New Jersey Resources (NYSE:NJR) Releases FY22 Earnings Guidance

New Jersey Resources (NYSE:NJRGet Rating) updated its FY22 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.40-2.50 for the period, compared to the consensus estimate of $2.34. New Jersey Resources also updated its FY 2022 guidance to $2.40-$2.50 EPS.

New Jersey Resources Price Performance

NYSE:NJR traded up $0.56 during trading hours on Thursday, hitting $45.76. The company’s stock had a trading volume of 362,046 shares, compared to its average volume of 509,512. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.63 and a quick ratio of 0.53. The company has a market capitalization of $4.40 billion, a P/E ratio of 45.66, a PEG ratio of 3.21 and a beta of 0.53. New Jersey Resources has a twelve month low of $34.41 and a twelve month high of $47.50. The stock has a fifty day simple moving average of $44.47 and a 200-day simple moving average of $43.69.

New Jersey Resources (NYSE:NJRGet Rating) last posted its quarterly earnings results on Thursday, May 5th. The utilities provider reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.09. The company had revenue of $912.32 million for the quarter, compared to the consensus estimate of $877.88 million. New Jersey Resources had a net margin of 3.79% and a return on equity of 11.06%. The firm’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same period last year, the company posted $1.77 EPS. On average, analysts anticipate that New Jersey Resources will post 2.37 EPS for the current fiscal year.

New Jersey Resources Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Monday, September 26th will be paid a dividend of $0.3625 per share. The ex-dividend date of this dividend is Friday, September 23rd. This represents a $1.45 dividend on an annualized basis and a dividend yield of 3.17%. New Jersey Resources’s payout ratio is presently 146.47%.

Analysts Set New Price Targets

A number of brokerages have recently commented on NJR. TheStreet cut New Jersey Resources from a b rating to a c+ rating in a research note on Wednesday, July 20th. Mizuho lifted their price target on New Jersey Resources from $42.00 to $45.00 in a research note on Friday, April 29th. Finally, raised New Jersey Resources from a sell rating to a hold rating in a research note on Wednesday, May 18th.

Insider Transactions at New Jersey Resources

In other New Jersey Resources news, COO Patrick J. Migliaccio sold 2,690 shares of the company’s stock in a transaction dated Thursday, May 19th. The stock was sold at an average price of $45.25, for a total value of $121,722.50. Following the sale, the chief operating officer now owns 36,016 shares in the company, valued at approximately $1,629,724. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.68% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Advisory Services Network LLC raised its position in shares of New Jersey Resources by 10.9% in the 1st quarter. Advisory Services Network LLC now owns 29,896 shares of the utilities provider’s stock worth $1,371,000 after acquiring an additional 2,936 shares in the last quarter. Coann Capital LLC acquired a new position in New Jersey Resources in the first quarter valued at approximately $4,026,000. Mirabella Financial Services LLP lifted its stake in New Jersey Resources by 62.4% in the first quarter. Mirabella Financial Services LLP now owns 25,253 shares of the utilities provider’s stock valued at $1,158,000 after buying an additional 9,705 shares during the period. Jane Street Group LLC boosted its holdings in shares of New Jersey Resources by 223.8% during the 1st quarter. Jane Street Group LLC now owns 26,059 shares of the utilities provider’s stock worth $1,195,000 after buying an additional 18,011 shares in the last quarter. Finally, Lido Advisors LLC acquired a new stake in shares of New Jersey Resources during the 1st quarter worth approximately $404,000. Institutional investors own 72.01% of the company’s stock.

New Jersey Resources Company Profile

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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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