NewJersey Resources (NYSE:NJR) Sets New 1-Year High – What’s Next?

NewJersey Resources Corporation (NYSE:NJR)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $59.02 and last traded at $59.2130, with a volume of 16535 shares. The stock had previously closed at $58.37.

Wall Street Analysts Forecast Growth

NJR has been the topic of a number of research reports. Argus set a $63.00 target price on shares of NewJersey Resources in a report on Wednesday, May 20th. Wells Fargo & Company initiated coverage on NewJersey Resources in a research report on Tuesday, May 12th. They set an “overweight” rating and a $63.00 target price for the company. Weiss Ratings raised shares of NewJersey Resources from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 27th. Finally, 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 report on Tuesday, April 21st. Two analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $58.17.

NewJersey Resources Price Performance

The firm has a fifty day moving average of $56.14 and a two-hundred day moving average of $53.57. The stock has a market capitalization of $5.97 billion, a P/E ratio of 17.58 and a beta of 0.50. 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 (NYSE:NJR) last issued its 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 for the quarter, compared to analysts’ expectations 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 prior year, the business earned $1.78 EPS. NewJersey Resources has set its FY 2026 guidance at 3.480-3.630 EPS. On average, analysts predict that NewJersey Resources Corporation will post 3.57 EPS for the current year.

NewJersey Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Wednesday, June 10th were issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Wednesday, June 10th. NewJersey Resources’s dividend payout ratio (DPR) is presently 56.38%.

Insider Buying and Selling

In other NewJersey Resources news, Director Jane M. Kenny sold 8,000 shares of the company’s stock in a transaction 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 completion of the sale, the director owned 21,998 shares in the company, valued at $1,234,087.80. This represents a 26.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Patrick J. Migliaccio sold 3,000 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $55.84, for a total value of $167,520.00. Following the sale, the chief operating officer directly owned 35,202 shares in the company, valued at $1,965,679.68. This trade represents a 7.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 12,150 shares of company stock valued at $682,261 over the last 90 days. Corporate insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On NewJersey Resources

A number of hedge funds have recently made changes to their positions in NJR. Measured Wealth Private Client Group LLC bought a new stake in NewJersey Resources during the third quarter valued at about $28,000. Root Financial Partners LLC raised 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 purchasing an additional 190 shares in the last quarter. Torren Management LLC bought a new position in NewJersey Resources in the fourth quarter worth about $35,000. Smartleaf Asset Management LLC lifted its position in shares of NewJersey Resources by 118.0% during the fourth 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 shares of NewJersey Resources by 172.7% during the first quarter. CENTRAL TRUST Co now owns 818 shares of the utilities provider’s stock valued at $45,000 after buying an additional 518 shares during the last quarter. 70.98% of the stock is currently 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.