New Jersey Resources (NJR) continues to benefit from its investments in infrastructure that help serve its expanding customer base more efficiently. Given its earnings growth opportunities and strong return on equity (ROE), NJR makes for a solid investment option in the utility sector. Let's focus on the factors that make this Zacks Rank #2 (Buy) company a strong investment pick at the moment. NJR's Growth Projections The Zacks Consensus Estimate for fiscal 2024 earnings per share (EPS) has moved up 0.3% in ...

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Financial Performance - Total operating revenues for the three months ended June 30, 2024, were $275.636 million, compared to $264.075 million for the same period in 2023, representing a year-over-year increase of approximately 4.4%[10] - Net loss for the three months ended June 30, 2024, was $11.574 million, compared to a net income of $1.532 million for the same period in 2023, indicating a significant decline in profitability[11] - Operating income for the nine months ended June 30, 2024, was $311.977 million, down from $342.707 million for the same period in 2023, a decrease of approximately 8.9%[10] - Net income for the nine months ended June 30, 2024, was $198,649,000, a decrease of 12.8% compared to $227,700,000 for the same period in 2023[13] - Cash flows from operating activities totaled $362,894,000, down from $387,898,000 in the previous year, reflecting a decrease of 6.4%[13] - The company reported a net loss of $11,574,000 for the three months ended June 30, 2024, compared to a net income of $1,532,000 for the same period in 2023[102] Revenue Breakdown - The utility segment generated revenues of $157.773 million for the three months ended June 30, 2024, up from $144.971 million in the same period last year, reflecting a growth of about 8.8%[10] - Natural gas utility sales for the nine months ended June 30, 2024, reached $767.698 million, compared to $749.618 million in 2023, indicating an increase of about 2.5%[58] - Revenues from contracts with customers for the three months ended June 30, 2024, totaled $209.892 million, up from $199.315 million in 2023, reflecting a growth of approximately 5.3%[56] - The company reported natural gas services revenue of $40.679 million for the three months ended June 30, 2024, compared to $38.222 million in 2023, marking a growth of approximately 6.4%[56] - Operating revenues for NJNG in 2024 from external customers were $157.773 million, compared to $144.971 million in 2023, representing an increase of about 8.9%[131] Expenses and Losses - Total operating expenses for the three months ended June 30, 2024, were $269.700 million, compared to $259.341 million for the same period in 2023, an increase of about 4%[10] - The company faced increased operating expenses due to higher natural gas purchase costs, with utility natural gas purchases amounting to $53.372 million for the three months ended June 30, 2024[10] - The basic loss per share for the three months ended June 30, 2024, was $(0.12), compared to earnings of $0.02 per share for the same period in 2023[10] - Comprehensive loss income for the three months ended June 30, 2024, was $(11.679) million, compared to $1.836 million for the same period in 2023[11] - The company reported a $12.3 million increase in operating and maintenance expenses for the nine months ended June 30, 2024, compared to the same period in 2023[193] Assets and Liabilities - Total assets increased to $6,784,121,000 as of June 30, 2024, compared to $6,537,496,000 as of September 30, 2023, representing a growth of 3.8%[14] - Current liabilities totaled $894,347,000 as of June 30, 2024, an increase from $806,603,000 in 2023, indicating a rise of about 10.86%[16] - Long-term debt stood at $2,793,672,000 as of June 30, 2024, compared to $2,768,017,000 in 2023, reflecting a slight increase of approximately 0.93%[16] - Total noncurrent liabilities decreased to $953,084,000 as of June 30, 2024, down from $972,141,000 in 2023, indicating a reduction of approximately 1.93%[16] - The carrying value of long-term debt as of June 30, 2024, was $2,692,845 thousand, with a fair market value of $2,306,291 thousand[95] Customer and Market Information - NJNG provides natural gas utility service to approximately 582,100 customers across New Jersey, with regulated rates by the BPU[21] - The company added 5,939 new customers during the nine months ended June 30, 2024, contributing an estimated $5.1M in incremental Utility Gross Margin annually[165] - NJNG's operations are focused on providing safe and reliable service, growing its customer base, and promoting clean energy programs[160] Regulatory and Compliance - NJNG filed a petition for BPU approval of its 2024 SAVEGREEN program, which includes a direct investment of $245.1 million aimed at energy efficiency and decarbonization initiatives[70] - NJNG filed a base rate case requesting a natural gas revenue increase of $222.6 million, later updated to $219.6 million[71] - BPU approved a $38.6 million decrease to annual revenues credited to BGSS and a $27.0 million increase to CIP rates effective October 1, 2023[72] Clean Energy Initiatives - The Clean Energy Ventures segment invests in clean energy projects, including solar installations across multiple states[21] - The company is actively pursuing opportunities in renewable energy markets through Clean Energy Ventures, focusing on solar projects[194] - CEV's operating revenues for the three months ended June 30, 2024, were $14.648 million, compared to $13.178 million for the same period in 2023, reflecting an increase of approximately 11.1%[205] Derivative Instruments and Risk Management - The fair value of the Company's derivative assets as of June 30, 2024, was $5.75 million, while liabilities were $19.59 million[81] - The company is exposed to commodity price risk and utilizes various derivative instruments to hedge this risk[74] - Total unrealized and realized gain (loss) from derivatives for the three months ended June 30, 2024, was $(1,645) thousand, compared to $11,592 thousand for the same period in 2023[84]

New Jersey Resources (NJR) came out with a quarterly loss of $0.09 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to earnings of $0.10 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -350%. A quarter ago, it was expected that this energy services holding company would post earnings of $1.32 per share when it actually produced earnings of $1.40, delivering a surprise of 6.06%. Over the last fou ...

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Please note that a negative Earnings ESP reading is not indicative of an earn ...

New Jersey Resources (NJR) continues to benefit from its infrastructure upgrades that help serve the company's expanding customer base more efficiently. Given its earnings growth opportunities and strong return on equity (ROE), NJR makes for a solid investment option in the utility sector. NJR has been increasing the value of its shareholders by paying out dividends. Currently, its quarterly dividend is 42 cents per share, resulting in an annualized dividend of $1.68 per share, up 7.7% from the previous fig ...

strickke 1. It is reliable. By that, I mean it can't be steady for a while, only to plunge from dividend suspensions/cuts in any given year. 2. It is consistently growing enough to keep up with inflation. Even if a portfolio's passive income remains constant over the years, that's not enough by itself to sustain a viable retirement. Flat income year after year is itself a stealth dividend cut in my view. That is why I believe it is so critical for dividend growth investors to be laser-focused on quality wit ...

Core Viewpoint - New Jersey Resources (NJR) is positioned as a strong investment option in the utility sector due to its infrastructure upgrades, earnings growth opportunities, and robust return on equity (ROE) [1] Growth Projections & Surprise History - NJR has delivered an average earnings surprise of 107.4% over the last four quarters [2] Return on Equity - NJR's current ROE stands at 12.16%, surpassing the industry average of 9.7%, indicating more effective utilization of funds compared to peers in the utility gas distribution sector [3] Dividend Growth - NJR has increased its quarterly dividend to 42 cents per share, resulting in an annualized dividend of $1.68 per share, which is a 7.7% increase from the previous $1.56. The current dividend yield is 3.99%, significantly higher than the Zacks S&P 500 composite's 1.29% [4] Systematic Investments & Customer Growth - The company is making consistent investments to upgrade its infrastructure, with expected capital investments of $619-$754 million for fiscal 2024 and $578-$742 million for fiscal 2025 [5] - NJR added 4,058 new customers in the first six months of fiscal 2024, slightly down from 4,064 in the same period of fiscal 2023, which is expected to contribute approximately $3.4 million in incremental utility gross margin annually [12] Price Performance - Over the past three months, NJR shares have increased by 2%, outperforming the sector's growth of 1.4% [13]

Group 1: Rate Revision and Impact - New Jersey Natural Gas (NJNG) has filed for a rate revision with the New Jersey Board of Public Utilities (BPU), which, if approved, will increase the utility bill of a typical residential customer using 100 therms a month by 0.5% or 71 cents per month, effective from October 1, 2024 [1] - NJNG is seeking a reduction in its annual Basic Gas Supply Service (BGSS) rate, offset by an increase to its Balancing Charge, with a minimal decrease of 0.1% related to the Conservation Incentive Program (CIP) due to warmer-than-normal winter weather [2][3] - NJNG aims for a 0.6% increase in its energy-efficiency recovery filing to cover costs associated with its SAVEGREEN programs [2] Group 2: Capital Investments - New Jersey Resources plans capital investments between $619 million and $754 million for fiscal 2024 and between $578 million and $742 million for fiscal 2025, aimed at upgrading and maintaining infrastructure to support an expanding customer base [4] - Systematic capital expenditure is expected to support a long-term earnings growth target of 7-9% [4] Group 3: Industry Demand and Growth Opportunities - The demand for natural gas is increasing due to its clean-burning nature, wide availability, and rising awareness against emissions, with one residential customer signing up for natural gas service every minute and 80 businesses adding natural gas service each day [6] - The rising demand for natural gas presents growth opportunities for companies like Atmos Energy Corporation (ATO), MDU Resources (MDU), and UGI Corporation (UGI), each currently holding a Zacks Rank 2 (Buy) [7] - The current dividend yields for Atmos Energy, MDU Resources, and UGI are 2.78%, 1.98%, and 5.89%, respectively, outperforming the Zacks S&P 500 composite's yield of 1.57% [7] Group 4: Earnings Estimates - The Zacks Consensus Estimate for fiscal 2024 earnings per share has increased for ATO, MDU, and UGI by 0.9%, 1.3%, and 2.1%, respectively, over the past 60 days [8]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 NEW JERSEY RESOURCES CORPORATION (Exact name of registrant as specified in its charter) New Jersey 22-2376465 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 1415 Wyckoff Road (732) 938‑1480 (Address of principal executive offices) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TR ...