NewJersey Resources (NYSE:NJR) Cut to “Equal Weight” at Wells Fargo & Company

NewJersey Resources (NYSE:NJR) was downgraded by Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Wednesday, Marketbeat reports. They presently have a $61.00 price target on the utilities provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 6.13% from the stock’s current price.

Several other equities analysts have also recently commented on NJR. Mizuho raised their price target on shares of NewJersey Resources from $54.00 to $61.00 and gave the company an “outperform” rating in a research report on Tuesday, April 21st. Weiss Ratings raised NewJersey Resources from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 27th. Finally, Argus set a $63.00 price objective on NewJersey Resources in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $57.83.

NewJersey Resources Stock Performance

NYSE NJR opened at $57.47 on Wednesday. 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 has a market cap of $5.80 billion, a P/E ratio of 17.05 and a beta of 0.50. The stock has a 50-day moving average of $56.82 and a two-hundred day moving average of $55.07. NewJersey Resources has a 1-year low of $43.46 and a 1-year high of $60.86.

NewJersey Resources (NYSE:NJR) last issued its quarterly earnings results on Monday, August 3rd. The utilities provider reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.05. The business had revenue of $349.18 million for 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 14.66%. The business’s quarterly revenue was up 16.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.15) earnings per share. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. As a group, analysts anticipate that NewJersey Resources will post 3.58 EPS for the current year.

Insider Buying and Selling

In other NewJersey Resources news, COO Patrick J. Migliaccio sold 3,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief operating officer owned 35,202 shares in the company, valued at $1,965,679.68. The trade was a 7.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jane M. Kenny sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $56.10, for a total transaction of $448,800.00. Following the transaction, the director owned 21,998 shares of the company’s stock, valued at $1,234,087.80. This trade represents a 26.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 12,150 shares of company stock worth $682,261. Company insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On NewJersey Resources

Several institutional investors have recently modified their holdings of NJR. Measured Wealth Private Client Group LLC acquired a new position in shares of NewJersey Resources during the third quarter worth $28,000. Root Financial Partners LLC raised its stake in NewJersey Resources by 56.5% in the first quarter. Root Financial Partners LLC now owns 526 shares of the utilities provider’s stock valued at $29,000 after buying an additional 190 shares in the last quarter. Torren Management LLC purchased a new stake in NewJersey Resources during the 4th quarter worth about $35,000. Smartleaf Asset Management LLC lifted its holdings in NewJersey Resources by 118.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 933 shares of the utilities provider’s stock worth $43,000 after buying an additional 505 shares during the last quarter. Finally, CENTRAL TRUST Co lifted its holdings in NewJersey Resources by 172.7% during the 1st quarter. CENTRAL TRUST Co now owns 818 shares of the utilities provider’s stock worth $45,000 after buying an additional 518 shares during the last quarter. 70.98% of the stock is 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.