JPMorgan Chase & Co. Cuts NewJersey Resources (NYSE:NJR) Price Target to $63.00

NewJersey Resources (NYSE:NJR) had its price target cut by JPMorgan Chase & Co. from $64.00 to $63.00 in a report released on Friday,Benzinga reports. They currently have an overweight rating on the utilities provider’s stock.

Other equities research analysts also recently issued research reports about the stock. Argus set a $63.00 price target on shares of NewJersey Resources in a research note on Wednesday, May 20th. Wells Fargo & Company lowered shares of NewJersey Resources from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $63.00 to $61.00 in a report on Wednesday, August 5th. Finally, Weiss Ratings cut shares of NewJersey Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $58.57.

NewJersey Resources Stock Performance

Shares of NYSE:NJR opened at $53.12 on Friday. The company has a market cap of $5.39 billion, a P/E ratio of 14.68, a PEG ratio of 2.96 and a beta of 0.50. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.45 and a current ratio of 0.66. NewJersey Resources has a one year low of $43.46 and a one year high of $60.86. The business’s 50-day simple moving average is $56.12 and its 200 day simple moving average is $55.73.

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

NewJersey Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 24th will be paid a dividend of $0.50 per share. This is an increase 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 dividend payout ratio (DPR) is currently 52.49%.

Insider Buying and Selling at NewJersey Resources

In other news, COO Patrick Migliaccio sold 3,000 shares of the firm’s 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 completion of the sale, the chief operating officer owned 32,202 shares of the company’s stock, valued at approximately $1,791,397.26. This trade represents a 8.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of NewJersey Resources in the 2nd quarter worth about $1,008,340,000. California State Teachers Retirement System lifted its position in shares of NewJersey Resources by 5,671.3% during the second quarter. California State Teachers Retirement System now owns 6,494,980 shares of the utilities provider’s stock worth $363,979,000 after purchasing an additional 6,382,440 shares during the last quarter. Energy Income Partners LLC bought a new position in shares of NewJersey Resources during the second quarter worth about $78,592,000. Norges Bank acquired a new position in NewJersey Resources in the fourth quarter worth about $60,075,000. Finally, Bank of New York Mellon Corp acquired a new position in NewJersey Resources in the second quarter worth about $57,722,000. 70.98% of the stock is currently owned by institutional investors.

NewJersey Resources Company Profile

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.