NewJersey Resources (NJR) Announces Quarterly Earnings Results, Beats Expectations By $0.97 EPS

NewJersey Resources (NYSE:NJR) announced its quarterly earnings results on Thursday. The utilities provider reported $1.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.97, Bloomberg Earnings reports. The business had revenue of $705.31 million for the quarter, compared to analyst estimates of $564.47 million. NewJersey Resources had a return on equity of 11.97% and a net margin of 5.82%. NewJersey Resources’s quarterly revenue was up 30.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.47 EPS. NewJersey Resources updated its FY18 guidance to $2.55-2.65 EPS.

NewJersey Resources (NJR) traded down $0.05 during mid-day trading on Thursday, hitting $36.65. The stock had a trading volume of 511,825 shares, compared to its average volume of 784,524. The company has a market capitalization of $3,193.99, a P/E ratio of 24.14, a P/E/G ratio of 3.38 and a beta of 0.33. NewJersey Resources has a 12 month low of $35.55 and a 12 month high of $45.45. The company has a current ratio of 0.72, a quick ratio of 0.46 and a debt-to-equity ratio of 0.81.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Thursday, March 15th will be given a dividend of $0.2725 per share. The ex-dividend date is Wednesday, March 14th. This represents a $1.09 dividend on an annualized basis and a dividend yield of 2.97%. NewJersey Resources’s payout ratio is currently 71.71%.

In related news, VP Amanda Mullan sold 920 shares of the company’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $44.64, for a total value of $41,068.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence R. Codey sold 6,000 shares of the company’s stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $43.13, for a total value of $258,780.00. Following the completion of the sale, the director now owns 13,266 shares of the company’s stock, valued at approximately $572,162.58. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.

Several brokerages recently commented on NJR. Zacks Investment Research raised NewJersey Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 18th. ValuEngine downgraded NewJersey Resources from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Janney Montgomery Scott upgraded NewJersey Resources from a “neutral” rating to a “buy” rating in a research report on Wednesday, November 22nd. Guggenheim reiterated a “buy” rating and issued a $44.00 price objective on shares of NewJersey Resources in a research report on Wednesday, January 3rd. Finally, TheStreet downgraded NewJersey Resources from a “b” rating to a “c+” rating in a research report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $44.00.

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About NewJersey Resources

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.

Earnings History for NewJersey Resources (NYSE:NJR)

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