NewJersey Resources (NYSE:NJR) Reaches New 52-Week High – Here’s Why

NewJersey Resources Corporation (NYSE:NJR) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $59.02 and last traded at $59.2130, with a volume of 16535 shares. The stock had previously closed at $58.37.

Wall Street Analyst Weigh In

NJR has been the topic of a number of research reports. Weiss Ratings upgraded shares of NewJersey Resources from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 27th. Mizuho increased their price target on shares of NewJersey Resources from $54.00 to $61.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 21st. Wells Fargo & Company started coverage on shares of NewJersey Resources in a research note on Tuesday, May 12th. They issued an “overweight” rating and a $63.00 price target for the company. Finally, Argus set a $63.00 price target on shares of NewJersey Resources in a research report on Wednesday, May 20th. Two equities research analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $58.17.

NewJersey Resources Price Performance

The firm has a market capitalization of $5.97 billion, a PE ratio of 17.58 and a beta of 0.50. 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 firm’s fifty day simple moving average is $56.14 and its 200-day simple moving average is $53.57.

NewJersey Resources (NYSE:NJR) last released its quarterly earnings data on Monday, May 4th. The utilities provider reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $849.95 million. During the same period in the prior year, the firm posted $1.78 EPS. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. NewJersey Resources has set its FY 2026 guidance at 3.480-3.630 EPS. On average, research analysts forecast that NewJersey Resources Corporation will post 3.57 earnings per share for the current fiscal year.

NewJersey Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Wednesday, June 10th were given 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 dividend yield of 3.2%. NewJersey Resources’s dividend payout ratio (DPR) is 56.38%.

Insider Transactions at NewJersey Resources

In other news, Director Jane M. Kenny sold 8,000 shares of NewJersey Resources 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 sale, 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Christopher T. D’antuono sold 1,150 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $57.34, for a total transaction of $65,941.00. Following the sale, the insider owned 2,985 shares of the company’s stock, valued at approximately $171,159.90. This represents a 27.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 12,150 shares of company stock worth $682,261 over the last three months. 0.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NewJersey Resources

Several hedge funds and other institutional investors have recently modified their holdings of NJR. PNC Financial Services Group Inc. increased its position in NewJersey Resources by 29.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 46,535 shares of the utilities provider’s stock worth $2,146,000 after buying an additional 10,666 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of 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. World Investment Advisors purchased a new position in NewJersey Resources during the fourth quarter valued at $1,924,000. JPMorgan Chase & Co. grew its stake in NewJersey Resources by 2.5% during the third quarter. JPMorgan Chase & Co. now owns 687,125 shares of the utilities provider’s stock valued at $33,085,000 after acquiring an additional 17,035 shares in the last quarter. Finally, Norges Bank bought a new stake in NewJersey Resources in the 4th quarter valued at $60,075,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

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.