$579.95 Million in Sales Expected for New Jersey Resources Corp (NJR) This Quarter

Equities research analysts expect New Jersey Resources Corp (NYSE:NJR) to post sales of $579.95 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for New Jersey Resources’ earnings, with the lowest sales estimate coming in at $556.00 million and the highest estimate coming in at $603.90 million. New Jersey Resources reported sales of $536.52 million in the same quarter last year, which indicates a positive year over year growth rate of 8.1%. The business is scheduled to report its next earnings report before the market opens on Tuesday, November 20th.

According to Zacks, analysts expect that New Jersey Resources will report full-year sales of $2.82 billion for the current financial year, with estimates ranging from $2.77 billion to $2.87 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $2.63 billion, with estimates ranging from $2.34 billion to $3.00 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover New Jersey Resources.

New Jersey Resources (NYSE:NJR) last announced its earnings results on Tuesday, August 7th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.11). New Jersey Resources had a return on equity of 18.68% and a net margin of 7.60%. The business had revenue of $543.44 million for the quarter, compared to analysts’ expectations of $496.70 million. During the same period in the previous year, the firm posted $0.20 earnings per share.

Several research analysts have issued reports on NJR shares. Zacks Investment Research raised New Jersey Resources from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a report on Thursday, August 9th. Wells Fargo & Co upped their price target on New Jersey Resources from $45.00 to $47.00 and gave the company a “market perform” rating in a report on Monday, September 17th. ValuEngine raised New Jersey Resources from a “hold” rating to a “buy” rating in a report on Tuesday, October 9th. Finally, Guggenheim downgraded shares of New Jersey Resources from a “buy” rating to a “neutral” rating in a research note on Monday, September 10th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $47.50.

A number of large investors have recently made changes to their positions in the business. BlackRock Inc. raised its stake in New Jersey Resources by 2.8% during the 2nd quarter. BlackRock Inc. now owns 11,764,741 shares of the utilities provider’s stock valued at $526,471,000 after purchasing an additional 323,801 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of New Jersey Resources by 12.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,787,711 shares of the utilities provider’s stock worth $80,001,000 after acquiring an additional 200,006 shares during the last quarter. Northern Trust Corp increased its stake in shares of New Jersey Resources by 1.9% in the second quarter. Northern Trust Corp now owns 1,327,875 shares of the utilities provider’s stock worth $59,421,000 after acquiring an additional 25,394 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of New Jersey Resources by 3.1% in the third quarter. Wells Fargo & Company MN now owns 1,103,053 shares of the utilities provider’s stock worth $50,850,000 after acquiring an additional 33,236 shares during the last quarter. Finally, FMR LLC increased its stake in shares of New Jersey Resources by 17.4% in the second quarter. FMR LLC now owns 1,102,865 shares of the utilities provider’s stock worth $49,353,000 after acquiring an additional 163,226 shares during the last quarter. 66.66% of the stock is currently owned by institutional investors.

Shares of New Jersey Resources stock opened at $45.18 on Monday. The stock has a market capitalization of $3.99 billion, a P/E ratio of 26.12, a PEG ratio of 3.22 and a beta of 0.21. New Jersey Resources has a fifty-two week low of $35.55 and a fifty-two week high of $47.93. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.45 and a quick ratio of 1.16.

New Jersey Resources Company Profile

New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 529,800 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.

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