New Jersey Resources (NYSE:NJR) Issues Quarterly Earnings Results, Misses Expectations By $0.10 EPS

New Jersey Resources (NYSE:NJRGet Rating) released its earnings results on Thursday. The utilities provider reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.10), Briefing.com reports. The firm had revenue of $552.34 million during the quarter, compared to analysts’ expectations of $418.65 million. New Jersey Resources had a return on equity of 11.63% and a net margin of 8.20%. The company’s revenue was up 50.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.15) earnings per share. New Jersey Resources updated its FY22 guidance to $2.40-2.50 EPS and its FY 2022 guidance to $2.40-$2.50 EPS.

New Jersey Resources Price Performance

Shares of NYSE NJR traded down $1.07 during midday trading on Friday, reaching $44.69. 391,057 shares of the stock traded hands, compared to its average volume of 343,262. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.63 and a quick ratio of 0.53. The stock has a market capitalization of $4.30 billion, a PE ratio of 19.52, a P/E/G ratio of 3.11 and a beta of 0.53. New Jersey Resources has a one year low of $34.41 and a one year high of $47.50. The company’s 50 day moving average is $44.43 and its 200 day moving average is $43.77.

New Jersey Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Monday, September 26th will be issued a dividend of $0.3625 per share. This represents a $1.45 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date is Friday, September 23rd. New Jersey Resources’s dividend payout ratio (DPR) is currently 63.32%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. TheStreet lowered shares of New Jersey Resources from a “b” rating to a “c+” rating in a report on Wednesday, July 20th. StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a report on Wednesday, May 18th. Finally, Mizuho increased their price objective on shares of New Jersey Resources from $42.00 to $45.00 in a report on Friday, April 29th.

Insider Activity

In other news, COO Patrick J. Migliaccio sold 2,690 shares of the stock in a transaction that occurred on Thursday, May 19th. The stock was sold at an average price of $45.25, for a total transaction of $121,722.50. Following the completion of the transaction, the chief operating officer now directly owns 36,016 shares in the company, valued at approximately $1,629,724. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.68% of the company’s stock.

Institutional Trading of New Jersey Resources

A number of institutional investors have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. lifted its position in New Jersey Resources by 1.7% in the first quarter. Ameritas Investment Partners Inc. now owns 52,746 shares of the utilities provider’s stock worth $2,418,000 after buying an additional 901 shares during the last quarter. Mackenzie Financial Corp lifted its position in shares of New Jersey Resources by 19.9% during the first quarter. Mackenzie Financial Corp now owns 6,248 shares of the utilities provider’s stock worth $287,000 after purchasing an additional 1,036 shares during the last quarter. Yousif Capital Management LLC lifted its position in shares of New Jersey Resources by 2.4% during the first quarter. Yousif Capital Management LLC now owns 51,894 shares of the utilities provider’s stock worth $2,380,000 after purchasing an additional 1,235 shares during the last quarter. Federated Hermes Inc. lifted its position in shares of New Jersey Resources by 8.3% during the first quarter. Federated Hermes Inc. now owns 17,826 shares of the utilities provider’s stock worth $818,000 after purchasing an additional 1,360 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its position in shares of New Jersey Resources by 7.8% during the first quarter. Baird Financial Group Inc. now owns 19,631 shares of the utilities provider’s stock worth $900,000 after purchasing an additional 1,416 shares during the last quarter. 72.01% of the stock is currently owned by institutional investors.

New Jersey Resources Company Profile

(Get Rating)

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 Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 564,000 residential and commercial customers throughout 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.

Featured Stories

Earnings History for New Jersey Resources (NYSE:NJR)

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.