NewJersey Resources (NYSE:NJR) Reaches New 52-Week High – Here’s Why

NewJersey Resources Corporation (NYSE:NJR)’s share price hit a new 52-week high on Monday . The stock traded as high as $60.69 and last traded at $58.8050, with a volume of 627670 shares trading hands. The stock had previously closed at $58.60.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Weiss Ratings raised NewJersey Resources from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 27th. Argus set a $63.00 price target on NewJersey Resources in a report on Wednesday, May 20th. Mizuho upped their price target on NewJersey Resources from $54.00 to $61.00 and gave the company an “outperform” rating in a research report on Tuesday, April 21st. Finally, Wells Fargo & Company started coverage on NewJersey Resources in a research note on Tuesday, May 12th. They set an “overweight” rating and a $63.00 price objective on the stock. Two research 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, the company has a consensus rating of “Buy” and a consensus price target of $58.17.

NewJersey Resources Price Performance

The company has a debt-to-equity ratio of 1.24, a current ratio of 0.94 and a quick ratio of 0.80. The company has a fifty day moving average price of $56.53 and a 200 day moving average price of $54.18. The company has a market capitalization of $5.89 billion, a P/E ratio of 17.31 and a beta of 0.50.

NewJersey Resources (NYSE:NJR) last released its quarterly earnings data on Monday, May 4th. The utilities provider reported $2.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.31. The business had revenue of $939.40 million during the quarter, compared to analyst estimates of $849.95 million. NewJersey Resources had a return on equity of 14.58% and a net margin of 15.67%.The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.78 EPS. NewJersey Resources has set its FY 2026 guidance at 3.480-3.630 EPS. On average, sell-side analysts forecast that NewJersey Resources Corporation will post 3.58 EPS for the current fiscal year.

Insider Transactions at NewJersey Resources

In related news, COO Patrick J. Migliaccio sold 3,000 shares of NewJersey Resources stock in a transaction dated 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Christopher T. D’antuono sold 1,150 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $57.34, for a total transaction of $65,941.00. Following the transaction, the insider directly owned 2,985 shares of the company’s stock, valued at $171,159.90. The trade was a 27.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 12,150 shares of company stock worth $682,261. Insiders own 0.70% of the company’s stock.

Hedge Funds Weigh In On NewJersey Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its holdings in NewJersey Resources by 5.3% in the first 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 period. Geode Capital Management LLC increased its stake in NewJersey Resources by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 2,629,373 shares of the utilities provider’s stock valued at $121,285,000 after buying an additional 10,448 shares during the period. Northern Trust Corp increased its stake in NewJersey Resources by 1.1% during the 3rd quarter. Northern Trust Corp now owns 1,335,344 shares of the utilities provider’s stock valued at $64,297,000 after buying an additional 14,512 shares during the period. Norges Bank bought a new stake in shares of NewJersey Resources during the 4th quarter worth about $60,075,000. Finally, Morgan Stanley raised its position in shares of NewJersey Resources by 19.4% during the 4th quarter. Morgan Stanley now owns 1,283,533 shares of the utilities provider’s stock worth $59,197,000 after buying an additional 208,388 shares in the last quarter. 70.98% of the stock is owned by 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.