New Jersey Resources (NYSE:NJR) Announces Quarterly Earnings Results

New Jersey Resources (NYSE:NJRGet Free Report) announced its earnings results on Tuesday. The utilities provider reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.15), Briefing.com reports. The firm had revenue of $467.20 million during the quarter, compared to the consensus estimate of $812.66 million. New Jersey Resources had a return on equity of 11.13% and a net margin of 13.96%. The business’s revenue for the quarter was down 35.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.14 earnings per share. New Jersey Resources updated its FY 2024 guidance to 2.850-3.000 EPS and its FY24 guidance to $2.85-3.00 EPS.

New Jersey Resources Price Performance

Shares of NYSE:NJR opened at $41.16 on Friday. New Jersey Resources has a twelve month low of $38.92 and a twelve month high of $55.84. The company’s 50 day moving average is $43.26 and its 200 day moving average is $42.76. The company has a current ratio of 0.70, a quick ratio of 0.38 and a debt-to-equity ratio of 1.33. The company has a market cap of $4.05 billion, a PE ratio of 16.87, a price-to-earnings-growth ratio of 2.29 and a beta of 0.63.

New Jersey Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Wednesday, March 13th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Tuesday, March 12th. This represents a $1.68 annualized dividend and a yield of 4.08%. New Jersey Resources’s dividend payout ratio (DPR) is presently 68.85%.

Insider Buying and Selling

In related news, COO Patrick J. Migliaccio sold 3,579 shares of the stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $44.29, for a total value of $158,513.91. Following the transaction, the chief operating officer now owns 41,886 shares in the company, valued at approximately $1,855,130.94. The sale was disclosed in a filing with the SEC, which is available through this link. 0.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On New Jersey Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP purchased a new position in shares of New Jersey Resources during the 2nd quarter valued at approximately $38,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of New Jersey Resources by 71.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 914 shares of the utilities provider’s stock worth $45,000 after acquiring an additional 380 shares during the last quarter. PCA Investment Advisory Services Inc. acquired a new stake in shares of New Jersey Resources in the 2nd quarter worth $73,000. IFP Advisors Inc increased its stake in shares of New Jersey Resources by 264.7% in the 2nd quarter. IFP Advisors Inc now owns 1,641 shares of the utilities provider’s stock worth $77,000 after acquiring an additional 1,191 shares during the last quarter. Finally, Gotham Asset Management LLC acquired a new stake in shares of New Jersey Resources during the 3rd quarter worth about $201,000. Institutional investors and hedge funds own 73.08% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. StockNews.com upgraded shares of New Jersey Resources from a “sell” rating to a “hold” rating in a report on Wednesday. Mizuho cut their price objective on shares of New Jersey Resources from $47.00 to $45.00 and set a “neutral” rating on the stock in a report on Monday.

Check Out Our Latest Stock Analysis on NJR

New Jersey Resources Company Profile

(Get Free Report)

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.

Further Reading

Earnings History for New Jersey Resources (NYSE:NJR)

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