NewJersey Resources (NYSE:NJR) Hits New 52-Week High – Here’s What Happened

NewJersey Resources Corporation (NYSE:NJR)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $60.75 and last traded at $60.5970, with a volume of 9716 shares changing hands. The stock had previously closed at $59.52.

Wall Street Analysts Forecast Growth

NJR has been the subject of several recent research reports. Wells Fargo & Company began coverage on NewJersey Resources in a research report on Tuesday, May 12th. They set an “overweight” rating and a $63.00 price target for the company. Weiss Ratings raised NewJersey Resources from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 27th. Mizuho increased their price objective on NewJersey Resources from $54.00 to $61.00 and gave the company an “outperform” rating in a report on Tuesday, April 21st. Finally, Argus set a $63.00 target price on shares of NewJersey Resources in a research note on Wednesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat.com, NewJersey Resources has a consensus rating of “Buy” and a consensus price target of $58.17.

NewJersey Resources Stock Performance

The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.80 and a current ratio of 0.94. The stock’s fifty day moving average price is $56.69 and its 200-day moving average price is $54.57. The company has a market capitalization of $6.14 billion, a P/E ratio of 18.05 and a beta of 0.50.

NewJersey Resources (NYSE:NJR) last posted its quarterly earnings results on Monday, May 4th. The utilities provider reported $2.20 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.31. The business had revenue of $939.40 million during the quarter, compared to analysts’ expectations of $849.95 million. NewJersey Resources had a return on equity of 14.58% and a net margin of 15.67%.NewJersey Resources’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company posted $1.78 earnings per share. NewJersey Resources has set its FY 2026 guidance at 3.480-3.630 EPS. As a group, research analysts anticipate that NewJersey Resources Corporation will post 3.58 EPS for the current fiscal year.

Insider Transactions at NewJersey Resources

In other news, COO Patrick J. Migliaccio sold 3,000 shares of NewJersey Resources stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $55.84, for a total transaction of $167,520.00. Following the completion of the transaction, the chief operating officer directly owned 35,202 shares in the company, valued at approximately $1,965,679.68. The trade was a 7.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jane M. Kenny sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $56.10, for a total value of $448,800.00. Following the transaction, the director directly owned 21,998 shares in the company, valued at $1,234,087.80. The trade was a 26.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 12,150 shares of company stock worth $682,261. 0.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On NewJersey Resources

Several institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in shares of 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 valued at $227,447,000 after purchasing an additional 207,165 shares during the period. Geode Capital Management LLC grew its stake in NewJersey Resources by 0.4% in 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 last quarter. Northern Trust Corp grew its stake in NewJersey Resources by 1.1% in 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 last quarter. Norges Bank bought a new position in NewJersey Resources in the 4th quarter valued at about $60,075,000. Finally, Morgan Stanley raised its holdings in NewJersey Resources by 19.4% in the 4th quarter. Morgan Stanley now owns 1,283,533 shares of the utilities provider’s stock valued at $59,197,000 after acquiring an additional 208,388 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

NewJersey Resources Company Profile

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.