New Jersey Resources Corporation
- Open
- 59.84
- Day high
- 60.69
- Day low
- 58.49
- Prev close
- 59.29
- Volume
- 610K
- Mkt cap
- $5.9B
- P/E (TTM)
- 17.3
- EPS (TTM)
- $3.39
- P/B
- 2.2
- P/S
- 2.7
- Yield
- 3.24%
- Per share
- $1.90
- ▼Insiders net selling -$682K over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions mixed (13F)
New Jersey Resources Corporation (NJR) is a Utilities company listed on NYSE. The stock is up 28% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
New Jersey Resources Corporation (NJR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NJR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $1.89 | $2.20 | +16.4% | $939M | +10.5% |
| Feb 2, 2026 | $0.95 | $1.17 | +23.2% | $606M | -28.0% |
| Nov 19, 2025 | $0.15 | $0.16 | +6.1% | $341M | +14.0% |
| Feb 3, 2025 | $1.14 | $1.29 | +13.2% | $488M | -29.8% |
| Nov 25, 2024 | $0.88 | $0.89 | +1.1% | $1.8B | +341.4% |
| Feb 6, 2024 | $0.75 | $0.74 | -1.3% | $467M | -29.4% |
| Nov 21, 2023 | $0.30 | $0.30 | +0.0% | $331M | -56.4% |
| Aug 3, 2023 | $0.02 | $0.10 | +350.0% | $264M | -61.8% |
| May 4, 2023 | $1.21 | $1.16 | -4.1% | $644M | -35.4% |
| Feb 2, 2023 | $0.72 | $1.14 | +58.3% | $724M | +3.8% |
| Nov 17, 2022 | $0.43 | $0.50 | +16.3% | $765M | +78.5% |
| Aug 4, 2022 | $0.08 | $-0.04 | -150.0% | $552M | +31.9% |
NJR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 26, 2026 | D'Antuono Christopher T.officer: Corporate Controller and PAO | Sell | 1,150 | $57.34 |
| May 13, 2026 | Migliaccio Patrick J.officer: Senior VP and COO, NJNG | Sell | 3,000 | $55.84 |
| May 11, 2026 | KENNY JANE Mdirector | Sell | 8,000 | $56.10 |
| Mar 20, 2026 | Reich Richardofficer: SVP and Gen Counsel | Sell | 5,449 | $52.99 |
| Mar 17, 2026 | Bel Robertoofficer: SVP and CFO | Sell | 2,035 | $55.10 |
| Jan 23, 2026 | Aliff Gregory Edirector | Grant | 3,023 | — |
| Jan 23, 2026 | DEGRAFFENREIDT JAMES H JRdirector | Option | 2,825 | — |
| Jan 23, 2026 | Hardwick M Susandirector | Grant | 3,023 | — |
| Jan 23, 2026 | Mansue Amy B.director | Option | 512 | $47.97 |
| Jan 23, 2026 | DEGRAFFENREIDT JAMES H JRdirector | Option | 2,938 | $47.97 |
| Jan 23, 2026 | Yardley William T.director | Option | 1,535 | $47.97 |
| Jan 23, 2026 | O'Sullivan Michael Adirector | Grant | 3,023 | — |
| Jan 23, 2026 | Hardwick M Susandirector | Option | 2,825 | — |
| Jan 23, 2026 | KENNY JANE Mdirector | Grant | 3,023 | — |
| Jan 23, 2026 | OConnor Thomas Cdirector | Grant | 4,106 | — |
Source: NJR SEC Form 4 filings, latest May 26, 2026. For informational purposes only — not investment advice.
See the full NJR insider & 13F page →New Jersey Resources Corporation company profile
Overview
New Jersey Resources Corporation (NYSE:NJR) is an energy services holding company founded in 1981 and headquartered in Wall, New Jersey. The company has evolved from a traditional regulated natural gas utility into a diversified energy enterprise operating across four distinct business segments. NJR went public in 1980 and has maintained a consistent focus on serving customers throughout central and northern New Jersey while expanding its clean energy investments and energy services capabilities across multiple states.
Business
New Jersey Resources operates in the regulated utilities sector with four primary business segments that collectively provide energy distribution, clean energy development, wholesale energy services, and infrastructure investments. Natural Gas Distribution represents the company's core regulated utility business, serving approximately 564,000 residential and commercial customers across six New Jersey counties including Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex. This segment operates under the brand New Jersey Natural Gas (NJNG) and provides essential natural gas delivery services through an extensive pipeline network. The utility business also engages in capacity and storage management services and participates in off-system sales markets. This segment generates the majority of company earnings, with management indicating approximately 70% of net financial earnings per share comes from utility operations. Clean Energy Ventures focuses on developing, owning, and operating commercial and residential solar energy projects across New Jersey, Connecticut, Rhode Island, and New York. The company has built a portfolio exceeding 387 megawatts of operational solar capacity with over 1 gigawatt in the development pipeline. This segment includes innovative projects such as floating solar installations and community solar projects built on capped landfills, demonstrating the company's commitment to sustainable energy development. Energy Services provides unregulated wholesale energy management services to other energy companies and natural gas producers. This segment maintains and transacts a portfolio of physical assets consisting of natural gas storage and transportation contracts across the United States and Canada. The business benefits from market volatility and seasonal price differentials, particularly during winter heating seasons when natural gas demand peaks. Storage and Transportation invests in natural gas transportation and storage infrastructure, including ownership interests in facilities like the Leaf River Storage facility and the Adelphia Gateway pipeline. This segment generates fee-based revenues from providing critical energy infrastructure services and is expanding capacity through strategic capital investments.
Revenue model
New Jersey Resources generates revenue through multiple complementary business models that provide both regulated and market-based income streams. The Natural Gas Distribution segment operates under a traditional regulated utility model where rates are set by the New Jersey Board of Public Utilities. Revenue comes from distribution charges paid by residential and commercial customers for natural gas delivery services. The company recovers capital investments through rate base mechanisms, with approximately 42-43% of recent capital expenditures providing near real-time returns through various regulatory programs. This creates a predictable revenue stream with built-in cost recovery mechanisms. The Clean Energy Ventures segment generates revenue through long-term power purchase agreements (PPAs) and renewable energy certificate sales from solar installations. The company develops solar projects targeting high single-digit unlevered returns and benefits from federal and state renewable energy incentives. Revenue streams include electricity sales, Solar Renewable Energy Certificates (SRECs), and federal investment tax credits. Energy Services operates on a trading and asset management model, generating profits from natural gas price differentials, storage arbitrage, and asset management agreements. The segment benefits from seasonal price volatility, particularly during winter months when heating demand drives higher natural gas prices. Asset management agreements provide fee-based income for managing third-party energy assets. The Storage and Transportation segment generates fee-based revenues from providing natural gas storage and transportation services to third parties. This includes capacity fees, injection/withdrawal fees, and transportation tariffs that provide steady, contracted cash flows. Factors that could increase margins include favorable natural gas price volatility for the Energy Services segment, successful rate case outcomes for the utility, expansion of solar development in favorable regulatory jurisdictions, and completion of infrastructure expansion projects. Margin pressures could arise from regulatory delays, increased competition in solar development, unfavorable commodity price movements, and rising construction costs for infrastructure projects.
Competitive moat
New Jersey Resources possesses a moderate economic moat primarily derived from its regulated utility operations, though the strength varies significantly across business segments. The Natural Gas Distribution segment benefits from the strongest competitive protection through its regulated monopoly status in its New Jersey service territory. As the exclusive provider of natural gas distribution services to over 564,000 customers across six counties, the company enjoys regulatory barriers to entry and rate-setting mechanisms that provide predictable returns on invested capital. The essential nature of natural gas service creates customer stickiness, while the substantial infrastructure investments required for pipeline networks create high barriers for potential competitors. However, the company faces long-term transition risks as New Jersey pursues aggressive decarbonization policies. The state's Energy Master Plan calls for significant reductions in natural gas usage, potentially threatening the utility's long-term customer base and growth prospects. This regulatory risk represents a meaningful challenge to the traditional utility moat. The Clean Energy Ventures segment operates in an increasingly competitive solar development market with limited sustainable competitive advantages. While the company has developed expertise in navigating complex regulatory environments and has established relationships with interconnection authorities, these advantages are not insurmountable by competitors. The solar development business faces intense competition from larger renewable energy developers, utilities, and independent power producers. The Energy Services and Storage & Transportation segments provide some diversification benefits but operate in competitive wholesale energy markets where sustained competitive advantages are difficult to maintain. The Storage & Transportation investments in physical infrastructure assets provide some defensive characteristics through long-term contracted revenues, but these investments require substantial capital and face regulatory and market risks. Overall, while the regulated utility provides a defensive foundation, the company's moat is being gradually eroded by energy transition policies and increased competition in its growth segments.
Risks & safety
The company demonstrates moderate financial safety with adequate liquidity but elevated leverage ratios typical of utility operations. **Liquidity and Solvency:** - Cash and short-term investments of $84 million as of Q2 2025, relatively low but supplemented by operational cash flows - Current ratio of 0.93, indicating potential short-term liquidity constraints - Strong operational cash flow generation of $423 million in the most recent six months - Free cash flow of $309 million demonstrates ability to fund operations and investments **Debt and Leverage:** - Debt-to-equity ratio of 1.38, elevated but within acceptable ranges for utility operations - Adjusted funds from operations to debt ratio targeting 19-21%, indicating manageable debt service coverage - Total liabilities of $4.8 billion against $7.3 billion in total assets **Valuation Metrics:** - Price-to-earnings ratio of 6.0 suggests potential undervaluation - EV/EBITDA of 6.0 appears reasonable for utility operations - Price-to-book ratio of 1.99 indicates modest premium to book value **Other Considerations:** - Regulated utility operations provide earnings stability and predictable cash flows - Diversified revenue streams across four business segments reduce concentration risk - Capital-intensive business model requires ongoing access to capital markets - Exposure to commodity price volatility through Energy Services segment
Recent development
Over the past several years, New Jersey Resources has executed a strategic transformation focused on diversification and decarbonization while maintaining its core regulated utility foundation. The company has significantly expanded its Clean Energy Ventures portfolio, growing from 387 megawatts of operational solar capacity in 2022 to over 1 gigawatt in the current development pipeline. Management has strategically diversified geographically, with 51% of the solar pipeline now located outside New Jersey to reduce regulatory concentration risk. The company completed innovative projects including the largest floating solar installation in North America and community solar projects on capped landfills. In a notable strategic pivot, NJR sold its Sunlight Advantage residential solar portfolio in 2024 for $2.5 million, generating a pretax gain of $45-60 million. This transaction reflects management's decision to focus on commercial-scale solar development with higher returns and simplified business operations. The Storage and Transportation segment has seen major infrastructure investments, including the completion of the Adelphia Gateway pipeline project and ongoing expansion of the Leaf River Storage facility. The company is pursuing a 4 BCF capacity recovery project at Leaf River and evaluating additional expansion opportunities that could require $175-200 million in capital investment. On the regulated utility side, NJR has invested heavily in infrastructure modernization, spending over $500 million annually in recent years with approximately 42% of investments providing near real-time regulatory returns. The company successfully completed a base rate case in 2024, recovering $850 million in capital investments and establishing a $3.2 billion rate base. The company has also launched the SAVEGREEN energy efficiency program with $386 million in planned investments, reaching over 100,000 customers and demonstrating commitment to helping customers reduce energy consumption while generating regulated returns on efficiency investments.
NJR company profile · for informational purposes only — not investment advice.
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