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

New Jersey Resources (NYSE:NJR) issued an update on its FY24 earnings guidance on Tuesday morning. 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.

New Jersey Resources Price Performance

Shares of NJR traded up $0.09 during mid-day trading on Thursday, reaching $44.28. The company had a trading volume of 111,103 shares, compared to its average volume of 504,461. New Jersey Resources has a twelve month low of $38.92 and a twelve month high of $50.72. 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’s 50-day moving average is $42.72 and its 200-day moving average is $42.65. The company has a market capitalization of $4.35 billion, a P/E ratio of 18.11 and a beta of 0.62.

New Jersey Resources (NYSE:NJR) last released its quarterly earnings results on Tuesday, February 6th. The utilities provider reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.15). The business had revenue of $467.20 million for the quarter, compared to the consensus estimate of $812.66 million. New Jersey Resources had a return on equity of 11.13% and a net margin of 13.96%. The firm’s revenue was down 35.4% on a year-over-year basis. During the same quarter last year, the company earned $1.14 earnings per share. On average, equities analysts anticipate that New Jersey Resources will post 2.94 EPS for the current year.

New Jersey Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Wednesday, June 12th will be given a dividend of $0.42 per share. The ex-dividend date is Wednesday, June 12th. This represents a $1.68 dividend on an annualized basis and a yield of 3.79%. New Jersey Resources’s dividend payout ratio (DPR) is presently 68.85%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on NJR shares. Mizuho dropped their price objective on shares of New Jersey Resources from $47.00 to $45.00 and set a neutral rating for the company in a research report on Monday, February 5th. StockNews.com downgraded shares of New Jersey Resources from a hold rating to a sell rating in a research report on Wednesday.

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.