NewJersey Resources (NYSE:NJR) Hits New 52-Week High - What's Next?

Key Points

• NewJersey Resources (NYSE:NJR) hit a new 52-week high, trading as high as $57.91 after closing at $57.19 the prior day.
• Analysts have turned more bullish on the stock, with recent upgrades from Argus, Wells Fargo, Mizuho, and Weiss Ratings. The consensus rating is now Buy, with an average price target of $56.17.
• The utility beat quarterly earnings expectations, reporting $2.20 EPS versus $1.89 expected, and also declared a $0.475 quarterly dividend payable July 1 for a 3.3% annualized yield.

NewJersey Resources Corporation (NYSE:NJR - Get Free Report)'s share price hit a new 52-week high during trading on Thursday . The company traded as high as $57.91 and last traded at $57.5990, with a volume of 36502 shares traded. The stock had previously closed at $57.19.

Analyst Ratings Changes

A number of analysts have issued reports on NJR shares. Argus upgraded shares of NewJersey Resources to a "strong-buy" rating in a report on Thursday, January 22nd. Wall Street Zen upgraded NewJersey Resources from a "sell" rating to a "hold" rating in a research report on Saturday, February 7th. Wells Fargo & Company started coverage on NewJersey Resources in a research report on Tuesday. They set an "overweight" rating and a $63.00 price objective on the stock. Mizuho upped their price objective 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, Weiss Ratings raised NewJersey Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, February 13th. Two analysts have rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $56.17.

NewJersey Resources Price Performance

The stock has a 50 day simple moving average of $55.33 and a two-hundred day simple moving average of $50.62. The firm has a market cap of $5.81 billion, a PE ratio of 17.08 and a beta of 0.51. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.80 and a current ratio of 0.94.

NewJersey Resources (NYSE:NJR - Get Free Report) last released 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. NewJersey Resources had a return on equity of 14.58% and a net margin of 15.67%.The business had revenue of $939.40 million during the quarter, compared to analyst estimates of $849.95 million. During the same quarter last year, the business posted $1.78 EPS. The company's revenue was up 2.9% on a year-over-year basis. NewJersey Resources has set its FY 2026 guidance at 3.480-3.630 EPS. Sell-side analysts expect that NewJersey Resources Corporation will post 3.5 earnings per share for the current year.

NewJersey Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 10th will be paid a $0.475 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.3%. NewJersey Resources's payout ratio is currently 56.38%.

Insider Transactions at NewJersey Resources

In other news, SVP Richard Reich sold 5,449 shares of the business's stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $52.99, for a total transaction of $288,742.51. Following the transaction, the senior vice president directly owned 26,975 shares in the company, valued at $1,429,405.25. The trade was a 16.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 owned 21,998 shares in the company, valued at approximately $1,234,087.80. This represents a 26.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 22,554 shares of company stock valued at $1,241,448. Insiders own 0.70% of the company's stock.

Institutional Trading of NewJersey Resources

A number of large investors have recently modified their holdings of the stock. Root Financial Partners LLC increased its position in shares of NewJersey Resources by 56.5% during the first quarter. Root Financial Partners LLC now owns 526 shares of the utilities provider's stock worth $29,000 after acquiring an additional 190 shares during the period. Fifth Third Bancorp boosted its stake in NewJersey Resources by 19.1% in the fourth quarter. Fifth Third Bancorp now owns 1,311 shares of the utilities provider's stock valued at $60,000 after acquiring an additional 210 shares in the last quarter. US Bancorp DE grew its holdings in shares of NewJersey Resources by 7.9% during the third quarter. US Bancorp DE now owns 3,127 shares of the utilities provider's stock worth $151,000 after buying an additional 228 shares during the last quarter. Bessemer Group Inc. grew its holdings in shares of NewJersey Resources by 60.1% during the third quarter. Bessemer Group Inc. now owns 613 shares of the utilities provider's stock worth $29,000 after buying an additional 230 shares during the last quarter. Finally, Horizon Investment Services LLC grew its holdings in shares of NewJersey Resources by 4.7% during the third quarter. Horizon Investment Services LLC now owns 6,057 shares of the utilities provider's stock worth $292,000 after buying an additional 273 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company's stock.

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.

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