NewJersey Resources Corporation (NYSE:NJR) Receives $57.83 Consensus Target Price from Brokerages

NewJersey Resources Corporation (NYSE:NJR) has been given a consensus recommendation of “Buy” by the six research firms that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $58.5714.

Several research analysts recently weighed in on the stock. Wells Fargo & Company downgraded shares of NewJersey Resources from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $63.00 to $61.00 in a report on Wednesday, August 5th. Argus set a $63.00 price target on NewJersey Resources in a report on Wednesday, May 20th. Weiss Ratings downgraded NewJersey Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 6th. Wall Street Zen lowered NewJersey Resources from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, JPMorgan Chase & Co. cut 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.

NewJersey Resources Price Performance

Shares of NYSE:NJR opened at $53.12 on Tuesday. The company has a market capitalization of $5.39 billion, a P/E ratio of 14.68, a P/E/G ratio of 2.96 and a beta of 0.50. NewJersey Resources has a 1-year low of $43.46 and a 1-year high of $60.86. The firm’s 50 day simple moving average is $56.12 and its two-hundred day simple moving average is $55.71. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.66 and a quick ratio of 0.45.

NewJersey Resources (NYSE:NJR) last announced its quarterly earnings data on Monday, August 3rd. The utilities provider reported $0.11 earnings per share (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 company’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.15) earnings per share. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. Research analysts expect that NewJersey Resources will post 3.59 EPS for the current fiscal year.

NewJersey Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 24th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.8%. The ex-dividend date is Thursday, September 24th. This is a positive change from NewJersey Resources’s previous quarterly dividend of $0.47. NewJersey Resources’s dividend payout ratio is currently 52.49%.

Insiders Place Their Bets

In other NewJersey Resources news, COO Patrick Migliaccio sold 3,000 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $55.63, for a total transaction of $166,890.00. Following the completion of the sale, the chief operating officer directly 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.70% of the stock is owned by insiders.

Hedge Funds Weigh In On NewJersey Resources

Several hedge funds have recently modified their holdings of the stock. Sequoia Financial Advisors LLC grew its stake in NewJersey Resources by 13.9% during the second quarter. Sequoia Financial Advisors LLC now owns 7,640 shares of the utilities provider’s stock valued at $428,000 after acquiring an additional 932 shares in the last quarter. NewEdge Advisors LLC increased its holdings in NewJersey Resources by 118.4% in the 2nd quarter. NewEdge Advisors LLC now owns 8,085 shares of the utilities provider’s stock valued at $453,000 after acquiring an additional 4,383 shares during the last quarter. Allworth Financial LP lifted its stake in NewJersey Resources by 7.9% in the 2nd quarter. Allworth Financial LP now owns 14,805 shares of the utilities provider’s stock worth $830,000 after purchasing an additional 1,081 shares in the last quarter. Nykredit A S purchased a new stake in NewJersey Resources in the 2nd quarter worth $119,000. Finally, Allianz Asset Management GmbH boosted its holdings in shares of NewJersey Resources by 23.1% during the 2nd quarter. Allianz Asset Management GmbH now owns 199,226 shares of the utilities provider’s stock valued at $11,165,000 after purchasing an additional 37,408 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

About NewJersey Resources

New Jersey Resources Corporation (NYSE: NJR) is an energy services holding company based in Wall, New Jersey. Through its subsidiaries, the company provides regulated natural gas distribution, energy management, wholesale energy services, renewable energy development, and natural gas storage and transportation solutions.

Its principal subsidiary, New Jersey Natural Gas, operates a regulated natural gas utility serving residential, commercial, and industrial customers in central and northern New Jersey.