According to Zacks, “New Jersey Resources Corporation is an energy services holding company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses: New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains the natural gas transportation and distribution infrastructure to serve the customers. NJR Clean Energy Ventures invests in, owns and operates solar and onshore wind projects. NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions. NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers. NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products. “
A number of other equities research analysts have also weighed in on the company. ValuEngine lowered New Jersey Resources from a buy rating to a hold rating in a research report on Tuesday, October 1st. Guggenheim upgraded New Jersey Resources from a sell rating to a neutral rating in a research report on Thursday, July 11th.
New Jersey Resources (NYSE:NJR) last issued its quarterly earnings data on Tuesday, August 6th. The utilities provider reported ($0.20) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.32). The business had revenue of $434.94 million during the quarter, compared to the consensus estimate of $592.80 million. New Jersey Resources had a return on equity of 7.93% and a net margin of 4.90%. New Jersey Resources’s quarterly revenue was down 20.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.09) earnings per share. As a group, equities analysts predict that New Jersey Resources will post 1.97 EPS for the current year.
In related news, CEO Laurence M. Downes sold 22,000 shares of New Jersey Resources stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $45.00, for a total transaction of $990,000.00. Following the sale, the chief executive officer now directly owns 405,572 shares in the company, valued at $18,250,740. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.30% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue bought a new stake in shares of New Jersey Resources during the third quarter valued at approximately $723,000. BlackRock Inc. boosted its position in shares of New Jersey Resources by 1.5% during the second quarter. BlackRock Inc. now owns 12,449,830 shares of the utilities provider’s stock valued at $619,628,000 after purchasing an additional 180,472 shares in the last quarter. Royal Bank of Canada boosted its position in shares of New Jersey Resources by 3.0% during the second quarter. Royal Bank of Canada now owns 66,627 shares of the utilities provider’s stock valued at $3,317,000 after purchasing an additional 1,952 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of New Jersey Resources by 2.5% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,999 shares of the utilities provider’s stock valued at $597,000 after purchasing an additional 296 shares in the last quarter. Finally, United Services Automobile Association boosted its position in shares of New Jersey Resources by 2.3% during the second quarter. United Services Automobile Association now owns 158,590 shares of the utilities provider’s stock valued at $7,893,000 after purchasing an additional 3,530 shares in the last quarter. Institutional investors own 66.92% of the company’s stock.
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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