NewJersey Resources Corporation (NYSE:NJR) Receives Average Rating of “Buy” from Analysts

Shares of NewJersey Resources Corporation (NYSE:NJR) have been assigned a consensus recommendation of “Buy” from the five analysts that are currently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $58.1667.

NJR has been the subject of a number of recent analyst reports. Mizuho boosted their price objective on NewJersey Resources from $54.00 to $61.00 and gave the company an “outperform” rating in a research report on Tuesday, April 21st. Wells Fargo & Company assumed coverage on shares of NewJersey Resources in a research report on Tuesday, May 12th. They set an “overweight” rating and a $63.00 price objective for the company. Weiss Ratings upgraded shares of NewJersey Resources from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 27th. Finally, Argus set a $63.00 price target on shares of NewJersey Resources in a research report on Wednesday, May 20th.

Insider Activity at NewJersey Resources

In other news, COO Patrick J. Migliaccio sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $55.84, for a total transaction of $167,520.00. Following the transaction, the chief operating officer directly owned 35,202 shares in the company, valued at $1,965,679.68. The trade was a 7.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Christopher T. D’antuono sold 1,150 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $57.34, for a total value of $65,941.00. Following the completion of the sale, the insider owned 2,985 shares of the company’s stock, valued at $171,159.90. This trade represents a 27.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 12,150 shares of company stock valued at $682,261. Corporate insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On NewJersey Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in NewJersey Resources during the fourth quarter worth $60,075,000. Millennium Management LLC increased its stake in NewJersey Resources by 895.7% during the third quarter. Millennium Management LLC now owns 677,352 shares of the utilities provider’s stock worth $32,614,000 after purchasing an additional 609,323 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of NewJersey Resources by 10.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,934,165 shares of the utilities provider’s stock worth $181,446,000 after purchasing an additional 367,844 shares in the last quarter. Qube Research & Technologies Ltd lifted its position in shares of NewJersey Resources by 77.1% during the second quarter. Qube Research & Technologies Ltd now owns 730,300 shares of the utilities provider’s stock worth $32,732,000 after purchasing an additional 317,932 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC purchased a new position in shares of NewJersey Resources in the third quarter valued at approximately $13,351,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

NewJersey Resources Price Performance

NYSE NJR opened at $59.96 on Monday. The company has a market cap of $6.05 billion, a price-to-earnings ratio of 17.79 and a beta of 0.50. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.94 and a quick ratio of 0.80. The stock’s fifty day moving average price is $56.65 and its 200 day moving average price is $54.41. NewJersey Resources has a 1 year low of $43.46 and a 1 year high of $60.69.

NewJersey Resources (NYSE:NJR) last posted its quarterly earnings results on Monday, May 4th. The utilities provider reported $2.20 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.31. NewJersey Resources had a return on equity of 14.58% and a net margin of 15.67%.The business had revenue of $939.40 million for the quarter, compared to the consensus estimate of $849.95 million. During the same quarter in the previous year, the business earned $1.78 EPS. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. NewJersey Resources has set its FY 2026 guidance at 3.480-3.630 EPS. As a group, equities research analysts forecast that NewJersey Resources will post 3.58 earnings per share for the current year.

NewJersey Resources Company Profile

New Jersey Resources Corporation is a publicly traded energy services holding company headquartered in Wall Township, New Jersey. The firm’s primary focus is on the safe and reliable distribution of natural gas, along with complementary energy services and renewable energy investments. Its operations center on delivering cost-effective solutions to residential, commercial and industrial customers throughout the state.

The company’s principal subsidiary, New Jersey Natural Gas, owns and operates an extensive pipeline network that spans northern, central and southern New Jersey.