NewJersey Resources Corporation (NYSE:NJR) Stock Has Average Price Target of $62.50

Shares of NewJersey Resources Corporation (NYSE:NJR) have received an average rating of “Buy” from the seven ratings firms that are presently covering the firm, MarketBeat Ratings reports. One research 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 12 month price objective among brokers that have issued a report on the stock in the last year is $62.50.

Several research analysts have recently commented on NJR shares. Huntington initiated coverage on NewJersey Resources in a research note on Monday, September 14th. They issued an “outperform” rating and a $68.00 price objective on the stock. Raymond James Financial set a $61.00 price objective on NewJersey Resources in a research report on Thursday, October 15th. Wells Fargo & Company downgraded NewJersey Resources from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $63.00 to $61.00 in a research note on Wednesday, August 5th. Wall Street Zen raised shares of NewJersey Resources from a “sell” rating to a “hold” rating in a report on Sunday, September 20th. Finally, New Street Research set a $68.00 target price on shares of NewJersey Resources in a research note on Monday, September 14th.

Insider Buying and Selling at NewJersey Resources

In other news, COO Patrick Migliaccio sold 3,000 shares of the 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 sale, the chief operating officer directly owned 32,202 shares of the company’s stock, valued at $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 SEC, which is available at this hyperlink. 0.70% of the stock is currently owned by insiders.

Institutional Trading of NewJersey Resources

Several institutional investors and hedge funds have recently modified their holdings of NJR. BlackRock Inc. bought a new position in NewJersey Resources in the 2nd quarter worth $1,008,340,000. State Street Corp increased its stake in NewJersey Resources by 6.8% in the 2nd quarter. State Street Corp now owns 5,418,885 shares of the utilities provider’s stock worth $306,134,000 after buying an additional 343,537 shares in the last quarter. Dimensional Fund Advisors LP increased its stake 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 buying an additional 207,165 shares in the last quarter. Energy Income Partners LLC bought a new stake in NewJersey Resources during the second quarter valued at about $78,592,000. Finally, Bank of New York Mellon Corp bought a new stake in NewJersey Resources during the second quarter valued at about $57,722,000. 70.98% of the stock is currently owned by institutional investors.

NewJersey Resources Price Performance

NYSE:NJR opened at $53.11 on Wednesday. The firm has a market capitalization of $5.39 billion, a price-to-earnings ratio of 14.67 and a beta of 0.48. NewJersey Resources has a one year low of $43.46 and a one year high of $60.86. The business has a fifty day moving average price of $52.71 and a 200-day moving average price of $54.28.

NewJersey Resources (NYSE:NJR) last announced its earnings results on Monday, August 3rd. The utilities provider reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. The company had revenue of $349.18 million during the quarter, compared to the consensus estimate of $342.13 million. NewJersey Resources’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.15) earnings per share. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. On average, equities research analysts expect that NewJersey Resources will post 3.59 earnings per share for the current fiscal year.

NewJersey Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Thursday, September 24th were given a $0.50 dividend. The ex-dividend date 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 3.8%. NewJersey Resources’s dividend payout ratio (DPR) is currently 55.25%.

About NewJersey Resources

New Jersey Resources Corporation (NYSE: NJR) is an energy services holding company headquartered in New Jersey. Through its subsidiaries, the company provides natural gas distribution, energy management, storage and transportation, and clean energy services to residential, commercial, industrial and institutional customers.

New Jersey Natural Gas, the company’s principal regulated utility, distributes natural gas to customers in central and northern New Jersey. Its energy services operations manage natural gas supplies and provide related products and services, while its storage and transportation activities support the movement and availability of natural gas through regional infrastructure.

The company also invests in renewable energy and other lower-carbon initiatives, including solar generation and clean energy solutions.