NewJersey Resources (NYSE:NJR) Posts Earnings Results, Beats Expectations By $0.19 EPS

NewJersey Resources (NYSE:NJR) issued its quarterly earnings data on Monday. The utilities provider reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.19, FiscalAI reports. NewJersey Resources had a net margin of 16.48% and a return on equity of 13.73%. The company had revenue of $604.85 million for the quarter, compared to the consensus estimate of $546.90 million.

NewJersey Resources Trading Up 1.1%

Shares of NYSE NJR traded up $0.54 during mid-day trading on Monday, reaching $50.02. The company had a trading volume of 709,464 shares, compared to its average volume of 506,686. The stock has a market cap of $5.04 billion, a price-to-earnings ratio of 15.02 and a beta of 0.60. NewJersey Resources has a 52 week low of $43.46 and a 52 week high of $50.76. The business’s 50-day moving average is $46.91 and its 200-day moving average is $46.64. The company has a current ratio of 0.73, a quick ratio of 0.40 and a debt-to-equity ratio of 1.36.

NewJersey Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Wednesday, March 11th will be issued a $0.475 dividend. The ex-dividend date is Wednesday, March 11th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.8%. NewJersey Resources’s dividend payout ratio is presently 57.06%.

Insider Activity

In other news, COO Patrick J. Migliaccio sold 4,017 shares of the business’s stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $46.46, for a total value of $186,629.82. Following the completion of the sale, the chief operating officer owned 38,065 shares in the company, valued at approximately $1,768,499.90. The trade was a 9.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On NewJersey Resources

A number of large investors have recently modified their holdings of NJR. Measured Wealth Private Client Group LLC purchased a new position in NewJersey Resources in the third quarter valued at $28,000. Parallel Advisors LLC boosted its position in NewJersey Resources by 56.9% during the third quarter. Parallel Advisors LLC now owns 1,001 shares of the utilities provider’s stock worth $48,000 after acquiring an additional 363 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of NewJersey Resources by 259.1% in the second quarter. EverSource Wealth Advisors LLC now owns 1,203 shares of the utilities provider’s stock valued at $54,000 after purchasing an additional 868 shares in the last quarter. Daiwa Securities Group Inc. acquired a new stake in NewJersey Resources during the second quarter worth about $54,000. Finally, CIBC Private Wealth Group LLC grew its position in NewJersey Resources by 164.9% in the third quarter. CIBC Private Wealth Group LLC now owns 1,682 shares of the utilities provider’s stock worth $81,000 after acquiring an additional 1,047 shares during the period. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on NJR shares. Argus raised NewJersey Resources to a “strong-buy” rating in a report on Thursday, January 22nd. Mizuho raised shares of NewJersey Resources from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $51.00 to $54.00 in a report on Wednesday, December 17th. New Street Research set a $54.00 price objective on shares of NewJersey Resources in a research report on Wednesday, December 17th. Wall Street Zen lowered NewJersey Resources from a “hold” rating to a “sell” rating in a research note on Sunday, December 28th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of NewJersey Resources in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, NewJersey Resources has an average rating of “Moderate Buy” and an average price target of $52.86.

NewJersey Resources Company Profile

New Jersey Resources Corporation is a publicly traded energy services holding company headquartered in Wall Township, New Jersey. The firm’s primary focus is on the safe and reliable distribution of natural gas, along with complementary energy services and renewable energy investments. Its operations center on delivering cost-effective solutions to residential, commercial and industrial customers throughout the state.

The company’s principal subsidiary, New Jersey Natural Gas, owns and operates an extensive pipeline network that spans northern, central and southern New Jersey.