New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. 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 564,000 residential and commercial customers throughout 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. The Clean Energy Ventures segment invests in, owns, and operates commercial and residential solar projects situated in New Jersey, Connecticut, Rhode Island, and New York. The Energy Services segment offers unregulated wholesale energy management services to other energy companies and natural gas producers, as well as maintains and transacts a portfolio of physical assets consisting of natural gas storage and transportation contracts in the United States and Canada. The Storage and Transportation segment invests in natural gas transportation and storage facilities. It provides heating, ventilation, and cooling services; holds commercial real estate properties; and offers solar equipment installation, and plumbing repair and installation services, as well as engages in the water appliance sale, installation, and servicing activities. The company was incorporated in 1981 and is headquartered in Wall, New Jersey.
New Jersey Resources Stock Up 2.2 %
Shares of New Jersey Resources stock traded up $0.99 during trading on Friday, reaching $46.50. The stock had a trading volume of 288,219 shares, compared to its average volume of 503,474. The company has a market capitalization of $4.47 billion, a price-to-earnings ratio of 19.87, a P/E/G ratio of 3.06 and a beta of 0.53. The stock has a fifty day moving average price of $44.36 and a two-hundred day moving average price of $43.96. New Jersey Resources has a 52 week low of $34.41 and a 52 week high of $47.50. The company has a current ratio of 0.76, a quick ratio of 0.53 and a debt-to-equity ratio of 1.43.
New Jersey Resources (NYSE:NJR - Get Rating) last issued its quarterly earnings results on Thursday, August 4th. The utilities provider reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.10). The firm had revenue of $552.34 million during the quarter, compared to the consensus estimate of $418.65 million. New Jersey Resources had a net margin of 8.20% and a return on equity of 11.54%. The business's revenue for the quarter was up 50.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.15) earnings per share. Sell-side analysts predict that New Jersey Resources will post 2.48 EPS for the current fiscal year.
New Jersey Resources Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Monday, September 26th will be issued a $0.3625 dividend. The ex-dividend date is Friday, September 23rd. This represents a $1.45 dividend on an annualized basis and a dividend yield of 3.12%. New Jersey Resources's dividend payout ratio (DPR) is 63.32%.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on NJR shares. StockNews.com raised New Jersey Resources from a "sell" rating to a "hold" rating in a research note on Wednesday, May 18th. Mizuho boosted their target price on New Jersey Resources from $42.00 to $45.00 in a research note on Friday, April 29th. Wells Fargo & Company boosted their target price on New Jersey Resources from $45.00 to $47.00 and gave the company an "equal weight" rating in a research note on Monday. Finally, TheStreet cut New Jersey Resources from a "b" rating to a "c+" rating in a research note on Wednesday, July 20th.
Insider Buying and Selling
In related news, COO Patrick J. Migliaccio sold 2,690 shares of the company's stock in a transaction dated Thursday, May 19th. The stock was sold at an average price of $45.25, for a total transaction of $121,722.50. Following the sale, the chief operating officer now owns 36,016 shares in the company, valued at $1,629,724. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.68% of the stock is currently owned by corporate insiders.