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

New Jersey Resources (NYSE:NJRGet Rating) announced its quarterly earnings data on Thursday. The utilities provider reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.10), Briefing.com reports. The business had revenue of $552.34 million during the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm 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 Trading Down 2.3 %

Shares of NYSE NJR traded down $1.07 during mid-day trading on Friday, hitting $44.69. The stock had a trading volume of 391,057 shares, compared to its average volume of 343,262. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.53 and a current ratio of 0.63. New Jersey Resources has a 1 year low of $34.41 and a 1 year high of $47.50. The business has a 50 day moving average price of $44.43 and a two-hundred day moving average price of $43.77. The firm has a market cap of $4.30 billion, a P/E ratio of 19.52, a price-to-earnings-growth ratio of 3.11 and a beta of 0.53.

New Jersey Resources Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Monday, September 26th will be paid a $0.3625 dividend. This represents a $1.45 annualized dividend and a dividend yield of 3.24%. The ex-dividend date is Friday, September 23rd. New Jersey Resources’s payout ratio is 63.32%.

Insider Buying and Selling

In other New Jersey Resources news, COO Patrick J. Migliaccio sold 2,690 shares of the business’s stock in a transaction on Thursday, May 19th. The shares were sold at an average price of $45.25, for a total transaction of $121,722.50. Following the transaction, the chief operating officer now directly owns 36,016 shares of the company’s stock, valued at approximately $1,629,724. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NJR. Wellington Management Group LLP increased its position in New Jersey Resources by 22.6% during the 1st quarter. Wellington Management Group LLP now owns 3,203,151 shares of the utilities provider’s stock valued at $146,897,000 after purchasing an additional 589,747 shares during the period. Invesco Ltd. grew its position in shares of New Jersey Resources by 151.1% in the 1st quarter. Invesco Ltd. now owns 602,011 shares of the utilities provider’s stock worth $27,609,000 after buying an additional 362,282 shares during the period. Renaissance Technologies LLC grew its position in shares of New Jersey Resources by 452.0% in the 1st quarter. Renaissance Technologies LLC now owns 217,500 shares of the utilities provider’s stock worth $9,975,000 after buying an additional 178,100 shares during the period. Ergoteles LLC purchased a new stake in shares of New Jersey Resources in the 1st quarter worth about $6,799,000. Finally, Vanguard Group Inc. grew its position in shares of New Jersey Resources by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 10,757,330 shares of the utilities provider’s stock worth $493,331,000 after buying an additional 111,403 shares during the period. 72.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on NJR shares. Mizuho boosted their price objective on shares of New Jersey Resources from $42.00 to $45.00 in a report on Friday, April 29th. StockNews.com upgraded shares of New Jersey Resources from a “sell” rating to a “hold” rating in a report on Wednesday, May 18th. Finally, TheStreet downgraded shares of New Jersey Resources from a “b” rating to a “c+” rating in a research note on Wednesday, July 20th.

About New Jersey Resources

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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.

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Earnings History for New Jersey Resources (NYSE:NJR)

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