New Jersey Resources (NYSE:NJR) Updates FY 2024 Earnings Guidance

New Jersey Resources (NYSE:NJR) updated its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 2.850-3.000 for the period, compared to the consensus EPS estimate of 2.940. The company issued revenue guidance of -. New Jersey Resources also updated its FY24 guidance to $2.85-3.00 EPS.

New Jersey Resources Stock Up 0.7 %

NJR stock traded up $0.32 during midday trading on Friday, hitting $44.46. 312,331 shares of the company’s stock were exchanged, compared to its average volume of 513,924. The firm has a 50 day moving average price of $43.95 and a 200-day moving average price of $42.99. New Jersey Resources has a 12-month low of $38.92 and a 12-month high of $47.37. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of 17.45 and a beta of 0.60. The company has a current ratio of 0.70, a quick ratio of 0.56 and a debt-to-equity ratio of 1.25.

New Jersey Resources (NYSE:NJR) last issued its quarterly earnings results on Tuesday, August 6th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). New Jersey Resources had a return on equity of 12.16% and a net margin of 14.46%. The company had revenue of $275.64 million during the quarter, compared to the consensus estimate of $283.56 million. During the same quarter last year, the firm posted $0.10 EPS. The firm’s quarterly revenue was up 4.4% on a year-over-year basis. On average, analysts anticipate that New Jersey Resources will post 2.95 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. StockNews.com downgraded New Jersey Resources from a hold rating to a sell rating in a research note on Monday. Argus upgraded New Jersey Resources to a strong-buy rating in a research report on Monday, June 10th.

Insider Activity

In other New Jersey Resources news, CEO Stephen D. Westhoven sold 26,600 shares of New Jersey Resources stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $45.06, for a total value of $1,198,596.00. Following the completion of the transaction, the chief executive officer now directly owns 168,705 shares in the company, valued at $7,601,847.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Stephen D. Westhoven sold 20,000 shares of the stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $42.82, for a total value of $856,400.00. Following the sale, the chief executive officer now owns 198,705 shares of the company’s stock, valued at approximately $8,508,548.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Stephen D. Westhoven sold 26,600 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $45.06, for a total transaction of $1,198,596.00. Following the transaction, the chief executive officer now directly owns 168,705 shares of the company’s stock, valued at $7,601,847.30. The disclosure for this sale can be found here. In the last three months, insiders sold 50,000 shares of company stock valued at $2,207,996. Company insiders own 0.75% of the company’s stock.

About New Jersey Resources

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.