NewJersey Resources (NYSE:NJR) Sets New 12-Month High – Here’s Why

NewJersey Resources Corporation (NYSE:NJR) shares reached a new 52-week high on Tuesday . The company traded as high as $60.75 and last traded at $60.5970, with a volume of 9716 shares. The stock had previously closed at $59.52.

Wall Street Analysts Forecast Growth

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

NewJersey Resources Price Performance

The firm has a market cap of $6.14 billion, a price-to-earnings ratio of 18.05 and a beta of 0.50. The company has a current ratio of 0.94, a quick ratio of 0.80 and a debt-to-equity ratio of 1.24. The company has a 50 day moving average of $56.69 and a 200 day moving average of $54.57.

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

Insiders Place Their Bets

In other news, Director Jane M. Kenny sold 8,000 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $56.10, for a total transaction of $448,800.00. Following the completion of the sale, the director 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Patrick J. Migliaccio sold 3,000 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $55.84, for a total transaction of $167,520.00. Following the sale, the chief operating officer owned 35,202 shares in the company, valued at approximately $1,965,679.68. The trade was a 7.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 12,150 shares of company stock worth $682,261. Company insiders own 0.70% of the company’s stock.

Institutional Trading of NewJersey Resources

Several hedge funds and other institutional investors have recently modified their holdings of NJR. Measured Wealth Private Client Group LLC acquired a new stake in NewJersey Resources in the 3rd quarter valued at approximately $28,000. Root Financial Partners LLC boosted its holdings in NewJersey Resources by 56.5% during the first quarter. Root Financial Partners LLC now owns 526 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 190 shares during the last quarter. Torren Management LLC bought a new position in NewJersey Resources in the fourth quarter valued at $35,000. Smartleaf Asset Management LLC increased its stake in NewJersey Resources by 118.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 933 shares of the utilities provider’s stock valued at $43,000 after buying an additional 505 shares during the last quarter. Finally, CENTRAL TRUST Co lifted its position 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 in 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.