Wall Street analysts forecast that New Jersey Resources Corp (NYSE:NJR) will announce sales of $671.35 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for New Jersey Resources’ earnings. The lowest sales estimate is $653.70 million and the highest is $689.00 million. New Jersey Resources posted sales of $647.33 million in the same quarter last year, which suggests a positive year-over-year growth rate of 3.7%. The business is scheduled to issue its next earnings report before the market opens on Tuesday, November 19th.
On average, analysts expect that New Jersey Resources will report full year sales of $2.78 billion for the current fiscal year, with estimates ranging from $2.77 billion to $2.80 billion. For the next year, analysts anticipate that the business will report sales of $2.91 billion, with estimates ranging from $2.90 billion to $2.92 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover New Jersey Resources.
Several equities research analysts have recently weighed in on NJR shares. ValuEngine lowered New Jersey Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. TheStreet lowered New Jersey Resources from a “b-” rating to a “c+” rating in a research report on Thursday, October 17th. Finally, Zacks Investment Research raised New Jersey Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, October 9th.
In other news, CEO Laurence M. Downes sold 22,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $45.00, for a total transaction of $990,000.00. Following the sale, the chief executive officer now owns 405,572 shares of the company’s stock, valued at approximately $18,250,740. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.30% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in NJR. Campbell & CO Investment Adviser LLC acquired a new position in New Jersey Resources during the second quarter worth approximately $668,000. 6 Meridian increased its position in New Jersey Resources by 2.1% during the second quarter. 6 Meridian now owns 10,565 shares of the utilities provider’s stock worth $526,000 after buying an additional 218 shares during the period. Legacy Advisors LLC increased its position in New Jersey Resources by 93.9% during the second quarter. Legacy Advisors LLC now owns 25,196 shares of the utilities provider’s stock worth $1,261,000 after buying an additional 12,199 shares during the period. Oregon Public Employees Retirement Fund increased its position in New Jersey Resources by 1.7% during the second quarter. Oregon Public Employees Retirement Fund now owns 35,957 shares of the utilities provider’s stock worth $1,790,000 after buying an additional 607 shares during the period. Finally, Eqis Capital Management Inc. increased its position in New Jersey Resources by 6.9% during the second quarter. Eqis Capital Management Inc. now owns 8,678 shares of the utilities provider’s stock worth $432,000 after buying an additional 563 shares during the period. 67.04% of the stock is currently owned by institutional investors.
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 538,700 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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