New Jersey Resources (NYSE:NJR – Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.85-3.00 for the period, compared to the consensus estimate of $2.93.
Analyst Upgrades and Downgrades
Several research firms recently commented on NJR. Mizuho reduced their price target on New Jersey Resources from $47.00 to $45.00 and set a neutral rating for the company in a report on Monday, February 5th. StockNews.com upgraded shares of New Jersey Resources from a sell rating to a hold rating in a research report on Wednesday, February 7th.
View Our Latest Analysis on NJR
New Jersey Resources Stock 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). The firm had revenue of $467.20 million during the quarter, compared to analysts’ expectations of $812.66 million. New Jersey Resources had a return on equity of 11.13% and a net margin of 13.96%. The company’s revenue for the quarter was down 35.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.14 earnings per share. As a group, research analysts expect that New Jersey Resources will post 2.94 EPS 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. Investors of record on Wednesday, June 12th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date of this dividend is Wednesday, June 12th. New Jersey Resources’s dividend payout ratio (DPR) is presently 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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