Brokerages forecast that New Jersey Resources Corp (NYSE:NJR) will report $579.95 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for New Jersey Resources’ earnings, with the lowest sales estimate coming in at $556.00 million and the highest estimate coming in at $603.90 million. New Jersey Resources posted sales of $536.52 million in the same quarter last year, which indicates a positive year over year growth rate of 8.1%. The company is expected to announce its next quarterly earnings results before the market opens on Tuesday, November 20th.

On average, analysts expect that New Jersey Resources will report full-year sales of $2.82 billion for the current fiscal year, with estimates ranging from $2.77 billion to $2.87 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $2.63 billion, with estimates ranging from $2.34 billion to $3.00 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that cover New Jersey Resources.

New Jersey Resources (NYSE:NJR) last announced its earnings results on Tuesday, August 7th. The utilities provider reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.11). New Jersey Resources had a return on equity of 18.68% and a net margin of 7.60%. The business had revenue of $543.44 million for the quarter, compared to analysts’ expectations of $496.70 million. During the same period in the previous year, the company earned $0.20 earnings per share.

Several research firms have commented on NJR. ValuEngine upgraded shares of New Jersey Resources from a “hold” rating to a “buy” rating in a report on Tuesday, October 9th. Zacks Investment Research upgraded shares of New Jersey Resources from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a report on Thursday, August 9th. Wells Fargo & Co upped their target price on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a “market perform” rating in a report on Monday, September 17th. Finally, Guggenheim cut shares of New Jersey Resources from a “buy” rating to a “neutral” rating in a report on Monday, September 10th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $47.50.

Institutional investors have recently made changes to their positions in the business. NEXT Financial Group Inc purchased a new position in shares of New Jersey Resources in the 3rd quarter valued at about $115,000. Sei Investments Co. increased its holdings in New Jersey Resources by 115.2% during the 1st quarter. Sei Investments Co. now owns 3,282 shares of the utilities provider’s stock valued at $132,000 after acquiring an additional 1,757 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. purchased a new position in New Jersey Resources during the 2nd quarter valued at about $206,000. Tower Bridge Advisors purchased a new position in New Jersey Resources during the 2nd quarter valued at about $206,000. Finally, Private Advisor Group LLC purchased a new position in New Jersey Resources during the 2nd quarter valued at about $245,000. Institutional investors own 66.80% of the company’s stock.

NYSE NJR traded up $0.39 on Monday, hitting $47.50. 231,651 shares of the stock were exchanged, compared to its average volume of 451,318. The company has a quick ratio of 1.16, a current ratio of 1.45 and a debt-to-equity ratio of 0.84. New Jersey Resources has a fifty-two week low of $35.55 and a fifty-two week high of $47.93. The stock has a market capitalization of $4.17 billion, a PE ratio of 27.46, a price-to-earnings-growth ratio of 3.37 and a beta of 0.21.

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 529,800 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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Earnings History and Estimates for New Jersey Resources (NYSE:NJR)

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