Brokerages Set NewJersey Resources Corporation (NYSE:NJR) PT at $57.83

Shares of NewJersey Resources Corporation (NYSE:NJR) have been given an average recommendation of “Buy” by the seven analysts that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $61.50.

A number of equities analysts recently issued reports on NJR shares. JPMorgan Chase & Co. decreased their target price on NewJersey Resources from $64.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday. Argus set a $63.00 price target on NewJersey Resources in a research note on Wednesday, May 20th. Huntington initiated coverage on NewJersey Resources in a report on Monday. They set an “outperform” rating and a $68.00 price objective on the stock. Wall Street Zen lowered shares of NewJersey Resources from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Weiss Ratings cut shares of NewJersey Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, August 6th.

Insider Buying and Selling

In other NewJersey Resources news, COO Patrick Migliaccio sold 3,000 shares of NewJersey Resources stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $55.63, for a total transaction of $166,890.00. Following the transaction, the chief operating officer directly owned 32,202 shares in the company, valued at approximately $1,791,397.26. The trade was a 8.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.70% of the company’s stock.

Institutional Trading of NewJersey Resources

Hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of NewJersey Resources during the second quarter worth $1,008,340,000. California State Teachers Retirement System raised its stake in shares of NewJersey Resources by 5,671.3% in the 2nd quarter. California State Teachers Retirement System now owns 6,494,980 shares of the utilities provider’s stock valued at $363,979,000 after acquiring an additional 6,382,440 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in NewJersey Resources by 5.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,141,330 shares of the utilities provider’s stock worth $227,447,000 after purchasing an additional 207,165 shares during the last quarter. Geode Capital Management LLC grew its holdings in NewJersey Resources by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 2,629,373 shares of the utilities provider’s stock valued at $121,285,000 after purchasing an additional 10,448 shares during the last quarter. Finally, Energy Income Partners LLC bought a new position in shares of NewJersey Resources in the second quarter valued at approximately $78,592,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

NewJersey Resources Stock Performance

Shares of NJR opened at $53.10 on Tuesday. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.66 and a quick ratio of 0.45. The firm’s 50 day moving average is $56.06 and its 200-day moving average is $55.72. NewJersey Resources has a 12-month low of $43.46 and a 12-month high of $60.86. The stock has a market capitalization of $5.39 billion, a P/E ratio of 14.67, a P/E/G ratio of 2.96 and a beta of 0.50.

NewJersey Resources (NYSE:NJR) last released its earnings results on Monday, August 3rd. The utilities provider reported $0.11 EPS for the quarter, beating the consensus estimate of $0.06 by $0.05. The business had revenue of $349.18 million during the quarter, compared to analyst estimates of $342.13 million. NewJersey Resources had a net margin of 16.42% and a return on equity of 14.46%. The business’s quarterly revenue was up 16.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.15) earnings per share. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. Equities research analysts anticipate that NewJersey Resources will post 3.59 EPS for the current fiscal year.

NewJersey Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Thursday, September 24th will be given a $0.50 dividend. This is a boost from NewJersey Resources’s previous quarterly dividend of $0.47. The ex-dividend date is Thursday, September 24th. This represents a $2.00 annualized dividend and a dividend yield of 3.8%. NewJersey Resources’s payout ratio is currently 55.25%.

About NewJersey Resources

New Jersey Resources Corporation (NYSE: NJR) is an energy services holding company based in Wall, New Jersey. Through its subsidiaries, the company provides regulated natural gas distribution, energy management, wholesale energy services, renewable energy development, and natural gas storage and transportation solutions.

Its principal subsidiary, New Jersey Natural Gas, operates a regulated natural gas utility serving residential, commercial, and industrial customers in central and northern New Jersey.