New Jersey Resources (NYSE:NJR) Releases FY23 Earnings Guidance

New Jersey Resources (NYSE:NJR) issued an update on its FY23 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.70-2.85 for the period, compared to the consensus earnings per share estimate of $2.70.

Analyst Upgrades and Downgrades

NJR has been the topic of several recent analyst reports. StockNews.com started coverage on New Jersey Resources in a report on Thursday, October 5th. They issued a sell rating on the stock. Wells Fargo & Company cut their target price on New Jersey Resources from $52.00 to $47.00 and set an equal weight rating on the stock in a research report on Friday, August 4th. JPMorgan Chase & Co. raised New Jersey Resources from an underweight rating to a neutral rating and upped their price target for the company from $44.00 to $46.00 in a report on Thursday, September 21st. Guggenheim dropped their price target on shares of New Jersey Resources from $47.00 to $42.00 in a research note on Monday, October 9th. Finally, Mizuho lowered their target price on shares of New Jersey Resources from $49.00 to $47.00 and set a neutral rating for the company in a report on Monday.

New Jersey Resources Stock Performance

Shares of NJR opened at $42.34 on Tuesday. The stock has a market capitalization of $4.13 billion, a P/E ratio of 14.60, a P/E/G ratio of 2.53 and a beta of 0.64. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.50 and a current ratio of 0.78. New Jersey Resources has a 1 year low of $38.92 and a 1 year high of $55.84. The company’s fifty day moving average is $41.92 and its two-hundred day moving average is $44.72.

New Jersey Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Wednesday, December 13th will be issued a dividend of $0.42 per share. This is a boost from New Jersey Resources’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 3.97%. The ex-dividend date is Tuesday, December 12th. New Jersey Resources’s dividend payout ratio is currently 57.93%.

Hedge Funds Weigh In On New Jersey Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. HighTower Advisors LLC boosted its stake in shares of New Jersey Resources by 2.0% in the first quarter. HighTower Advisors LLC now owns 11,888 shares of the utilities provider’s stock valued at $637,000 after buying an additional 238 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in shares of New Jersey Resources by 1.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 25,644 shares of the utilities provider’s stock worth $992,000 after purchasing an additional 261 shares in the last quarter. Bedel Financial Consulting Inc. grew its stake in shares of New Jersey Resources by 5.0% during the 2nd quarter. Bedel Financial Consulting Inc. now owns 5,897 shares of the utilities provider’s stock worth $278,000 after purchasing an additional 280 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in shares of New Jersey Resources by 71.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 914 shares of the utilities provider’s stock valued at $45,000 after purchasing an additional 380 shares during the period. Finally, Captrust Financial Advisors lifted its stake in shares of New Jersey Resources by 2.6% in the third quarter. Captrust Financial Advisors now owns 15,667 shares of the utilities provider’s stock valued at $606,000 after purchasing an additional 398 shares during the period. Institutional investors and hedge funds own 73.08% of the company’s stock.

New Jersey Resources Company Profile

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 569,300 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.