Analysts predict that NewJersey Resources Corporation (NYSE:NJR) will announce $421.65 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for NewJersey Resources Corporation’s earnings. The lowest sales estimate is $421.30 million and the highest is $422.00 million. NewJersey Resources Corporation reported sales of $393.21 million during the same quarter last year, which indicates a positive year-over-year growth rate of 7.2%. The firm is scheduled to announce its next quarterly earnings results before the market opens on Wednesday, August 2nd.
On average, analysts expect that NewJersey Resources Corporation will report full-year sales of $421.65 million for the current financial year, with estimates ranging from $1.91 billion to $2.19 billion. For the next year, analysts forecast that the firm will report sales of $2.16 billion per share, with estimates ranging from $1.95 billion to $2.27 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for NewJersey Resources Corporation.
NewJersey Resources Corporation (NYSE:NJR) last issued its quarterly earnings results on Friday, May 5th. The utilities provider reported $1.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.21. NewJersey Resources Corporation had a return on equity of 12.63% and a net margin of 7.38%. The business had revenue of $733.55 million for the quarter, compared to analyst estimates of $617.10 million. During the same quarter in the previous year, the firm earned $0.91 earnings per share. The company’s revenue was up 27.8% on a year-over-year basis.
A number of research analysts have recently commented on the company. BidaskClub downgraded NewJersey Resources Corporation from a “hold” rating to a “sell” rating in a 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 on the stock in a research note on Tuesday, July 11th. Finally, Bank of America Corp restated an “underperform” rating and set a $35.00 price target (up previously from $32.00) on shares of NewJersey Resources Corporation in a research note on Friday, May 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $38.80.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in NewJersey Resources Corporation by 4,920.6% in the first quarter. BlackRock Inc. now owns 11,662,464 shares of the utilities provider’s stock worth $461,831,000 after buying an additional 11,430,170 shares in the last quarter. State Street Corp increased its position in NewJersey Resources Corporation by 14.6% in the first quarter. State Street Corp now owns 7,351,830 shares of the utilities provider’s stock worth $291,138,000 after buying an additional 938,056 shares in the last quarter. Goldman Sachs Group Inc. increased its position in NewJersey Resources Corporation by 38.4% in the first quarter. Goldman Sachs Group Inc. now owns 3,102,931 shares of the utilities provider’s stock worth $122,876,000 after buying an additional 860,703 shares in the last quarter. Citadel Advisors LLC increased its position in NewJersey Resources Corporation by 289.4% in the first quarter. Citadel Advisors LLC now owns 699,760 shares of the utilities provider’s stock worth $27,710,000 after buying an additional 520,047 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in NewJersey Resources Corporation by 6.3% in the first quarter. Vanguard Group Inc. now owns 8,262,024 shares of the utilities provider’s stock worth $327,176,000 after buying an additional 491,794 shares in the last quarter. Hedge funds and other institutional investors own 65.12% of the company’s stock.
Shares of NewJersey Resources Corporation (NYSE NJR) traded up 0.47% during midday trading on Friday, hitting $42.35. The stock had a trading volume of 520,052 shares. The firm has a 50 day moving average price of $41.09 and a 200 day moving average price of $39.83. The stock has a market cap of $3.66 billion, a PE ratio of 23.27 and a beta of 0.46. NewJersey Resources Corporation has a one year low of $30.46 and a one year 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 paid a dividend of $0.255 per share. The ex-dividend date is Thursday, September 21st. This represents a $1.02 dividend on an annualized basis and a yield of 2.41%. NewJersey Resources Corporation’s dividend payout ratio is presently 56.35%.
About NewJersey Resources Corporation
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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