Q4 2017 EPS Estimates for NewJersey Resources Corporation (NJR) Decreased by Seaport Global Securities
NewJersey Resources Corporation (NYSE:NJR) – Investment analysts at Seaport Global Securities cut their Q4 2017 earnings estimates for shares of NewJersey Resources Corporation in a research report issued on Thursday. Seaport Global Securities analyst M. Levin now forecasts that the utilities provider will post earnings per share of ($0.11) for the quarter, down from their previous forecast of $0.23. Seaport Global Securities also issued estimates for NewJersey Resources Corporation’s FY2019 earnings at $1.94 EPS.
NewJersey Resources Corporation (NYSE:NJR) last released its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.20 EPS for the quarter, topping the consensus estimate of $0.01 by $0.19. NewJersey Resources Corporation had a return on equity of 12.77% and a net margin of 8.81%. The company had revenue of $457.52 million during the quarter, compared to the consensus estimate of $410.24 million. During the same period last year, the company earned $0.13 EPS. NewJersey Resources Corporation’s revenue for the quarter was up 16.4% on a year-over-year basis. WARNING: This news story was originally posted by American Banking News and is owned by of American Banking News. If you are accessing this news story on another publication, it was illegally copied and republished in violation of international copyright & trademark law. The legal version of this news story can be read at https://www.americanbankingnews.com/2017/08/07/q4-2017-eps-estimates-for-newjersey-resources-corporation-njr-decreased-by-seaport-global-securities.html.
Other equities research analysts have also recently issued reports about the company. BidaskClub cut NewJersey Resources Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Zacks Investment Research upgraded NewJersey Resources Corporation from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research note on Tuesday, July 11th. Finally, Bank of America Corporation reiterated an “underperform” rating and issued a $35.00 price target (up from $32.00) on shares of NewJersey Resources Corporation in a research note on Friday, May 19th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $38.80.
Shares of NewJersey Resources Corporation (NYSE:NJR) opened at 42.95 on Monday. NewJersey Resources Corporation has a 12-month low of $30.46 and a 12-month high of $43.50. The company has a market capitalization of $3.70 billion, a P/E ratio of 19.25 and a beta of 0.47. The company has a 50-day moving average price of $41.08 and a 200 day moving average price of $39.88.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 22nd will be issued a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend is Thursday, September 21st. NewJersey Resources Corporation’s dividend payout ratio is presently 45.74%.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Mosaic Family Wealth LLC raised its position in shares of NewJersey Resources Corporation by 3.7% in the first quarter. Mosaic Family Wealth LLC now owns 4,116 shares of the utilities provider’s stock worth $163,000 after buying an additional 147 shares in the last quarter. Wedbush Securities Inc. purchased a new position in shares of NewJersey Resources Corporation during the second quarter worth $205,000. World Asset Management Inc purchased a new position in shares of NewJersey Resources Corporation during the first quarter worth $210,000. AE Wealth Management LLC purchased a new position in shares of NewJersey Resources Corporation during the first quarter worth $211,000. Finally, Fulton Bank N.A. purchased a new position in shares of NewJersey Resources Corporation during the first quarter worth $214,000. 65.07% of the stock is currently owned by institutional investors and hedge funds.
NewJersey Resources Corporation Company Profile
New Jersey Resources Corporation is an energy services holding company. The Company’s business is the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. It operates in four business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream.
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