NewJersey Resources (NYSE:NJR) Reaches New 12-Month High – Still a Buy?

Shares of NewJersey Resources Corporation (NYSE:NJR) reached a new 52-week high on Monday . The company traded as high as $60.69 and last traded at $58.8050, with a volume of 627670 shares trading hands. The stock had previously closed at $58.60.

Wall Street Analysts Forecast Growth

NJR has been the topic of a number of recent analyst reports. Mizuho boosted their target price on shares of NewJersey Resources from $54.00 to $61.00 and gave the stock an “outperform” rating in a report on Tuesday, April 21st. Argus set a $63.00 price objective on shares of NewJersey Resources in a research note on Wednesday, May 20th. Weiss Ratings raised shares of NewJersey Resources from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 27th. Finally, 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 target price for the company. Two research analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to data from MarketBeat, NewJersey Resources has an average rating of “Buy” and an average price target of $58.17.

NewJersey Resources Stock Up 0.3%

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 company has a market cap of $5.93 billion, a price-to-earnings ratio of 17.50 and a beta of 0.50. The stock has a fifty day moving average price of $56.45 and a two-hundred day moving average price of $54.01.

NewJersey Resources (NYSE:NJR) last released its quarterly earnings results on Monday, May 4th. The utilities provider reported $2.20 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 15.67% and a return on equity of 14.58%. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.78 earnings per share. NewJersey Resources has set its FY 2026 guidance at 3.480-3.630 EPS. As a group, sell-side analysts expect that NewJersey Resources Corporation will post 3.58 EPS for the current year.

Insider Buying and Selling

In related news, 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 completion of the transaction, the chief operating officer directly owned 35,202 shares of the company’s stock, valued at $1,965,679.68. This trade represents a 7.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christopher T. D’antuono sold 1,150 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $57.34, for a total value of $65,941.00. Following the transaction, the insider owned 2,985 shares of the company’s stock, valued at $171,159.90. This trade represents a 27.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 12,150 shares of company stock worth $682,261 in the last 90 days. Insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On NewJersey Resources

Large investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. raised its position in NewJersey Resources by 29.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 46,535 shares of the utilities provider’s stock worth $2,146,000 after purchasing an additional 10,666 shares during the period. SG Americas Securities LLC lifted its stake in NewJersey Resources by 1,989.9% in the fourth quarter. SG Americas Securities LLC now owns 166,003 shares of the utilities provider’s stock worth $7,656,000 after purchasing an additional 158,060 shares during the last quarter. World Investment Advisors purchased a new stake in NewJersey Resources during the fourth quarter valued at about $1,924,000. JPMorgan Chase & Co. boosted its position 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 buying an additional 17,035 shares during the period. Finally, Norges Bank bought a new position in shares of NewJersey Resources during the fourth quarter valued at about $60,075,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

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.