NewJersey Resources (NYSE:NJR) Coverage Initiated by Analysts at Wells Fargo & Company

Equities researchers at Wells Fargo & Company assumed coverage on shares of NewJersey Resources (NYSE:NJR) in a report issued on Tuesday,Benzinga reports. The firm set an “overweight” rating and a $63.00 price target on the utilities provider’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 12.93% from the stock’s previous close.

NJR has been the subject of several other research reports. Argus upgraded shares of NewJersey Resources to a “strong-buy” rating in a research note on Thursday, January 22nd. Mizuho upped their price target on shares of NewJersey Resources from $54.00 to $61.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 21st. Williams Trading set a $55.00 price target on shares of NewJersey Resources in a research report on Tuesday, February 3rd. Wall Street Zen upgraded shares of NewJersey Resources from a “sell” rating to a “hold” rating in a research report on Saturday, February 7th. Finally, Raymond James Financial restated an “outperform” rating on shares of NewJersey Resources in a research report on Tuesday, February 3rd. One analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. According to MarketBeat.com, NewJersey Resources presently has an average rating of “Buy” and a consensus price target of $56.17.

NewJersey Resources Trading Up 0.4%

NJR opened at $55.79 on Tuesday. The stock has a market capitalization of $5.63 billion, a PE ratio of 16.55 and a beta of 0.51. The firm’s fifty day moving average price is $55.22 and its 200 day moving average price is $50.46. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.94 and a quick ratio of 0.80. NewJersey Resources has a 12-month low of $43.46 and a 12-month high of $57.85.

NewJersey Resources (NYSE:NJR) last posted its quarterly earnings results 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 net margin of 15.67% and a return on equity of 14.58%. The firm 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 company posted $1.78 earnings per share. 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. As a group, research analysts expect that NewJersey Resources will post 3.5 EPS for the current fiscal year.

Insider Buying and Selling at NewJersey Resources

In other news, Director Jane M. Kenny sold 8,000 shares of the 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 of the company’s stock, valued at $1,234,087.80. This represents a 26.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Richard Reich sold 5,449 shares of the stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $52.99, for a total transaction of $288,742.51. Following the completion of the sale, the senior vice president directly owned 26,975 shares of the company’s stock, valued at $1,429,405.25. This trade represents a 16.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 19,554 shares of company stock valued at $1,073,928. 0.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NewJersey Resources

Hedge funds have recently added to or reduced their stakes in the company. Measured Wealth Private Client Group LLC acquired a new position in NewJersey Resources in the third quarter worth approximately $28,000. Bessemer Group Inc. increased its holdings in NewJersey Resources by 60.1% in the third quarter. Bessemer Group Inc. now owns 613 shares of the utilities provider’s stock worth $29,000 after buying an additional 230 shares during the last quarter. Root Financial Partners LLC increased its holdings in NewJersey Resources by 56.5% in the first quarter. Root Financial Partners LLC now owns 526 shares of the utilities provider’s stock worth $29,000 after buying an additional 190 shares during the last quarter. Torren Management LLC acquired a new position in NewJersey Resources in the fourth quarter worth approximately $35,000. Finally, Smartleaf Asset Management LLC increased its holdings in NewJersey Resources by 118.0% in the fourth 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. Institutional investors and hedge funds own 70.98% of the company’s stock.

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.