NewJersey Resources (NYSE:NJR) Reaches New 12-Month High – What’s Next?

NewJersey Resources Corporation (NYSE:NJR)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $58.57 and last traded at $58.2410, with a volume of 658955 shares traded. The stock had previously closed at $57.62.

Analysts Set New Price Targets

NJR has been the subject of a number of analyst reports. Wells Fargo & Company initiated coverage on shares of NewJersey Resources in a report on Tuesday, May 12th. They set an “overweight” rating and a $63.00 price objective for the company. Wall Street Zen raised shares of NewJersey Resources from a “sell” rating to a “hold” rating in a report on Saturday, February 7th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of NewJersey Resources in a report on Wednesday, May 13th. Raymond James Financial reaffirmed an “outperform” rating on shares of NewJersey Resources in a report on Tuesday, February 3rd. Finally, Argus raised shares of NewJersey Resources to a “strong-buy” rating in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $56.17.

NewJersey Resources Stock Up 1.1%

The business’s fifty day moving average price is $55.55 and its 200 day moving average price is $50.96. The company has a market capitalization of $5.88 billion, a P/E ratio of 17.28 and a beta of 0.51. The company has a current ratio of 0.94, a quick ratio of 0.80 and a debt-to-equity ratio of 1.24.

NewJersey Resources (NYSE:NJR) last announced its quarterly earnings results on Monday, May 4th. The utilities provider reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.31. NewJersey Resources had a net margin of 15.67% and a return on equity of 14.58%. The firm had revenue of $939.40 million during the quarter, compared to the consensus estimate of $849.95 million. During the same period last year, the firm posted $1.78 EPS. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. NewJersey Resources has set its FY 2026 guidance at 3.480-3.630 EPS. As a group, equities research analysts predict that NewJersey Resources Corporation will post 3.5 earnings per share for the current fiscal year.

NewJersey Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Wednesday, June 10th will be issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, June 10th. NewJersey Resources’s dividend payout ratio (DPR) is currently 56.38%.

Insider Activity

In related news, Director Jane M. Kenny sold 8,000 shares of NewJersey Resources stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $56.10, for a total transaction of $448,800.00. Following the completion of the transaction, the director directly owned 21,998 shares of the company’s stock, valued at $1,234,087.80. This trade represents a 26.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Richard Reich sold 5,449 shares of NewJersey Resources stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $52.99, for a total transaction of $288,742.51. Following the transaction, the senior vice president directly owned 26,975 shares of the company’s stock, valued at $1,429,405.25. This represents a 16.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 22,554 shares of company stock valued at $1,241,448. Company insiders own 0.70% of the company’s stock.

Hedge Funds Weigh In On NewJersey Resources

Institutional investors have recently added to or reduced their stakes in the company. Root Financial Partners LLC lifted its holdings in NewJersey Resources by 56.5% during the 1st quarter. Root Financial Partners LLC now owns 526 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 190 shares during the last quarter. Measured Wealth Private Client Group LLC bought a new position in shares of NewJersey Resources in the third quarter worth about $28,000. Bessemer Group Inc. raised its stake in shares of NewJersey Resources by 60.1% in the third quarter. Bessemer Group Inc. now owns 613 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 230 shares during the last quarter. Torren Management LLC bought a new position in shares of NewJersey Resources in the fourth quarter worth about $35,000. Finally, CENTRAL TRUST Co raised its stake in shares of NewJersey Resources by 172.7% in the first quarter. CENTRAL TRUST Co now owns 818 shares of the utilities provider’s stock worth $45,000 after acquiring an additional 518 shares during the last quarter. 70.98% of the stock is owned by institutional investors.

About NewJersey Resources

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.