February 6, 2023

New Jersey Resources (NYSE:NJR – Get Rating) will release its quarterly earnings data before the market opens on Thursday, February 2nd. Analysts expect the company to report earnings of $0.78 per share for the quarter. New Jersey Resources has set its FY23 guidance at $2.42-$2.52 per share and its FY2023 guidance at $2.42-$2.52 per share. Individuals wishing to register for the Company’s earnings conference call can do so through this link.

New Jersey Resources (NYSE:NJR – Get Rating) last released its quarterly earnings results on Thursday, November 17th. The utility provider reported earnings per share (EPS) of $0.50 for the quarter, beating analyst consensus estimates of $0.46 by $0.04. New Jersey Resources had a return on equity of 13.56% and a net margin of 9.46%. The company had revenue of $765.49 million for the quarter, compared to the consensus estimate of $602.80 million. On average, analysts expect New Jersey Resources to report earnings per share of $2 for the current fiscal year and $3 for the next fiscal year.

Price development of New Jersey Resources

Shares of NJR opened at $49.58 on Thursday. The stock’s 50-day moving average is $49.48 and its 200-day moving average is $45.83. The company has a gearing ratio of 1.37, a current ratio of 0.68 and a quick ratio of 0.42. New Jersey Resources has a 1 year low of $38.07 and a 1 year high of $51.59. The company has a market cap of $4.78 billion, a P/E ratio of 17.34, a PEG ratio of 3.28, and a beta of 0.63.

New Jersey Resources increases dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 3rd. A dividend of $0.39 per share was paid to investors of record on Wednesday, December 14th. That equates to an annualized dividend of $1.56 and a yield of 3.15%. This is a positive change from New Jersey Resources’ previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Tuesday December 13th. New Jersey Resources’ dividend payout ratio (DPR) is 54.55%.

Insider buying and selling

In related news, COO Patrick J. Migliaccio sold 3,000 shares of the company’s stock in one transaction on Tuesday, November 22. The stock sold at an average price of $49.16 for a total transaction of $147,480.00. Upon completion of the transaction, the Chief Operating Officer now directly owns 40,169 shares of the Company, valued at approximately $1,974,708.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. 0.72% of the shares are currently owned by insiders.

Institutional inflows and outflows

Several institutional investors and hedge funds have recently changed their positions in NJR. American Century Companies Inc. increased its position in New Jersey Resources stock by 172.2% during the first quarter. American Century Companies Inc. now owns 14,056 shares of the utility company’s stock valued at $645,000 after acquiring an additional 8,893 shares last quarter. Bank of Montreal Can increased its position in shares of New Jersey Resources by 3.3% in the first quarter. Bank of Montreal Can now owns 52,212 shares of the utility worth $2,421,000 after purchasing an additional 1,664 shares last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holding in shares of New Jersey Resources by 10.1% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 35,205 shares of the utility worth $1,615,000 after purchasing an additional 3,233 shares last quarter. APG Asset Management NV acquired a new interest in shares of New Jersey Resources valued at approximately $2,081,000 during the first quarter. Finally, Great West Life Assurance Co. Can increased its holding in shares of New Jersey Resources by 12.7% during the first quarter. Great West Life Assurance Co. Can now owns 114,869 shares of the utility company valued at $5,510,000 after purchasing an additional 12,945 shares last quarter. 74.09% of the shares are owned by institutional investors and hedge funds.

Wall Street analysts forecast growth

A number of analysts have recently issued reports on the company. Guggenheim lowered its price target on New Jersey Resources from $41.00 to $40.00 in a research note on Monday, October 24. Wells Fargo & Company lowered its price target on New Jersey Resources to $50.00 from $51.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 10. Mizuho raised its price target on New Jersey Resources to $46.00 from $45.00 and rated the company “neutral” in a research note on Friday, November 18. StockNews.com downgraded New Jersey Resources from a “hold” rating to a “sell” rating in a report Monday. Finally, in a report Monday, January 9, JPMorgan Chase & Co. raised its price target on New Jersey Resources to $46.00 from $40.00 and gave the company an underweight rating. Two investment analysts have rated the stock with a sell rating and two have given a hold rating to the company. According to MarketBeat, New Jersey Resources currently has an average rating of Hold and a consensus target of $45.50.

Company Profile of New Jersey Resources

(received rating)

New Jersey Resources Corp. is a holding company. The company provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. The Company operates through the following segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, Storage and Transportation, and Household Services and Other.

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Earnings History for New Jersey Resources (NYSE:NJR)

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