Zacks: Brokerages Expect NewJersey Resources Corporation (NJR) to Post $0.59 Earnings Per Share
Wall Street brokerages expect NewJersey Resources Corporation (NYSE:NJR) to announce earnings of $0.59 per share for the current quarter, according to Zacks. Two analysts have made estimates for NewJersey Resources’ earnings, with the lowest EPS estimate coming in at $0.58 and the highest estimate coming in at $0.60. NewJersey Resources posted earnings of $0.46 per share during the same quarter last year, which indicates a positive year over year growth rate of 28.3%. The business is scheduled to issue its next earnings report on Wednesday, February 14th.
According to Zacks, analysts expect that NewJersey Resources will report full-year earnings of $1.84 per share for the current financial year, with EPS estimates ranging from $1.80 to $1.89. For the next year, analysts expect that the business will post earnings of $1.99 per share, with EPS estimates ranging from $1.92 to $2.07. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research firms that that provide coverage for NewJersey Resources.
NewJersey Resources (NYSE:NJR) last posted its quarterly earnings results on Tuesday, November 21st. The utilities provider reported ($0.14) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by ($0.01). NewJersey Resources had a return on equity of 11.97% and a net margin of 5.82%. The company had revenue of $536.50 million for the quarter, compared to analyst estimates of $480.90 million. During the same period last year, the firm earned ($0.03) EPS. The firm’s revenue for the quarter was up 14.3% compared to the same quarter last year.
Several research analysts have recently commented on NJR shares. Bank of America lifted their target price on NewJersey Resources from $35.00 to $38.00 and gave the stock an “underperform” rating in a research note on Wednesday, August 23rd. ValuEngine downgraded NewJersey Resources from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Zacks Investment Research downgraded NewJersey Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, October 25th. Argus lifted their target price on NewJersey Resources from $46.00 to $49.00 and gave the stock a “buy” rating in a research note on Monday, August 28th. Finally, BidaskClub upgraded NewJersey Resources from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company. NewJersey Resources currently has a consensus rating of “Buy” and an average price target of $42.00.
In other news, Director Lawrence R. Codey sold 6,000 shares of the business’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $43.13, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Amanda Mullan sold 920 shares of the business’s stock in a transaction 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. 1.50% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of NJR. BNP Paribas Arbitrage SA increased its holdings in NewJersey Resources by 92.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 46,956 shares of the utilities provider’s stock worth $1,864,000 after purchasing an additional 22,600 shares in the last quarter. TD Asset Management Inc. increased its holdings in NewJersey Resources by 0.5% in the 2nd quarter. TD Asset Management Inc. now owns 19,024 shares of the utilities provider’s stock worth $755,000 after purchasing an additional 100 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in NewJersey Resources by 2.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 370,444 shares of the utilities provider’s stock worth $14,706,000 after purchasing an additional 9,965 shares in the last quarter. Vanguard Group Inc. increased its holdings in NewJersey Resources by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 8,361,117 shares of the utilities provider’s stock worth $331,937,000 after purchasing an additional 99,093 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in NewJersey Resources by 92.2% in the 2nd quarter. SG Americas Securities LLC now owns 49,121 shares of the utilities provider’s stock worth $1,950,000 after purchasing an additional 23,565 shares in the last quarter. 63.60% of the stock is owned by institutional investors.
Shares of NewJersey Resources (NYSE:NJR) traded up $0.05 during midday trading on Wednesday, hitting $43.60. The stock had a trading volume of 254,207 shares, compared to its average volume of 457,673. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.72 and a quick ratio of 0.46. NewJersey Resources has a one year low of $33.70 and a one year high of $45.45. The company has a market cap of $3,783.03, a P/E ratio of 25.32, a P/E/G ratio of 3.98 and a beta of 0.43.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be paid a $0.2725 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This is an increase from NewJersey Resources’s previous quarterly dividend of $0.26. This represents a $1.09 annualized dividend and a yield of 2.50%. NewJersey Resources’s payout ratio is 71.71%.
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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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