$480.90 Million in Sales Expected for NewJersey Resources Corporation (NJR) This Quarter
Equities research analysts expect that NewJersey Resources Corporation (NYSE:NJR) will post sales of $480.90 million for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for NewJersey Resources Corporation’s earnings, with the highest sales estimate coming in at $492.00 million and the lowest estimate coming in at $469.80 million. NewJersey Resources Corporation posted sales of $469.24 million during the same quarter last year, which would indicate a positive year over year growth rate of 2.5%. The firm is scheduled to issue its next quarterly earnings report before the market opens on Tuesday, November 21st.
On average, analysts expect that NewJersey Resources Corporation will report full-year sales of $480.90 million for the current financial year, with estimates ranging from $2.20 billion to $2.23 billion. For the next financial year, analysts forecast that the business will post sales of $2.32 billion per share, with estimates ranging from $2.31 billion to $2.33 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow NewJersey Resources Corporation.
NewJersey Resources Corporation (NYSE:NJR) last posted its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.19. The firm had revenue of $457.52 million during the quarter, compared to analyst estimates of $410.24 million. NewJersey Resources Corporation had a net margin of 8.81% and a return on equity of 12.77%. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter last year, the business posted $0.13 EPS.
Several research analysts have recently weighed in on the stock. Argus boosted their price objective on shares of NewJersey Resources Corporation from $46.00 to $49.00 and gave the company a “buy” rating in a report on Monday, August 28th. BidaskClub raised shares of NewJersey Resources Corporation from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 26th. Bank of America Corporation boosted their price objective on shares of NewJersey Resources Corporation from $35.00 to $38.00 and gave the company an “underperform” rating in a report on Wednesday, August 23rd. Finally, Zacks Investment Research cut shares of NewJersey Resources Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. NewJersey Resources Corporation has a consensus rating of “Buy” and a consensus target price of $40.80.
Several institutional investors and hedge funds have recently added to or reduced their stakes in NJR. Vanguard Group Inc. raised its holdings in shares of NewJersey Resources Corporation by 6.3% during the first quarter. Vanguard Group Inc. now owns 8,262,024 shares of the utilities provider’s stock valued at $327,176,000 after purchasing an additional 491,794 shares during the last quarter. Miller Howard Investments Inc. NY purchased a new position in shares of NewJersey Resources Corporation during the second quarter valued at approximately $5,629,000. Griffin Asset Management Inc. purchased a new position in shares of NewJersey Resources Corporation during the second quarter valued at approximately $4,466,000. WINTON GROUP Ltd raised its holdings in shares of NewJersey Resources Corporation by 102.3% during the second quarter. WINTON GROUP Ltd now owns 185,985 shares of the utilities provider’s stock valued at $7,384,000 after purchasing an additional 94,056 shares during the last quarter. Finally, Chicago Equity Partners LLC purchased a new position in shares of NewJersey Resources Corporation during the second quarter valued at approximately $3,670,000. 64.17% of the stock is owned by hedge funds and other institutional investors.
Shares of NewJersey Resources Corporation (NYSE:NJR) opened at 44.25 on Monday. The firm has a 50-day moving average of $42.99 and a 200 day moving average of $41.95. NewJersey Resources Corporation has a 1-year low of $32.05 and a 1-year high of $44.30. The stock has a market cap of $3.83 billion, a price-to-earnings ratio of 19.83 and a beta of 0.46.
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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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