NewJersey Resources (NYSE:NJR) Coverage Initiated by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo initiated coverage on NewJersey Resources with an Overweight rating and a $63 price target, implying about 12.9% upside from the prior close.
• The stock has generally bullish analyst support, with MarketBeat showing a consensus Buy and an average price target of $56.17 after several recent upgrades from other firms.
• NewJersey Resources recently beat quarterly expectations, reporting $2.20 EPS versus the $1.89 estimate and $939.4 million in revenue, while also providing FY 2026 EPS guidance of 3.48 to 3.63.

Stock analysts at Wells Fargo & Company assumed coverage on shares of NewJersey Resources (NYSE:NJR - Get Free Report) in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm set an "overweight" rating and a $63.00 price target on the utilities provider's stock. Wells Fargo & Company's price target points to a potential upside of 12.93% from the company's previous close.

Other research analysts also recently issued research reports about the stock. Argus upgraded shares of NewJersey Resources to a "strong-buy" rating in a research report on Thursday, January 22nd. Williams Trading set a $55.00 price target on shares of NewJersey Resources in a research note on Tuesday, February 3rd. Wall Street Zen raised shares of NewJersey Resources from a "sell" rating to a "hold" rating in a research report on Saturday, February 7th. Mizuho increased their target price on shares of NewJersey Resources from $54.00 to $61.00 and gave the stock an "outperform" rating in a report on Tuesday, April 21st. Finally, Weiss Ratings upgraded shares of NewJersey Resources from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company's stock. According to MarketBeat, NewJersey Resources currently has a consensus rating of "Buy" and an average target price of $56.17.

NewJersey Resources Stock Up 0.4%

Shares of NJR stock opened at $55.79 on Tuesday. NewJersey Resources has a 1-year low of $43.46 and a 1-year high of $57.85. The stock's fifty day moving average price is $55.22 and its 200 day moving average price is $50.46. 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 market cap of $5.63 billion, a price-to-earnings ratio of 16.55 and a beta of 0.51.

NewJersey Resources (NYSE:NJR - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The utilities provider reported $2.20 earnings per share for the quarter, beating analysts' consensus estimates of $1.89 by $0.31. The firm had revenue of $939.40 million for the quarter, compared to analyst estimates of $849.95 million. NewJersey Resources had a net margin of 15.67% and a return on equity of 14.58%. The business's quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.78 earnings per share. NewJersey Resources has set its FY 2026 guidance at 3.480-3.630 EPS. On average, research analysts expect that NewJersey Resources will post 3.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Roberto Bel sold 6,105 shares of the business's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $55.10, for a total value of $336,385.50. Following the completion of the transaction, the chief financial officer owned 19,780 shares of the company's stock, valued at $1,089,878. The trade was a 23.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Richard Reich sold 5,449 shares of the business's stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $52.99, for a total transaction of $288,742.51. Following the completion of the transaction, the senior vice president directly owned 26,975 shares of the company's stock, valued at approximately $1,429,405.25. This represents a 16.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 19,554 shares of company stock worth $1,073,928. Insiders own 0.70% of the company's stock.

Institutional Investors Weigh In On NewJersey Resources

Several institutional investors have recently bought and sold shares of NJR. Dimensional Fund Advisors LP increased 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 worth $227,447,000 after acquiring an additional 207,165 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of NewJersey Resources by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,629,373 shares of the utilities provider's stock valued at $121,285,000 after purchasing an additional 10,448 shares during the period. Northern Trust Corp boosted its stake in shares of NewJersey Resources by 1.1% in the third quarter. Northern Trust Corp now owns 1,335,344 shares of the utilities provider's stock valued at $64,297,000 after purchasing an additional 14,512 shares during the period. Norges Bank purchased a new position in shares of NewJersey Resources in the fourth quarter valued at $60,075,000. Finally, Morgan Stanley boosted its stake in shares of NewJersey Resources by 19.4% in the fourth quarter. Morgan Stanley now owns 1,283,533 shares of the utilities provider's stock valued at $59,197,000 after purchasing an additional 208,388 shares during the period. 70.98% of the stock is currently owned by hedge funds and other 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.

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