NewJersey Resources Corporation (NYSE:NJR) Stock Has Average Price Target of $61.50

NewJersey Resources Corporation (NYSE:NJR) has been assigned an average recommendation of “Buy” from the seven brokerages that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation, five have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $61.50.

Several research analysts have issued reports on NJR shares. JPMorgan Chase & Co. dropped their target price on NewJersey Resources from $64.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, September 11th. Wells Fargo & Company downgraded NewJersey Resources from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $63.00 to $61.00 in a report on Wednesday, August 5th. New Street Research set a $68.00 price target on NewJersey Resources in a research note on Monday, September 14th. Huntington initiated coverage on NewJersey Resources in a report on Monday, September 14th. They set an “outperform” rating and a $68.00 price objective for the company. Finally, Weiss Ratings downgraded NewJersey Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 6th.

NewJersey Resources Trading Up 0.4%

Shares of NJR opened at $51.19 on Friday. The company’s fifty day simple moving average is $53.43 and its 200-day simple moving average is $55.38. The company has a market cap of $5.19 billion, a P/E ratio of 14.14, a P/E/G ratio of 2.97 and a beta of 0.48. The company has a current ratio of 0.66, a quick ratio of 0.45 and a debt-to-equity ratio of 1.21. NewJersey Resources has a twelve month low of $43.46 and a twelve month high of $60.86.

NewJersey Resources (NYSE:NJR) last released its quarterly earnings results on Monday, August 3rd. The utilities provider reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. The firm had revenue of $349.18 million during the quarter, compared to analysts’ expectations of $342.13 million. NewJersey Resources had a net margin of 16.42% and a return on equity of 14.46%. The firm’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.15) EPS. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. As a group, analysts expect that NewJersey Resources will post 3.59 EPS for the current year.

NewJersey Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Thursday, September 24th were issued a $0.50 dividend. The ex-dividend date was Thursday, September 24th. This is a boost from NewJersey Resources’s previous quarterly dividend of $0.4750. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.9%. NewJersey Resources’s dividend payout ratio (DPR) is currently 55.25%.

Insider Buying and Selling

In related news, COO Patrick Migliaccio sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $55.63, for a total value of $166,890.00. Following the transaction, the chief operating officer owned 32,202 shares of the company’s stock, valued at $1,791,397.26. This trade represents a 8.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NewJersey Resources

A number of hedge funds have recently added to or reduced their stakes in NJR. State Street Corp lifted its position in shares of NewJersey Resources by 6.8% in the 2nd quarter. State Street Corp now owns 5,418,885 shares of the utilities provider’s stock worth $306,134,000 after purchasing an additional 343,537 shares during the period. BlackRock Inc. purchased a new position in NewJersey Resources during the second quarter valued at approximately $1,008,340,000. World Investment Advisors purchased a new position in NewJersey Resources during the fourth quarter valued at approximately $1,924,000. Ieq Capital LLC raised its stake in NewJersey Resources by 217.2% in the second quarter. Ieq Capital LLC now owns 43,205 shares of the utilities provider’s stock worth $2,421,000 after buying an additional 29,585 shares in the last quarter. Finally, Norges Bank bought a new position in NewJersey Resources in the fourth quarter worth approximately $60,075,000. 70.98% of the stock is currently owned by institutional investors.

About NewJersey Resources

New Jersey Resources Corporation (NYSE: NJR) is an energy services holding company headquartered in Wall, New Jersey. Through its subsidiaries, the company provides natural gas distribution, transportation, storage, wholesale marketing, and related energy services, with operations focused primarily on New Jersey and the broader Mid-Atlantic region.

NJR’s principal utility subsidiary, New Jersey Natural Gas, delivers natural gas to residential, commercial, and industrial customers across much of New Jersey.