Zacks: Brokerages Expect New Jersey Resources Co. (NYSE:NJR) Will Post Earnings of -$0.07 Per Share

Equities analysts expect New Jersey Resources Co. (NYSE:NJR) to report earnings of ($0.07) per share for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for New Jersey Resources’ earnings, with estimates ranging from ($0.26) to $0.04. New Jersey Resources posted earnings of ($0.06) per share during the same quarter last year, which would indicate a negative year over year growth rate of 16.7%. The business is scheduled to report its next earnings report on Friday, August 6th.

According to Zacks, analysts expect that New Jersey Resources will report full year earnings of $2.07 per share for the current year, with EPS estimates ranging from $1.94 to $2.13. For the next year, analysts anticipate that the firm will post earnings of $2.25 per share, with EPS estimates ranging from $2.24 to $2.26. Zacks’ EPS averages are a mean average based on a survey of sell-side research analysts that that provide coverage for New Jersey Resources.

New Jersey Resources (NYSE:NJR) last released its earnings results on Thursday, May 6th. The utilities provider reported $1.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.61. New Jersey Resources had a return on equity of 14.67% and a net margin of 12.63%. The firm had revenue of $802.19 million for the quarter, compared to the consensus estimate of $761.34 million. During the same period in the prior year, the business posted $0.88 earnings per share. The firm’s revenue for the quarter was up 25.4% compared to the same quarter last year.

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. initiated coverage on shares of New Jersey Resources in a report on Monday, May 3rd. They issued a “neutral” rating and a $43.00 price target on the stock. Mizuho boosted their price target on New Jersey Resources from $44.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, May 27th. They noted that the move was a valuation call. Zacks Investment Research upgraded New Jersey Resources from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a report on Saturday, May 8th. Finally, Williams Capital reissued a “buy” rating on shares of New Jersey Resources in a research report on Friday, April 23rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $41.80.

Shares of NJR traded down $0.12 during mid-day trading on Thursday, hitting $43.66. The company had a trading volume of 273,442 shares, compared to its average volume of 538,390. New Jersey Resources has a 1-year low of $25.87 and a 1-year high of $44.05. The company has a current ratio of 1.29, a quick ratio of 1.06 and a debt-to-equity ratio of 1.24. The business has a 50-day moving average of $42.41. The company has a market cap of $4.21 billion, a PE ratio of 17.05, a PEG ratio of 2.90 and a beta of 0.52.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 1st. Shareholders of record on Wednesday, June 16th will be paid a dividend of $0.333 per share. The ex-dividend date of this dividend is Tuesday, June 15th. This represents a $1.33 dividend on an annualized basis and a yield of 3.05%. New Jersey Resources’s dividend payout ratio (DPR) is 64.56%.

In other New Jersey Resources news, Director M William Howard, Jr. sold 5,580 shares of the stock in a transaction on Friday, March 19th. The shares were sold at an average price of $40.16, for a total transaction of $224,092.80. Following the sale, the director now directly owns 17,335 shares of the company’s stock, valued at $696,173.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director M William Howard, Jr. sold 3,078 shares of the firm’s stock in a transaction dated Thursday, May 27th. The stock was sold at an average price of $42.79, for a total transaction of $131,707.62. Following the completion of the transaction, the director now owns 14,257 shares in the company, valued at $610,057.03. The disclosure for this sale can be found here. 0.61% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Krane Funds Advisors LLC raised its position in shares of New Jersey Resources by 73.0% during the 4th quarter. Krane Funds Advisors LLC now owns 31,214 shares of the utilities provider’s stock worth $1,110,000 after purchasing an additional 13,170 shares during the period. CI Investments Inc. increased its position in New Jersey Resources by 89.6% in the fourth quarter. CI Investments Inc. now owns 1,657 shares of the utilities provider’s stock worth $59,000 after buying an additional 783 shares during the period. Jennison Associates LLC lifted its stake in New Jersey Resources by 87.0% in the first quarter. Jennison Associates LLC now owns 66,353 shares of the utilities provider’s stock valued at $2,645,000 after buying an additional 30,869 shares during the last quarter. Norges Bank acquired a new position in shares of New Jersey Resources during the fourth quarter valued at $32,891,000. Finally, Cibc World Markets Corp bought a new position in shares of New Jersey Resources during the first quarter worth about $412,000. 70.79% of the stock is currently owned by hedge funds and other institutional investors.

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 Storage and Transportation. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 558,000 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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