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

Shares of NewJersey Resources Corporation (NYSE:NJR) have earned an average rating of “Buy” from the five research firms that are presently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $58.1667.

A number of equities analysts recently commented on the company. Argus set a $63.00 price objective on NewJersey Resources in a report on Wednesday, May 20th. Mizuho boosted their target price on shares of NewJersey Resources from $54.00 to $61.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 21st. Weiss Ratings upgraded shares of NewJersey Resources from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 27th. Finally, Wells Fargo & Company initiated coverage on NewJersey Resources in a research report on Tuesday, May 12th. They issued an “overweight” rating and a $63.00 price target on the stock.

Insider Transactions at NewJersey Resources

In other NewJersey Resources news, COO Patrick J. Migliaccio sold 3,000 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $55.84, for a total value of $167,520.00. Following the transaction, the chief operating officer owned 35,202 shares of the company’s stock, valued at approximately $1,965,679.68. This represents a 7.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Christopher T. D’antuono sold 1,150 shares of NewJersey Resources stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $57.34, for a total transaction of $65,941.00. Following the transaction, the insider directly owned 2,985 shares in the company, valued at $171,159.90. The trade was a 27.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 12,150 shares of company stock worth $682,261 over the last 90 days. 0.70% of the stock is owned by insiders.

Hedge Funds Weigh In On NewJersey Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NJR. PNC Financial Services Group Inc. grew its holdings in shares of NewJersey Resources by 29.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 46,535 shares of the utilities provider’s stock valued at $2,146,000 after acquiring an additional 10,666 shares in the last quarter. Victory Capital Management Inc. raised its stake in NewJersey Resources by 68.2% in the 3rd quarter. Victory Capital Management Inc. now owns 610,166 shares of the utilities provider’s stock valued at $29,379,000 after acquiring an additional 247,310 shares during the period. Aptus Capital Advisors LLC raised its position in shares of NewJersey Resources by 14.9% in the third quarter. Aptus Capital Advisors LLC now owns 200,427 shares of the utilities provider’s stock valued at $9,651,000 after purchasing an additional 26,020 shares during the period. SG Americas Securities LLC lifted its position in NewJersey Resources by 1,989.9% during the fourth quarter. SG Americas Securities LLC now owns 166,003 shares of the utilities provider’s stock worth $7,656,000 after acquiring an additional 158,060 shares during the last quarter. Finally, World Investment Advisors bought a new stake in NewJersey Resources in the 4th quarter valued at $1,924,000. 70.98% of the stock is owned by institutional investors and hedge funds.

NewJersey Resources Price Performance

NYSE NJR opened at $56.25 on Thursday. NewJersey Resources has a 12 month low of $43.46 and a 12 month high of $58.57. 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 company’s 50 day simple moving average is $55.89 and its 200 day simple moving average is $53.04. The firm has a market capitalization of $5.68 billion, a PE ratio of 16.69 and a beta of 0.50.

NewJersey Resources (NYSE:NJR) last released its quarterly earnings results on Monday, May 4th. The utilities provider reported $2.20 earnings per share for the quarter, beating 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 analyst estimates of $849.95 million. During the same quarter last year, the company posted $1.78 EPS. NewJersey Resources’s revenue for the quarter 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 forecast that NewJersey Resources will post 3.57 EPS for the current fiscal year.

NewJersey Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Wednesday, June 10th were issued a dividend of $0.475 per share. The ex-dividend date of this dividend was Wednesday, June 10th. This represents a $1.90 annualized dividend and a yield of 3.4%. NewJersey Resources’s dividend payout ratio is currently 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.