New Jersey Resources (NYSE:NJR) Releases FY24 Earnings Guidance

New Jersey Resources (NYSE:NJR) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $2.85-3.00 for the period, compared to the consensus estimate of $2.93.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. StockNews.com downgraded New Jersey Resources from a hold rating to a sell rating in a report on Wednesday. Mizuho decreased their target price on New Jersey Resources from $47.00 to $45.00 and set a neutral rating for the company in a research note on Monday, February 5th.

New Jersey Resources Stock Down 0.8 %

Shares of NJR stock traded down $0.34 on Friday, hitting $43.99. 14,561 shares of the stock were exchanged, compared to its average volume of 502,873. The company has a current ratio of 0.70, a quick ratio of 0.47 and a debt-to-equity ratio of 1.33. The firm has a market capitalization of $4.32 billion, a P/E ratio of 18.17 and a beta of 0.62. The business has a 50-day moving average of $42.78 and a 200 day moving average of $42.66. New Jersey Resources has a fifty-two week low of $38.92 and a fifty-two week high of $50.72.

New Jersey Resources (NYSE:NJR) last posted its quarterly earnings data on Tuesday, February 6th. The utilities provider reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.89 by ($0.15). New Jersey Resources had a return on equity of 11.13% and a net margin of 13.96%. The firm had revenue of $467.20 million for the quarter, compared to analyst estimates of $812.66 million. During the same period in the prior year, the company earned $1.14 earnings per share. The firm’s quarterly revenue was down 35.4% on a year-over-year basis. Equities analysts anticipate that New Jersey Resources will post 2.94 EPS for the current year.

New Jersey Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Wednesday, June 12th will be issued a dividend of $0.42 per share. The ex-dividend date is Wednesday, June 12th. This represents a $1.68 annualized dividend and a yield of 3.82%. New Jersey Resources’s payout ratio is presently 68.85%.

About New Jersey Resources

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. 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 576,000 customers in 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.