New Jersey Resources (NYSE:NJR – Get Free Report) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $2.85-3.00 for the period, compared to the consensus EPS estimate of $2.93.
Analyst Upgrades and Downgrades
A number of research analysts have commented on the stock. Mizuho cut their price target on shares of 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. StockNews.com upgraded New Jersey Resources from a sell rating to a hold rating in a report on Wednesday, February 7th.
Read Our Latest Stock Analysis on NJR
New Jersey Resources Trading Down 1.5 %
New Jersey Resources (NYSE:NJR – Get Free Report) last announced its earnings results on Tuesday, February 6th. The utilities provider reported $0.74 earnings per share (EPS) 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 company had revenue of $467.20 million during the quarter, compared to analysts’ expectations of $812.66 million. During the same quarter last year, the firm posted $1.14 earnings per share. The firm’s revenue was down 35.4% on a year-over-year basis. As a group, research analysts forecast that New Jersey Resources will post 2.94 EPS for the current year.
New Jersey Resources Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Wednesday, June 12th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 3.80%. The ex-dividend date is Wednesday, June 12th. New Jersey Resources’s dividend payout ratio (DPR) is 68.85%.
New Jersey Resources Company Profile
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.
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