NewJersey Resources Corporation (NYSE:NJR) Stock Has Average Target Price of $61.50 According to Brokerages

NewJersey Resources Corporation (NYSE:NJR) has earned a consensus recommendation of “Buy” from the seven analysts that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $61.50.

Several equities research analysts have recently weighed in on NJR shares. Huntington began coverage on NewJersey Resources in a research report on Monday, September 14th. They issued an “outperform” rating and a $68.00 target price for the company. JPMorgan Chase & Co. dropped 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, September 11th. Wall Street Zen upgraded NewJersey Resources from a “sell” rating to a “hold” rating in a report on Sunday, September 20th. Wells Fargo & Company lowered NewJersey Resources from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $63.00 to $61.00 in a research report on Wednesday, August 5th. Finally, Weiss Ratings cut NewJersey Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, August 6th.

NewJersey Resources Stock Performance

Shares of NJR stock opened at $50.88 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.45 and a debt-to-equity ratio of 1.21. The company has a market cap of $5.16 billion, a PE ratio of 14.06, a P/E/G ratio of 3.00 and a beta of 0.48. The company’s fifty day simple moving average is $54.05 and its 200-day simple moving average is $55.46. NewJersey Resources has a 52 week low of $43.46 and a 52 week high of $60.86.

NewJersey Resources (NYSE:NJR) last announced 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. NewJersey Resources had a net margin of 16.42% and a return on equity of 14.46%. The firm had revenue of $349.18 million during the quarter, compared to analysts’ expectations of $342.13 million. During the same period in the prior year, the company earned ($0.15) EPS. The firm’s revenue was up 16.8% on a year-over-year basis. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. As a group, equities research analysts anticipate that NewJersey Resources will post 3.59 EPS for the current year.

NewJersey Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Thursday, September 24th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, September 24th. This is an increase from NewJersey Resources’s previous quarterly dividend of $0.4750. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.9%. NewJersey Resources’s dividend payout ratio is presently 55.25%.

Insider Buying and Selling at NewJersey Resources

In other news, COO Patrick Migliaccio sold 3,000 shares of the company’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $55.63, for a total value of $166,890.00. Following the completion of the transaction, the chief operating officer directly owned 32,202 shares in the company, valued at approximately $1,791,397.26. This represents a 8.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On NewJersey Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Root Financial Partners LLC boosted its position in NewJersey Resources by 56.5% in the 1st quarter. Root Financial Partners LLC now owns 526 shares of the utilities provider’s stock valued at $29,000 after buying an additional 190 shares during the last quarter. Essential Partners LLC grew its stake in shares of NewJersey Resources by 67.3% during the second quarter. Essential Partners LLC now owns 686 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 276 shares in the last quarter. CENTRAL TRUST Co increased 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 worth $45,000 after acquiring an additional 518 shares during the last quarter. Roxbury Financial LLC increased its position in shares of NewJersey Resources by 72.9% during the second quarter. Roxbury Financial LLC now owns 885 shares of the utilities provider’s stock worth $50,000 after acquiring an additional 373 shares during the last quarter. Finally, Fiduciary Financial Advisors acquired a new position in shares of NewJersey Resources in the second quarter worth about $51,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

NewJersey Resources Company Profile

New Jersey Resources Corporation (NYSE: NJR) is an energy services holding company headquartered in Wall, New Jersey. Through its subsidiaries, the company provides natural gas distribution, transportation, storage, wholesale marketing, and related energy services, with operations focused primarily on New Jersey and the broader Mid-Atlantic region.

NJR’s principal utility subsidiary, New Jersey Natural Gas, delivers natural gas to residential, commercial, and industrial customers across much of New Jersey.