New Jersey Resources (NYSE:NJR – Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.85-3.00 for the period, compared to the consensus EPS estimate of $2.93.
Analyst Ratings Changes
Several research analysts have recently issued reports on the company. Mizuho decreased their target price on New Jersey Resources from $47.00 to $45.00 and set a neutral rating for the company in a research report on Monday, February 5th. StockNews.com raised New Jersey Resources from a sell rating to a hold rating in a research report on Wednesday, February 7th.
Get Our Latest Research Report on NJR
New Jersey Resources Stock Up 0.2 %
New Jersey Resources (NYSE:NJR – Get Free Report) last released its quarterly earnings data on Tuesday, February 6th. The utilities provider reported $0.74 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.15). New Jersey Resources had a net margin of 13.96% and a return on equity of 11.13%. The business had revenue of $467.20 million for the quarter, compared to analysts’ expectations of $812.66 million. During the same period last year, the business earned $1.14 earnings per share. The company’s quarterly revenue was down 35.4% on a year-over-year basis. As a group, analysts predict that New Jersey Resources will post 2.94 EPS for the current year.
New Jersey Resources Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Wednesday, June 12th will be issued a dividend of $0.42 per share. The ex-dividend date is Wednesday, June 12th. This represents a $1.68 annualized dividend and a dividend yield of 3.75%. New Jersey Resources’s payout ratio is 68.85%.
About New Jersey Resources
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.
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