Fintel reports that on April 24, 2023, Guggenheim maintained coverage of New Jersey Resources (NYSE:NJR) with a Neutral recommendation.
Analyst Price Forecast Suggests 0.58% Downside
As of April 24, 2023, the average one-year price target for New Jersey Resources is 52.87. The forecasts range from a low of 45.45 to a high of $61.95. The average price target represents a decrease of 0.58% from its latest reported closing price of 53.18.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for New Jersey Resources is 2,554MM, a decrease of 13.53%. The projected annual non-GAAP EPS is 2.49.
New Jersey Resources Declares $0.39 Dividend
On April 5, 2023 the company declared a regular quarterly dividend of $0.39 per share ($1.56 annualized). Shareholders of record as of June 14, 2023 will receive the payment on July 3, 2023. Previously, the company paid $0.39 per share.
At the current share price of $53.18 / share, the stock’s dividend yield is 2.93%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.20%, the lowest has been 2.28%, and the highest has been 4.99%. The standard deviation of yields is 0.63 (n=236).
The current dividend yield is 0.42 standard deviations below the historical average.
Additionally, the company’s dividend payout ratio is 0.54. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company’s 3-Year dividend growth rate is 0.25%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 699 funds or institutions reporting positions in New Jersey Resources. This is an increase of 50 owner(s) or 7.70% in the last quarter. Average portfolio weight of all funds dedicated to NJR is 0.18%, a decrease of 1.23%. Total shares owned by institutions increased in the last three months by 1.74% to 84,068K shares. The put/call ratio of NJR is 0.03, indicating a bullish outlook.
What are Other Shareholders Doing?
SDY – SPDR(R) S&P(R) Dividend ETF holds 4,483K shares representing 4.63% ownership of the company. In it’s prior filing, the firm reported owning 5,867K shares, representing a decrease of 30.87%. The firm decreased its portfolio allocation in NJR by 15.99% over the last quarter.
IJH – iShares Core S&P Mid-Cap ETF holds 2,972K shares representing 3.07% ownership of the company. In it’s prior filing, the firm reported owning 2,812K shares, representing an increase of 5.37%. The firm increased its portfolio allocation in NJR by 18.26% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 2,919K shares representing 3.01% ownership of the company. In it’s prior filing, the firm reported owning 2,875K shares, representing an increase of 1.51%. The firm increased its portfolio allocation in NJR by 20.22% over the last quarter.
Wellington Management Group Llp holds 2,663K shares representing 2.75% ownership of the company. In it’s prior filing, the firm reported owning 2,896K shares, representing a decrease of 8.76%. The firm increased its portfolio allocation in NJR by 10.98% over the last quarter.
Wells Fargo holds 2,603K shares representing 2.69% ownership of the company. In it’s prior filing, the firm reported owning 2,613K shares, representing a decrease of 0.37%. The firm increased its portfolio allocation in NJR by 17.66% over the last quarter.
New Jersey Resources Background Information
(This description is provided by the company.)
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses: New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties. Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 350 megawatts, providing residential and commercial customers with low-carbon solutions. Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America. Storage & Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50 percent equity ownership in the Steckman Ridge natural gas storage facility, and our 20 percent equity interest in the PennEast Pipeline Project. Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey. NJR and its more than 1,100 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.
See all New Jersey Resources regulatory filings.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.