Brokerages Set NewJersey Resources Corporation (NYSE:NJR) Target Price at $58.17

Shares of NewJersey Resources Corporation (NYSE:NJR) have been assigned an average rating of “Buy” from the five analysts that are presently covering the company, Marketbeat Ratings 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 12 month price objective among analysts that have issued a report on the stock in the last year is $58.1667.

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

NewJersey Resources Stock Down 0.2%

Shares of NYSE:NJR opened at $59.96 on Monday. The firm has a market cap of $6.05 billion, a PE ratio of 17.79 and a beta of 0.50. The company has a fifty day simple moving average of $56.65 and a 200 day simple moving average of $54.47. 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 has a 12-month low of $43.46 and a 12-month high of $60.69.

NewJersey Resources (NYSE:NJR) last released its quarterly earnings data on Monday, May 4th. The utilities provider reported $2.20 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.31. The firm had revenue of $939.40 million for the quarter, compared to analyst estimates of $849.95 million. NewJersey Resources had a net margin of 15.67% and a return on equity of 14.58%. NewJersey Resources’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.78 earnings per share. NewJersey Resources has set its FY 2026 guidance at 3.480-3.630 EPS. On average, equities research analysts anticipate that NewJersey Resources will post 3.58 EPS for the current fiscal year.

Insider Transactions at NewJersey Resources

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

Institutional Trading of NewJersey Resources

A number of hedge funds have recently bought and sold shares of NJR. Norges Bank acquired a new stake in NewJersey Resources in the fourth quarter worth $60,075,000. Millennium Management LLC boosted its position in shares of 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 in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of NewJersey Resources by 10.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,934,165 shares of the utilities provider’s stock valued at $181,446,000 after buying an additional 367,844 shares during the period. Qube Research & Technologies Ltd grew its holdings in shares of NewJersey Resources by 77.1% in the 2nd quarter. Qube Research & Technologies Ltd now owns 730,300 shares of the utilities provider’s stock valued at $32,732,000 after buying an additional 317,932 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC bought a new stake in shares of NewJersey Resources in the 3rd quarter valued at $13,351,000. 70.98% of the stock is owned by institutional investors.

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.