New Jersey Resources (NYSE:NJR) Issues Earnings Results

New Jersey Resources (NYSE:NJRGet Rating) released its quarterly earnings data on Thursday. The utilities provider reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.10), Briefing.com reports. The company had revenue of $552.34 million for the quarter, compared to analyst estimates of $418.65 million. New Jersey Resources had a return on equity of 11.06% and a net margin of 3.79%. The business’s quarterly revenue was up 50.3% on a year-over-year basis. During the same period last year, the firm posted ($0.15) EPS. New Jersey Resources updated its FY22 guidance to $2.40-2.50 EPS and its FY 2022 guidance to $2.40-$2.50 EPS.

New Jersey Resources Trading Down 2.3 %

Shares of New Jersey Resources stock traded down $1.07 during trading hours on Friday, hitting $44.69. The company’s stock had a trading volume of 391,057 shares, compared to its average volume of 508,717. New Jersey Resources has a twelve month low of $34.41 and a twelve month high of $47.50. The firm has a fifty day moving average of $44.43 and a 200-day moving average of $43.77. The stock has a market cap of $4.30 billion, a price-to-earnings ratio of 45.14, a P/E/G ratio of 3.18 and a beta of 0.53. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.53 and a current ratio of 0.63.

New Jersey Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Monday, September 26th will be paid a $0.3625 dividend. This represents a $1.45 annualized dividend and a dividend yield of 3.24%. The ex-dividend date of this dividend is Friday, September 23rd. New Jersey Resources’s dividend payout ratio (DPR) is presently 146.47%.

Insider Activity

In other news, COO Patrick J. Migliaccio sold 2,690 shares of the company’s stock in a transaction on Thursday, May 19th. The stock was sold at an average price of $45.25, for a total value of $121,722.50. Following the transaction, the chief operating officer now owns 36,016 shares of the company’s stock, valued at approximately $1,629,724. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On New Jersey Resources

Several institutional investors and hedge funds have recently modified their holdings of NJR. American Century Companies Inc. raised its holdings in shares of New Jersey Resources by 172.2% in the 1st quarter. American Century Companies Inc. now owns 14,056 shares of the utilities provider’s stock valued at $645,000 after buying an additional 8,893 shares during the period. Bank of Montreal Can raised its holdings in shares of New Jersey Resources by 3.3% in the 1st quarter. Bank of Montreal Can now owns 52,212 shares of the utilities provider’s stock valued at $2,421,000 after buying an additional 1,664 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of New Jersey Resources by 10.1% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 35,205 shares of the utilities provider’s stock valued at $1,615,000 after buying an additional 3,233 shares during the period. APG Asset Management N.V. purchased a new stake in shares of New Jersey Resources in the 1st quarter valued at $2,081,000. Finally, Great West Life Assurance Co. Can raised its holdings in shares of New Jersey Resources by 12.7% in the 1st quarter. Great West Life Assurance Co. Can now owns 114,869 shares of the utilities provider’s stock valued at $5,510,000 after buying an additional 12,945 shares during the period. Hedge funds and other institutional investors own 72.01% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Mizuho boosted their price objective on New Jersey Resources from $42.00 to $45.00 in a research note on Friday, April 29th. StockNews.com raised New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, May 18th. Finally, TheStreet lowered New Jersey Resources from a “b” rating to a “c+” rating in a research note on Wednesday, July 20th.

About New Jersey Resources

(Get Rating)

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 Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 564,000 residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.

Further Reading

Earnings History for New Jersey Resources (NYSE:NJR)

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