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

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

Analyst Ratings Changes

Several brokerages have recently weighed in on NJR. StockNews.com downgraded New Jersey Resources from a hold rating to a sell rating in a report on Wednesday. Mizuho reduced their price target on New Jersey Resources from $47.00 to $45.00 and set a neutral rating on the stock in a report on Monday, February 5th.

New Jersey Resources Stock Down 0.8 %

NYSE NJR traded down $0.34 during midday trading on Friday, hitting $43.99. 14,561 shares of the company traded hands, compared to its average volume of 502,873. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.70 and a quick ratio of 0.47. The company has a market cap of $4.32 billion, a PE ratio of 18.17 and a beta of 0.62. The company’s 50-day simple moving average is $42.78 and its 200-day simple moving average is $42.66. New Jersey Resources has a 52 week low of $38.92 and a 52 week high of $50.72.

New Jersey Resources (NYSE:NJR) 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). The company had revenue of $467.20 million for the quarter, compared to the consensus estimate of $812.66 million. New Jersey Resources had a net margin of 13.96% and a return on equity of 11.13%. The firm’s revenue was down 35.4% compared to the same quarter last year. During the same period last year, the business posted $1.14 EPS. As a group, equities research analysts forecast that New Jersey Resources will post 2.94 earnings per share for the current year.

New Jersey Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Wednesday, June 12th will be given a $0.42 dividend. The ex-dividend date is Wednesday, June 12th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.82%. New Jersey Resources’s payout ratio 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.