New Jersey Resources (NYSE:NJR) Updates FY 2024 Earnings Guidance

New Jersey Resources (NYSE:NJRGet Free Report) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 2.850-3.000 for the period, compared to the consensus earnings per share estimate of 2.930. The company issued revenue guidance of -. New Jersey Resources also updated its FY24 guidance to $2.85-3.00 EPS.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NJR. Guggenheim reduced their target price on shares of New Jersey Resources from $47.00 to $42.00 in a research report on Monday, October 9th. Mizuho cut their price objective on shares of New Jersey Resources from $47.00 to $45.00 and set a neutral rating for the company in a report on Monday.

View Our Latest Analysis on New Jersey Resources

New Jersey Resources Trading Down 3.2 %

Shares of NJR opened at $39.48 on Tuesday. The company’s fifty day moving average is $43.34 and its 200 day moving average is $42.83. New Jersey Resources has a fifty-two week low of $38.92 and a fifty-two week high of $55.84. The stock has a market capitalization of $3.86 billion, a PE ratio of 14.51, a P/E/G ratio of 2.46 and a beta of 0.63. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.38 and a current ratio of 0.66.

New Jersey Resources (NYSE:NJRGet Free Report) last posted its quarterly earnings data on Tuesday, November 21st. The utilities provider reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. The company had revenue of $331.30 million during the quarter, compared to analyst estimates of $759.99 million. New Jersey Resources had a net margin of 13.49% and a return on equity of 13.24%. New Jersey Resources’s quarterly revenue was down 56.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.50 earnings per share. Sell-side analysts expect that New Jersey Resources will post 2.77 earnings per share for the current fiscal year.

New Jersey Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Wednesday, March 13th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 4.26%. The ex-dividend date is Tuesday, March 12th. New Jersey Resources’s payout ratio is 61.76%.

Insiders Place Their Bets

In other New Jersey Resources news, COO Patrick J. Migliaccio sold 3,579 shares of New Jersey Resources stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $44.29, for a total transaction of $158,513.91. Following the completion of the transaction, the chief operating officer now directly owns 41,886 shares of the company’s stock, valued at $1,855,130.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.75% of the stock is owned by insiders.

Institutional Trading of New Jersey Resources

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of New Jersey Resources by 1.0% during the first quarter. Vanguard Group Inc. now owns 10,757,330 shares of the utilities provider’s stock valued at $493,331,000 after purchasing an additional 111,403 shares during the period. State Street Corp increased its holdings in shares of New Jersey Resources by 4.5% during the third quarter. State Street Corp now owns 10,661,984 shares of the utilities provider’s stock valued at $416,694,000 after acquiring an additional 456,306 shares in the last quarter. Wellington Management Group LLP boosted its position in New Jersey Resources by 22.6% in the first quarter. Wellington Management Group LLP now owns 3,203,151 shares of the utilities provider’s stock valued at $146,897,000 after buying an additional 589,747 shares during the last quarter. Geode Capital Management LLC boosted its position in New Jersey Resources by 4.5% in the first quarter. Geode Capital Management LLC now owns 1,854,664 shares of the utilities provider’s stock valued at $98,668,000 after buying an additional 79,794 shares during the last quarter. Finally, Morgan Stanley boosted its position in New Jersey Resources by 37.1% in the third quarter. Morgan Stanley now owns 1,133,001 shares of the utilities provider’s stock valued at $46,034,000 after buying an additional 306,406 shares during the last quarter. 73.08% of the stock is owned by hedge funds and other institutional investors.

New Jersey Resources Company Profile

(Get Free Report)

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.

Read More

Receive News & Ratings for New Jersey Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Jersey Resources and related companies with MarketBeat.com's FREE daily email newsletter.