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

New Jersey Resources (NYSE:NJR) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.850-3.000 for the period, compared to the consensus 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 Price Performance

Shares of NJR stock traded up $0.32 during trading hours on Friday, reaching $44.46. The company had a trading volume of 312,331 shares, compared to its average volume of 513,924. New Jersey Resources has a 12-month low of $38.92 and a 12-month high of $47.37. The company 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 debt-to-equity ratio of 1.25, a quick ratio of 0.56 and a current ratio of 0.70. The stock has a fifty day moving average of $43.95 and a 200-day moving average of $42.99.

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NJR. Argus upgraded shares of New Jersey Resources to a strong-buy rating in a research report on Monday, June 10th. StockNews.com downgraded shares of New Jersey Resources from a hold rating to a sell rating in a report on Monday.

Insider Buying and Selling at New Jersey Resources

In related news, CEO Stephen D. Westhoven sold 3,400 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $45.00, for a total value of $153,000.00. Following the transaction, the chief executive officer now owns 195,305 shares of the company’s stock, valued at $8,788,725. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Stephen D. Westhoven sold 26,600 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were 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 owns 168,705 shares in the company, valued at approximately $7,601,847.30. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Stephen D. Westhoven sold 3,400 shares of New Jersey Resources stock in a transaction on Friday, July 12th. The stock was sold at an average price of $45.00, for a total transaction of $153,000.00. Following the sale, the chief executive officer now owns 195,305 shares in the company, valued at $8,788,725. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,000 shares of company stock valued at $2,207,996. 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.