NewJersey Resources Corporation (NJR) Expected to Announce Earnings of $0.99 Per Share

Wall Street analysts expect NewJersey Resources Corporation (NYSE:NJR) to post earnings per share of $0.99 for the current quarter, according to Zacks. Two analysts have issued estimates for NewJersey Resources’ earnings, with the highest EPS estimate coming in at $1.04 and the lowest estimate coming in at $0.90. NewJersey Resources posted earnings of $1.20 per share in the same quarter last year, which suggests a negative year over year growth rate of 17.5%. The firm is expected to announce its next earnings report on Friday, May 4th.

According to Zacks, analysts expect that NewJersey Resources will report full-year earnings of $2.01 per share for the current financial year, with EPS estimates ranging from $1.79 to $2.60. For the next financial year, analysts expect that the company will post earnings of $2.03 per share, with EPS estimates ranging from $1.92 to $2.10. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that follow NewJersey Resources.

NewJersey Resources (NYSE:NJR) last issued its quarterly earnings results on Thursday, February 8th. The utilities provider reported $1.56 EPS for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.97. NewJersey Resources had a return on equity of 18.96% and a net margin of 9.08%. The company had revenue of $705.31 million for the quarter, compared to analysts’ expectations of $564.47 million. During the same quarter last year, the business earned $0.47 earnings per share. NewJersey Resources’s revenue was up 30.4% on a year-over-year basis.

A number of research analysts recently commented on NJR shares. Zacks Investment Research cut NewJersey Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, October 25th. Janney Montgomery Scott upgraded NewJersey Resources from a “neutral” rating to a “buy” rating in a research report on Wednesday, November 22nd. ValuEngine cut NewJersey Resources from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Guggenheim restated a “buy” rating and issued a $44.00 price target on shares of NewJersey Resources in a research report on Wednesday, January 3rd. Finally, TheStreet cut NewJersey Resources from a “b” rating to a “c+” rating in a research report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $44.00.

In other NewJersey Resources news, VP Amanda Mullan sold 920 shares of NewJersey Resources stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $44.64, for a total value of $41,068.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lawrence R. Codey sold 6,000 shares of NewJersey Resources stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $43.13, for a total value of $258,780.00. Following the completion of the transaction, the director now owns 13,266 shares in the company, valued at approximately $572,162.58. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of NewJersey Resources by 1.4% during the fourth quarter. BlackRock Inc. now owns 11,659,855 shares of the utilities provider’s stock valued at $468,727,000 after purchasing an additional 157,140 shares in the last quarter. FMR LLC boosted its stake in shares of NewJersey Resources by 5.9% during the second quarter. FMR LLC now owns 1,347,550 shares of the utilities provider’s stock valued at $53,497,000 after purchasing an additional 75,667 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of NewJersey Resources by 3.8% during the third quarter. Ameriprise Financial Inc. now owns 1,294,986 shares of the utilities provider’s stock valued at $54,588,000 after purchasing an additional 47,748 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of NewJersey Resources by 3.1% during the third quarter. Bank of New York Mellon Corp now owns 1,272,665 shares of the utilities provider’s stock valued at $53,642,000 after purchasing an additional 38,004 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of NewJersey Resources by 21.8% during the fourth quarter. First Trust Advisors LP now owns 613,451 shares of the utilities provider’s stock valued at $24,661,000 after purchasing an additional 109,597 shares in the last quarter. 63.23% of the stock is currently owned by hedge funds and other institutional investors.

NewJersey Resources (NYSE NJR) opened at $37.90 on Monday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.83 and a quick ratio of 0.62. NewJersey Resources has a 12-month low of $35.55 and a 12-month high of $45.45. The company has a market capitalization of $3,319.84, a price-to-earnings ratio of 14.92, a P/E/G ratio of 2.43 and a beta of 0.33.

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th will be given a $0.2725 dividend. This represents a $1.09 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date is Wednesday, March 14th. NewJersey Resources’s dividend payout ratio is presently 42.91%.

COPYRIGHT VIOLATION NOTICE: “NewJersey Resources Corporation (NJR) Expected to Announce Earnings of $0.99 Per Share” was originally posted by American Banking News and is the property of of American Banking News. If you are accessing this news story on another publication, it was illegally stolen and republished in violation of United States and international copyright and trademark laws. The correct version of this news story can be viewed at https://www.americanbankingnews.com/2018/02/12/newjersey-resources-corporation-njr-expected-to-announce-earnings-of-0-99-per-share.html.

About NewJersey Resources

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.

Get a free copy of the Zacks research report on NewJersey Resources (NJR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for NewJersey Resources (NYSE:NJR)

Receive News & Ratings for NewJersey Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NewJersey Resources and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply