NewJersey Resources Corporation (NJR) Expected to Post Quarterly Sales of $747.65 Million
Analysts forecast that NewJersey Resources Corporation (NYSE:NJR) will announce $747.65 million in sales for the current quarter, according to Zacks. Two analysts have provided estimates for NewJersey Resources’ earnings, with the lowest sales estimate coming in at $745.00 million and the highest estimate coming in at $750.30 million. NewJersey Resources reported sales of $733.55 million during the same quarter last year, which indicates a positive year over year growth rate of 1.9%. The firm is expected to report its next earnings results on Friday, May 4th.
On average, analysts expect that NewJersey Resources will report full-year sales of $747.65 million for the current financial year, with estimates ranging from $1.94 billion to $2.45 billion. For the next financial year, analysts forecast that the business will report sales of $2.31 billion per share, with estimates ranging from $2.00 billion to $2.52 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover NewJersey Resources.
NewJersey Resources (NYSE:NJR) last issued its earnings results on Thursday, February 8th. The utilities provider reported $1.56 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.97. The company had revenue of $705.31 million during the quarter, compared to analyst estimates of $564.47 million. NewJersey Resources had a return on equity of 18.96% and a net margin of 9.08%. The firm’s quarterly revenue was up 30.4% on a year-over-year basis. During the same quarter last year, the business posted $0.47 EPS.
In other NewJersey Resources news, Director Lawrence R. Codey sold 6,000 shares of the stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $43.13, for a total transaction of $258,780.00. Following the sale, the director now directly owns 13,266 shares of the company’s stock, valued at approximately $572,162.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Amanda Mullan sold 920 shares of the 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 disclosure for this sale can be found here. 1.50% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. grew its position in shares of NewJersey Resources by 1.4% during the 4th quarter. BlackRock Inc. now owns 11,659,855 shares of the utilities provider’s stock valued at $468,727,000 after acquiring an additional 157,140 shares during the period. FMR LLC grew its position in shares of NewJersey Resources by 5.9% during the 2nd quarter. FMR LLC now owns 1,347,550 shares of the utilities provider’s stock valued at $53,497,000 after acquiring an additional 75,667 shares during the period. Ameriprise Financial Inc. grew its position in shares of NewJersey Resources by 3.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,294,986 shares of the utilities provider’s stock valued at $54,588,000 after acquiring an additional 47,748 shares during the period. Bank of New York Mellon Corp grew its position in shares of NewJersey Resources by 3.1% during the 3rd 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 acquiring an additional 38,004 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of NewJersey Resources by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 704,091 shares of the utilities provider’s stock valued at $28,304,000 after acquiring an additional 4,296 shares during the period. 63.23% of the stock is currently owned by institutional investors.
NewJersey Resources (NJR) opened at $38.20 on Wednesday. The stock has a market capitalization of $3,350.50, a price-to-earnings ratio of 13.56, a P/E/G ratio of 2.45 and a beta of 0.33. 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 52 week low of $35.55 and a 52 week high of $45.45.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th will be given a dividend of $0.2725 per share. This represents a $1.09 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend is Wednesday, March 14th. NewJersey Resources’s dividend payout ratio is currently 42.91%.
NewJersey Resources 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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