Brokerages Expect NewJersey Resources Corporation (NJR) Will Post Quarterly Sales of $747.65 Million

Wall Street brokerages predict that NewJersey Resources Corporation (NYSE:NJR) will post sales of $747.65 million for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for NewJersey Resources’ earnings, with the highest sales estimate coming in at $750.30 million and the lowest estimate coming in at $745.00 million. NewJersey Resources posted sales of $733.55 million during the same quarter last year, which would indicate a positive year over year growth rate of 1.9%. The business is scheduled to announce its next quarterly earnings report on Friday, May 4th.

According to Zacks, analysts expect that NewJersey Resources will report full-year sales of $747.65 million for the current year, with estimates ranging from $1.94 billion to $2.45 billion. For the next year, analysts expect that the firm will report sales of $2.31 billion per share, with estimates ranging from $2.00 billion to $2.52 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover NewJersey Resources.

NewJersey Resources (NYSE:NJR) last issued its quarterly earnings results on Thursday, February 8th. The utilities provider reported $1.56 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $705.31 million for the quarter, compared to analyst estimates of $564.47 million. During the same period in the previous year, the firm earned $0.47 earnings per share. The company’s revenue was up 30.4% compared to the same quarter last year.

Several equities analysts have issued reports on NJR shares. Zacks Investment Research lowered NewJersey Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, October 25th. Janney Montgomery Scott raised NewJersey Resources from a “neutral” rating to a “buy” rating in a research note on Wednesday, November 22nd. ValuEngine lowered NewJersey Resources from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Guggenheim reissued a “buy” rating and issued a $44.00 price target on shares of NewJersey Resources in a research note on Wednesday, January 3rd. Finally, TheStreet lowered NewJersey Resources from a “b” rating to a “c+” rating in a research note on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $43.75.

NewJersey Resources (NJR) opened at $38.20 on Wednesday. NewJersey Resources has a 12 month low of $35.55 and a 12 month high of $45.45. The company has a quick ratio of 0.62, a current ratio of 0.83 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $3,350.50, a P/E ratio of 13.56, a price-to-earnings-growth ratio of 2.45 and a beta of 0.33.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Thursday, March 15th will be issued a dividend of $0.2725 per share. The ex-dividend date is Wednesday, March 14th. This represents a $1.09 annualized dividend and a dividend yield of 2.85%. NewJersey Resources’s dividend payout ratio is 42.91%.

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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Patten Group Inc. increased its holdings in shares of NewJersey Resources by 2,111.9% during the third quarter. Patten Group Inc. now owns 66,357 shares of the utilities provider’s stock valued at $126,000 after acquiring an additional 63,357 shares in the last quarter. Advisor Group Inc. increased its holdings in shares of NewJersey Resources by 59.7% during the second quarter. Advisor Group Inc. now owns 4,251 shares of the utilities provider’s stock valued at $163,000 after acquiring an additional 1,589 shares in the last quarter. MHI Funds LLC bought a new stake in shares of NewJersey Resources during the fourth quarter valued at approximately $179,000. Meeder Asset Management Inc. bought a new stake in shares of NewJersey Resources during the third quarter valued at approximately $185,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of NewJersey Resources by 54.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,731 shares of the utilities provider’s stock valued at $190,000 after acquiring an additional 1,674 shares in the last quarter. Hedge funds and other institutional investors own 63.23% of the company’s stock.

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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.

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

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