 0.35% during trading on Monday, hitting $42.95. The stock had a trading volume of 40,857 shares. The stock has a market cap of $3.72 billion, a price-to-earnings ratio of 19.25 and a beta of 0.46. NewJersey Resources Corporation has a 12-month low of $31.10 and a 12-month high of $44.30. The stock’s 50-day moving average is $42.98 and its 200-day moving average is $41.54.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 22nd were given a $0.255 dividend. The ex-dividend date was Thursday, September 21st. This represents a $1.02 dividend on an annualized basis and a yield of 2.38%. NewJersey Resources Corporation’s payout ratio is currently 48.88%.
About NewJersey Resources Corporation
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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