Zacks: Brokerages Anticipate New Jersey Resources Corp (NJR) Will Announce Quarterly Sales of $903.25 Million

Wall Street brokerages expect that New Jersey Resources Corp (NYSE:NJR) will post sales of $903.25 million for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for New Jersey Resources’ earnings. The highest sales estimate is $1.06 billion and the lowest is $746.00 million. New Jersey Resources reported sales of $1.02 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 11.4%. The firm is scheduled to issue its next earnings results on Friday, May 3rd.

On average, analysts expect that New Jersey Resources will report full year sales of $2.65 billion for the current financial year, with estimates ranging from $2.43 billion to $2.99 billion. For the next fiscal year, analysts expect that the business will post sales of $2.75 billion, with estimates ranging from $2.51 billion to $3.10 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for New Jersey Resources.

New Jersey Resources (NYSE:NJR) last issued its quarterly earnings results on Wednesday, February 6th. The utilities provider reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.08). New Jersey Resources had a return on equity of 10.92% and a net margin of 6.49%. The firm had revenue of $811.77 million for the quarter, compared to analysts’ expectations of $712.00 million. During the same quarter last year, the firm earned $1.56 earnings per share. The business’s quarterly revenue was up 15.1% compared to the same quarter last year.

A number of research analysts have weighed in on the stock. Guggenheim cut shares of New Jersey Resources from a “neutral” rating to a “sell” rating in a research report on Monday, January 7th. They noted that the move was a valuation call. Zacks Investment Research raised shares of New Jersey Resources from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research report on Friday, November 23rd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $48.00.

Shares of NJR traded down $0.60 during mid-day trading on Wednesday, hitting $45.35. The company had a trading volume of 622,528 shares, compared to its average volume of 523,205. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.79 and a current ratio of 1.05. New Jersey Resources has a 1-year low of $37.35 and a 1-year high of $51.83. The stock has a market capitalization of $4.08 billion, a PE ratio of 16.55, a P/E/G ratio of 3.27 and a beta of 0.32.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be given a dividend of $0.2925 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 2.58%. New Jersey Resources’s payout ratio is currently 42.70%.

In other news, Director M William Howard, Jr. sold 1,000 shares of the business’s stock in a transaction on Tuesday, November 27th. The shares were sold at an average price of $47.91, for a total transaction of $47,910.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders have sold 3,000 shares of company stock worth $138,080. Corporate insiders own 1.30% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of NJR. NEXT Financial Group Inc bought a new stake in shares of New Jersey Resources in the third quarter worth $115,000. Doyle Wealth Management bought a new stake in shares of New Jersey Resources in the fourth quarter worth $145,000. Tower Research Capital LLC TRC increased its stake in shares of New Jersey Resources by 286.1% in the third quarter. Tower Research Capital LLC TRC now owns 3,780 shares of the utilities provider’s stock worth $174,000 after buying an additional 2,801 shares during the last quarter. Bruderman Asset Management LLC increased its stake in shares of New Jersey Resources by 55.5% in the fourth quarter. Bruderman Asset Management LLC now owns 4,861 shares of the utilities provider’s stock worth $222,000 after buying an additional 1,735 shares during the last quarter. Finally, Jefferies Group LLC bought a new stake in shares of New Jersey Resources in the third quarter worth $225,000. 67.72% of the stock is currently owned by institutional investors and hedge funds.

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 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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