As you might know, New Jersey Resources Corporation (NYSE:NJR) recently reported its quarterly numbers. New Jersey Resources reported US$658m in revenue, roughly in line with analyst forecasts, although statutory earnings per share (EPS) of US$1.22 beat expectations, being 7.5% higher than what the analysts expected. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year.

Check out our latest analysis for New Jersey Resources

After the latest results, the four analysts covering New Jersey Resources are now predicting revenues of US$2.04b in 2024. If met, this would reflect a notable 19% improvement in revenue compared to the last 12 months. Statutory earnings per share are predicted to climb 19% to US$2.99. Before this earnings report, the analysts had been forecasting revenues of US$2.04b and earnings per share (EPS) of US$2.94 in 2024. The consensus analysts don't seem to have seen anything in these results that would have changed their view on the business, given there's been no major change to their estimates.

It will come as no surprise then, to learn that the consensus price target is largely unchanged at US$48.14. Fixating on a single price target can be unwise though, since the consensus target is effectively the average of analyst price targets. As a result, some investors like to look at the range of estimates to see if there are any diverging opinions on the company's valuation. Currently, the most bullish analyst values New Jersey Resources at US$57.00 per share, while the most bearish prices it at US$43.00. With such a narrow range of valuations, the analysts apparently share similar views on what they think the business is worth.

One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. For example, we noticed that New Jersey Resources' rate of growth is expected to accelerate meaningfully, with revenues forecast to exhibit 41% growth to the end of 2024 on an annualised basis. That is well above its historical decline of 2.3% a year over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in the industry are forecast to see their revenue grow 8.3% per year. So it looks like New Jersey Resources is expected to grow faster than its competitors, at least for a while.

The Bottom Line

The most important thing to take away is that there's been no major change in sentiment, with the analysts reconfirming that the business is performing in line with their previous earnings per share estimates. Happily, there were no major changes to revenue forecasts, with the business still expected to grow faster than the wider industry. The consensus price target held steady at US$48.14, with the latest estimates not enough to have an impact on their price targets.

Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. At Simply Wall St, we have a full range of analyst estimates for New Jersey Resources going out to 2026, and you can see them free on our platform here..

It is also worth noting that we have found 2 warning signs for New Jersey Resources (1 is potentially serious!) that you need to take into consideration.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.