New Jersey Resources Corp. (NJR) Updates FY17 Earnings Guidance
New Jersey Resources Corp. (NYSE:NJR) issued an update on its FY17 earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.65-1.75 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.79.
Shares of New Jersey Resources Corp. (NYSE:NJR) opened at 34.00 on Thursday. The company has a 50-day moving average price of $32.81 and a 200-day moving average price of $35.03. The stock has a market capitalization of $2.93 billion, a price-to-earnings ratio of 26.50 and a beta of 0.38. New Jersey Resources Corp. has a 52-week low of $28.02 and a 52-week high of $38.92.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Thursday, December 15th will be paid a dividend of $0.255 per share. This is a boost from New Jersey Resources Corp.’s previous quarterly dividend of $0.24. This represents a $1.02 annualized dividend and a dividend yield of 2.96%. New Jersey Resources Corp.’s payout ratio is 76.80%.
NJR has been the topic of several research analyst reports. Zacks Investment Research raised New Jersey Resources Corp. from a hold rating to a buy rating and set a $36.00 target price on the stock in a research note on Tuesday, October 11th. Argus reissued a buy rating and set a $42.00 target price on shares of New Jersey Resources Corp. in a research note on Friday, September 16th. TheStreet cut New Jersey Resources Corp. from a buy rating to a hold rating in a research note on Wednesday, August 31st. Finally, Guggenheim initiated coverage on New Jersey Resources Corp. in a research note on Thursday, November 3rd. They set a buy rating and a $36.00 target price on the stock. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $37.10.
Several large investors have recently modified their holdings of the company. Trexquant Investment LP acquired a new stake in shares of New Jersey Resources Corp. during the second quarter valued at $214,000. Pacer Advisors Inc. purchased a new position in New Jersey Resources Corp. during the second quarter valued at approximately $266,000. National Asset Management Inc. increased its position in New Jersey Resources Corp. by 0.3% in the second quarter. National Asset Management Inc. now owns 7,246 shares of the company’s stock valued at $280,000 after buying an additional 21 shares during the last quarter. KCG Holdings Inc. increased its position in New Jersey Resources Corp. by 42.9% in the third quarter. KCG Holdings Inc. now owns 10,712 shares of the company’s stock valued at $352,000 after buying an additional 3,216 shares during the last quarter. Finally, Cantab Capital Partners LLP increased its position in New Jersey Resources Corp. by 31.1% in the second quarter. Cantab Capital Partners LLP now owns 9,409 shares of the company’s stock valued at $363,000 after buying an additional 2,231 shares during the last quarter. Hedge funds and other institutional investors own 60.55% of the company’s stock.
About New Jersey Resources Corp.
New Jersey Resources Corporation (NJR) is an energy services holding company that provides retail and wholesale energy services to customers primarily in the Gulf Coast, Mid-Continent, Appalachian, Northeastern, and Western market areas of the United States, as well as Canada. The Company operates within four reportable business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream (formerly Energy Holdings).
Receive News & Stock Ratings for New Jersey Resources Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Jersey Resources Corp. and related stocks with our FREE daily email newsletter.