NewJersey Resources Corporation (NYSE:NJR) Given Average Rating of “Buy” by Analysts

NewJersey Resources Corporation (NYSE:NJR) has received a consensus recommendation of “Buy” from the five research firms that are covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $58.1667.

Several brokerages have recently weighed in on NJR. Wells Fargo & Company began coverage on NewJersey Resources in a research note on Tuesday, May 12th. They issued an “overweight” rating and a $63.00 price target for the company. Argus set a $63.00 price target on NewJersey Resources in a research note on Wednesday, May 20th. Mizuho increased their price target on NewJersey Resources from $54.00 to $61.00 and gave the company an “outperform” rating in a research note on Tuesday, April 21st. Finally, Weiss Ratings raised NewJersey Resources from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 27th.

Insider Activity

In other news, Director Jane M. Kenny sold 8,000 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $56.10, for a total value of $448,800.00. Following the completion of the sale, the director owned 21,998 shares of the company’s stock, valued at approximately $1,234,087.80. This represents a 26.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Patrick J. Migliaccio sold 3,000 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $55.84, for a total value of $167,520.00. Following the completion of the sale, the chief operating officer directly owned 35,202 shares of the company’s stock, valued at approximately $1,965,679.68. The trade was a 7.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 12,150 shares of company stock valued at $682,261. Company insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On NewJersey Resources

Several institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its position in shares of NewJersey Resources by 5.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,141,330 shares of the utilities provider’s stock valued at $227,447,000 after purchasing an additional 207,165 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of NewJersey Resources by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 2,629,373 shares of the utilities provider’s stock valued at $121,285,000 after purchasing an additional 10,448 shares in the last quarter. Northern Trust Corp boosted its position in shares of NewJersey Resources by 1.1% during the 3rd quarter. Northern Trust Corp now owns 1,335,344 shares of the utilities provider’s stock valued at $64,297,000 after purchasing an additional 14,512 shares in the last quarter. Norges Bank bought a new stake in shares of NewJersey Resources during the 4th quarter valued at about $60,075,000. Finally, Morgan Stanley boosted its position in shares of NewJersey Resources by 19.4% during the 4th quarter. Morgan Stanley now owns 1,283,533 shares of the utilities provider’s stock valued at $59,197,000 after purchasing an additional 208,388 shares in the last quarter. Institutional investors own 70.98% of the company’s stock.

NewJersey Resources Price Performance

Shares of NJR opened at $56.61 on Thursday. NewJersey Resources has a 12-month low of $43.46 and a 12-month high of $58.57. The business has a 50-day simple moving average of $55.80 and a two-hundred day simple moving average of $52.63. The company has a quick ratio of 0.80, a current ratio of 0.94 and a debt-to-equity ratio of 1.24. The stock has a market cap of $5.71 billion, a PE ratio of 16.80 and a beta of 0.50.

NewJersey Resources (NYSE:NJR) last issued its earnings results on Monday, May 4th. The utilities provider reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $849.95 million. During the same quarter in the prior year, the firm earned $1.78 EPS. The business’s revenue for the quarter 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. Analysts anticipate that NewJersey Resources will post 3.57 earnings per share for the current fiscal year.

NewJersey Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 10th will be paid a $0.475 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $1.90 annualized dividend and a dividend yield of 3.4%. NewJersey Resources’s dividend payout ratio is presently 56.38%.

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.