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 Upgrades and Downgrades

NJR has been the subject of a number of analyst reports. StockNews.com raised shares of New Jersey Resources from a sell rating to a hold rating in a research report on Wednesday, February 7th. Mizuho reduced their target price 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.

New Jersey Resources Price Performance

NYSE:NJR traded up $0.08 during trading hours on Tuesday, reaching $44.83. 311,837 shares of the company were exchanged, compared to its average volume of 501,985. The company has a market capitalization of $4.41 billion, a P/E ratio of 18.34 and a beta of 0.62. New Jersey Resources has a 1-year low of $38.92 and a 1-year high of $51.15. 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 business has a 50 day moving average of $42.60 and a 200 day moving average of $42.62.

New Jersey Resources (NYSE:NJR) last issued its quarterly earnings results on Tuesday, February 6th. The utilities provider reported $0.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.15). The company had revenue of $467.20 million for the quarter, compared to analyst estimates 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 quarterly revenue was down 35.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.14 EPS. Research analysts forecast that New Jersey Resources will post 2.94 EPS for the current year.

New Jersey Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Wednesday, June 12th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date is Wednesday, June 12th. New Jersey Resources’s dividend payout ratio is presently 68.85%.

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.