Wall Street analysts expect New Jersey Resources Corp (NYSE:NJR) to announce sales of $579.95 million for the current quarter, Zacks reports. Two analysts have issued estimates for New Jersey Resources’ earnings, with the highest sales estimate coming in at $603.90 million and the lowest estimate coming in at $556.00 million. New Jersey Resources reported sales of $536.52 million during the same quarter last year, which would suggest a positive year over year growth rate of 8.1%. The company is expected to announce its next earnings results before the market opens on Tuesday, November 20th.

According to Zacks, analysts expect that New Jersey Resources will report full-year sales of $2.82 billion for the current financial year, with estimates ranging from $2.77 billion to $2.87 billion. For the next financial year, analysts expect that the business will report sales of $2.63 billion, with estimates ranging from $2.34 billion to $3.00 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover New Jersey Resources.

New Jersey Resources (NYSE:NJR) last released its earnings results on Tuesday, August 7th. The utilities provider reported ($0.09) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.11). The company had revenue of $543.44 million for the quarter, compared to analyst estimates of $496.70 million. New Jersey Resources had a net margin of 7.60% and a return on equity of 18.68%. During the same quarter in the previous year, the company earned $0.20 earnings per share.

NJR has been the subject of several research analyst reports. ValuEngine upgraded shares of New Jersey Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, October 9th. Zacks Investment Research upgraded shares of New Jersey Resources from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research note on Thursday, August 9th. Wells Fargo & Co upped their target price on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a “market perform” rating in a research note on Monday, September 17th. Finally, Guggenheim cut shares of New Jersey Resources from a “buy” rating to a “neutral” rating in a research note on Monday, September 10th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $47.50.

NYSE:NJR traded down $0.12 during trading hours on Monday, hitting $47.11. 277,824 shares of the company traded hands, compared to its average volume of 497,184. The stock has a market cap of $4.13 billion, a P/E ratio of 27.23, a PEG ratio of 3.33 and a beta of 0.21. New Jersey Resources has a twelve month low of $35.55 and a twelve month high of $47.93. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.45 and a quick ratio of 1.16.

A number of institutional investors have recently made changes to their positions in the business. Commonwealth Bank of Australia bought a new stake in New Jersey Resources in the 3rd quarter valued at $313,000. Rhumbline Advisers increased its holdings in New Jersey Resources by 0.7% in the 3rd quarter. Rhumbline Advisers now owns 169,617 shares of the utilities provider’s stock valued at $7,819,000 after buying an additional 1,128 shares during the period. JPMorgan Chase & Co. increased its holdings in New Jersey Resources by 16.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 445,411 shares of the utilities provider’s stock valued at $20,533,000 after buying an additional 63,931 shares during the period. SG Americas Securities LLC increased its holdings in New Jersey Resources by 19.1% in the 3rd quarter. SG Americas Securities LLC now owns 21,804 shares of the utilities provider’s stock valued at $1,005,000 after buying an additional 3,501 shares during the period. Finally, Bessemer Group Inc. increased its holdings in New Jersey Resources by 7.8% in the 3rd quarter. Bessemer Group Inc. now owns 55,200 shares of the utilities provider’s stock valued at $2,545,000 after buying an additional 4,000 shares during the period. 66.80% of the stock is currently owned by hedge funds and other institutional investors.

New Jersey Resources Company Profile

New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 529,800 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.

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Earnings History and Estimates for New Jersey Resources (NYSE:NJR)

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