Zacks: Analysts Expect NewJersey Resources Corporation (NYSE:NJR) Will Post Earnings of $0.01 Per Share

Equities research analysts predict that NewJersey Resources Corporation (NYSE:NJR) will post $0.01 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for NewJersey Resources Corporation’s earnings, with the lowest EPS estimate coming in at ($0.16) and the highest estimate coming in at $0.09. NewJersey Resources Corporation reported earnings of $0.13 per share in the same quarter last year, which would suggest a negative year-over-year growth rate of 92.3%. The business is scheduled to announce its next quarterly earnings report before the market opens on Wednesday, August 2nd.

According to Zacks, analysts expect that NewJersey Resources Corporation will report full-year earnings of $1.73 per share for the current fiscal year, with EPS estimates ranging from $1.70 to $1.76. For the next financial year, analysts anticipate that the business will post earnings of $1.85 per share, with EPS estimates ranging from $1.83 to $1.90. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that follow NewJersey Resources Corporation.

NewJersey Resources Corporation (NYSE:NJR) last posted its earnings results on Friday, May 5th. The utilities provider reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.21. NewJersey Resources Corporation had a net margin of 7.38% and a return on equity of 12.63%. The firm had revenue of $733.55 million during the quarter, compared to analyst estimates of $617.10 million. During the same period last year, the firm posted $0.91 earnings per share. NewJersey Resources Corporation’s revenue for the quarter was up 27.8% compared to the same quarter last year.

Several brokerages recently commented on NJR. BidaskClub cut NewJersey Resources Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Zacks Investment Research upgraded NewJersey Resources Corporation from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Tuesday, July 11th. Finally, Bank of America Corp reiterated an “underperform” rating and set a $35.00 price target (up from $32.00) on shares of NewJersey Resources Corporation in a research report on Friday, May 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. NewJersey Resources Corporation presently has a consensus rating of “Buy” and a consensus price target of $38.80.

Several hedge funds have recently modified their holdings of the company. Capstone Asset Management Co. boosted its stake in shares of NewJersey Resources Corporation by 0.3% in the second quarter. Capstone Asset Management Co. now owns 7,218 shares of the utilities provider’s stock valued at $287,000 after buying an additional 20 shares during the last quarter. LS Investment Advisors LLC boosted its stake in shares of NewJersey Resources Corporation by 0.5% in the first quarter. LS Investment Advisors LLC now owns 5,875 shares of the utilities provider’s stock valued at $233,000 after buying an additional 32 shares during the last quarter. FineMark National Bank & Trust boosted its stake in shares of NewJersey Resources Corporation by 0.4% in the second quarter. FineMark National Bank & Trust now owns 8,178 shares of the utilities provider’s stock valued at $325,000 after buying an additional 34 shares during the last quarter. Creative Planning boosted its stake in shares of NewJersey Resources Corporation by 0.3% in the first quarter. Creative Planning now owns 13,267 shares of the utilities provider’s stock valued at $525,000 after buying an additional 40 shares during the last quarter. Finally, TD Asset Management Inc. boosted its stake in shares of NewJersey Resources Corporation by 0.5% in the second quarter. TD Asset Management Inc. now owns 19,024 shares of the utilities provider’s stock valued at $755,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 65.12% of the company’s stock.

NewJersey Resources Corporation (NYSE NJR) traded up 0.47% on Thursday, hitting $42.35. 520,052 shares of the company were exchanged. The stock has a market capitalization of $3.66 billion, a P/E ratio of 23.27 and a beta of 0.46. The stock’s 50-day moving average price is $41.09 and its 200-day moving average price is $39.83. NewJersey Resources Corporation has a 52-week low of $30.46 and a 52-week high of $43.50.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 22nd will be given a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend is Thursday, September 21st. NewJersey Resources Corporation’s payout ratio is 56.35%.

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NewJersey Resources Corporation 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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