New Jersey Resources (NYSE:NJR) Posts Quarterly Earnings Results

New Jersey Resources (NYSE:NJR) posted its quarterly earnings data on Tuesday. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07), Briefing.com reports. The company had revenue of $275.64 million during the quarter, compared to the consensus estimate of $283.56 million. New Jersey Resources had a net margin of 14.46% and a return on equity of 12.16%. The company’s revenue was up 4.4% on a year-over-year basis. During the same quarter last year, the business earned $0.10 earnings per share. New Jersey Resources updated its FY24 guidance to $2.85-3.00 EPS and its FY 2024 guidance to 2.850-3.000 EPS.

New Jersey Resources Stock Performance

Shares of NJR traded up $0.87 during trading hours on Wednesday, hitting $44.37. The company had a trading volume of 718,138 shares, compared to its average volume of 515,505. The firm has a market cap of $4.38 billion, a price-to-earnings ratio of 17.54 and a beta of 0.60. The business has a fifty day moving average of $43.86 and a 200-day moving average of $42.98. New Jersey Resources has a 12 month low of $38.92 and a 12 month high of $47.37. The company has a quick ratio of 0.56, a current ratio of 0.70 and a debt-to-equity ratio of 1.25.

Insider Activity

In related news, CEO Stephen D. Westhoven sold 3,400 shares of the firm’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $45.00, for a total transaction of $153,000.00. Following the transaction, the chief executive officer now directly owns 195,305 shares of the company’s stock, valued at $8,788,725. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Stephen D. Westhoven sold 20,000 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $42.82, for a total value of $856,400.00. Following the completion of the sale, the chief executive officer now directly owns 198,705 shares in the company, valued at $8,508,548.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Stephen D. Westhoven sold 3,400 shares of the company’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $45.00, for a total transaction of $153,000.00. Following the sale, the chief executive officer now directly owns 195,305 shares in the company, valued at approximately $8,788,725. The disclosure for this sale can be found here. Insiders have sold 50,000 shares of company stock valued at $2,207,996 over the last ninety days. 0.75% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently commented on NJR shares. Argus upgraded shares of New Jersey Resources to a “strong-buy” rating in a report on Monday, June 10th. StockNews.com downgraded shares of New Jersey Resources from a “hold” rating to a “sell” rating in a report on Monday.

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.