Brokerages expect New Jersey Resources Corp (NYSE:NJR) to announce $671.35 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for New Jersey Resources’ earnings, with the highest sales estimate coming in at $689.00 million and the lowest estimate coming in at $653.70 million. New Jersey Resources reported sales of $647.33 million in the same quarter last year, which indicates a positive year over year growth rate of 3.7%. The company is expected to issue its next earnings report before the market opens on Tuesday, November 19th.
According to Zacks, analysts expect that New Jersey Resources will report full year sales of $2.78 billion for the current financial year, with estimates ranging from $2.77 billion to $2.80 billion. For the next year, analysts forecast 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 a mean average based on a survey of research analysts that follow New Jersey Resources.
Several equities analysts recently issued reports on NJR shares. ValuEngine lowered New Jersey Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, October 1st. TheStreet lowered New Jersey Resources from a “b-” rating to a “c+” rating in a research note on Thursday, October 17th. Finally, Zacks Investment Research upgraded New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, October 9th.
NJR traded down $0.21 on Thursday, hitting $41.06. 368,009 shares of the stock traded hands, compared to its average volume of 408,716. New Jersey Resources has a 52 week low of $40.85 and a 52 week high of $51.83. The company has a current ratio of 0.88, a quick ratio of 0.62 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $3.79 billion, a PE ratio of 14.99, a P/E/G ratio of 2.43 and a beta of 0.31. The business has a fifty day moving average price of $43.80 and a two-hundred day moving average price of $47.11.
In related news, CEO Laurence M. Downes sold 22,000 shares of the business’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 transaction, the chief executive officer now directly owns 405,572 shares in the company, valued at $18,250,740. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NJR. Campbell & CO Investment Adviser LLC acquired a new stake in New Jersey Resources during the second quarter valued at approximately $668,000. 6 Meridian boosted its holdings in New Jersey Resources by 2.1% during the second quarter. 6 Meridian now owns 10,565 shares of the utilities provider’s stock valued at $526,000 after purchasing an additional 218 shares in the last quarter. Legacy Advisors LLC boosted its holdings 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 valued at $1,261,000 after purchasing an additional 12,199 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings 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 valued at $1,790,000 after purchasing an additional 607 shares in the last quarter. Finally, Eqis Capital Management Inc. boosted its holdings 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 valued at $432,000 after purchasing an additional 563 shares in the last quarter. 67.04% of the stock is currently owned by institutional investors.
About New Jersey Resources
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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