New Jersey Resources (NYSE:NJR) Releases FY24 Earnings Guidance

New Jersey Resources (NYSE:NJR) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.85-3.00 for the period, compared to the consensus estimate of $2.93.

New Jersey Resources Price Performance

Shares of NJR traded up $0.09 during midday trading on Thursday, reaching $44.28. The stock had a trading volume of 111,103 shares, compared to its average volume of 504,461. The company’s 50-day moving average is $42.72 and its 200 day moving average is $42.65. New Jersey Resources has a 12-month low of $38.92 and a 12-month high of $50.72. The company has a current ratio of 0.70, a quick ratio of 0.47 and a debt-to-equity ratio of 1.33. The company has a market capitalization of $4.35 billion, a price-to-earnings ratio of 18.11 and a beta of 0.62.

New Jersey Resources (NYSE:NJR) last posted its quarterly earnings data on Tuesday, February 6th. The utilities provider reported $0.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.15). New Jersey Resources had a return on equity of 11.13% and a net margin of 13.96%. The firm had revenue of $467.20 million during the quarter, compared to analysts’ expectations of $812.66 million. During the same quarter in the previous year, the company posted $1.14 earnings per share. New Jersey Resources’s revenue for the quarter was down 35.4% compared to the same quarter last year. On average, equities analysts predict that New Jersey Resources will post 2.94 EPS for the current fiscal year.

New Jersey Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Wednesday, June 12th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date is Wednesday, June 12th. New Jersey Resources’s payout ratio is currently 68.85%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on NJR shares. Mizuho cut their price objective on New Jersey Resources from $47.00 to $45.00 and set a neutral rating for the company in a report on Monday, February 5th. StockNews.com cut New Jersey Resources from a hold rating to a sell rating in a report on Wednesday.

New Jersey Resources Company Profile

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.