New Jersey Resources (NYSE:NJR) Announces Quarterly Earnings Results

New Jersey Resources (NYSE:NJR) released its quarterly earnings data on Tuesday. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07), Briefing.com reports. The business had revenue of $275.64 million during the quarter, compared to analyst estimates of $283.56 million. New Jersey Resources had a net margin of 14.46% and a return on equity of 12.16%. The business’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.10 earnings per share. New Jersey Resources updated its FY24 guidance to $2.85-3.00 EPS and its FY 2024 guidance to 2.850-3.000 EPS.

New Jersey Resources Stock Performance

Shares of NJR traded up $0.87 during midday trading on Wednesday, reaching $44.37. 718,138 shares of the stock were exchanged, compared to its average volume of 515,505. The stock’s 50 day simple moving average is $43.86 and its 200 day simple moving average is $42.98. The company has a market cap of $4.38 billion, a P/E ratio of 17.54 and a beta of 0.60. New Jersey Resources has a twelve month low of $38.92 and a twelve month high of $47.37. The company has a quick ratio of 0.56, a current ratio of 0.70 and a debt-to-equity ratio of 1.25.

Insider Activity at New Jersey Resources

In other New Jersey Resources news, CEO Stephen D. Westhoven sold 26,600 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $45.06, for a total transaction of $1,198,596.00. Following the transaction, the chief executive officer now owns 168,705 shares in the company, valued at approximately $7,601,847.30. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other New Jersey Resources news, CEO Stephen D. Westhoven sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $42.82, for a total transaction of $856,400.00. Following the completion of the transaction, the chief executive officer now directly owns 198,705 shares in the company, valued at $8,508,548.10. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Stephen D. Westhoven sold 26,600 shares of the firm’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $45.06, for a total value of $1,198,596.00. Following the completion of the sale, the chief executive officer now directly owns 168,705 shares in the company, valued at approximately $7,601,847.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,000 shares of company stock worth $2,207,996. Corporate insiders own 0.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NJR. StockNews.com cut shares of New Jersey Resources from a “hold” rating to a “sell” rating in a research report on Monday. Argus raised shares of New Jersey Resources to a “strong-buy” rating in a report on Monday, June 10th.

About New Jersey Resources

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. 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 576,000 customers in 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.