# New Jersey Resources Corporation (NJR)

> Source: Nexqual · https://nexqual.com/NJR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, New Jersey Resources Corporation (NJR), nexqual.com/NJR" · informational, not investment advice.

**Price:** USD 53.63 (+2.94% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 52.1 · day 52.36–53.75 · 52w 43.46–60.86 · market cap $5.44B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.53B, net income $366M (24.0% margin) (SEC filings).
- Valuation: P/E 14.9x (avg 15.2x at the last 3 fiscal year-ends), EV/EBITDA 11.7x, net debt $3.39B.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $849K; 4 not under a Rule 10b5-1 plan ($849K); 0 by opportunistic insiders, 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.13 on a 1–5 scale) (8 analysts), mean target USD 59.71 (range 53–63).
- Total return with dividends: 1Y +20.5% vs S&P 500 +14.9%; 5Y +69.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-16, EPS estimate USD 0.13, revenue estimate $330M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $852M | $1.20B | $1.11B | $1.23B | $1.35B | $1.53B |
| Operating income | $288M | $406M | $407M | $458M | $509M | $553M |
| Net income | $118M | $275M | $265M | $290M | $336M | $366M |
| EPS (diluted) | $1.22 | $2.85 | $2.71 | $2.92 | $3.33 | — |
| Operating margin | 33.8% | 33.9% | 36.6% | 37.2% | 37.7% | 36.1% |
| Net margin | 13.8% | 22.9% | 23.8% | 23.6% | 24.8% | 24.0% |
| Revenue growth | +2.2% | +40.7% | -7.3% | +10.7% | +9.9% | — |
| Cash + short-term investments | $4.7M | $1.1M | $954K | $1.0M | $591K | — |
| Total debt | $2.54B | $2.91B | $3.02B | $3.17B | $3.45B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.9x · P/S 3.6x · EV/EBITDA 11.7x · EV/Sales 5.8x · P/B 2.1x · Earnings yield 6.73% · Dividend yield (paid, TTM) 3.47% · Net debt $3.39B · EV $8.83B
P/E at fiscal year-ends: Sep 2025 14.5x, Sep 2024 16.2x, Sep 2023 15.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-14 | Migliaccio Patrick J. | Senior VP and COO, NJNG | 3,000 | $167K | 8.5% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-22 | D'Antuono Christopher T. | Corporate Controller and PAO | 1,150 | $66K | 21.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | Migliaccio Patrick J. | Senior VP and COO, NJNG | 3,000 | $168K | 7.9% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-08 | Kenny Jane M | Director | 8,000 | $449K | 26.7% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.13 on a 1–5 scale), 8 analysts; mean target USD 59.71 (low 53, high 63).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-11 | JP Morgan | Target lowered | Overweight | $64 → $63 |
| 2026-08-05 | Wells Fargo | Downgrade | Overweight → Equal-Weight | $63 → $61 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +20.5% | +69.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +20.6% | +11.1% |
| Volatility (annualized) | 18.6% | 20.3% |
| Max drawdown | -15.3% (Jul 2026→Sep 2026) | -24.5% (Apr 2023→Sep 2023) |

## Peers (Utilities - Regulated Gas)
SR (Spire Inc.) USD 85.56 +3.70% · OGS (ONE Gas, Inc.) USD 78.25 +3.57% · BKH (Black Hills Corporation) USD 79.31 +0.97% · BIPC (Brookfield Infrastructure Corpo) USD 37.63 +2.53% · SWX (Southwest Gas Holdings, Inc.) USD 91.08 +3.01% · MDU (MDU Resources Group, Inc.) USD 19.37 +1.31%

## More
Full page: https://nexqual.com/NJR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NJR's own 10-K filed 2025-11-20 (https://www.sec.gov/Archives/edgar/data/356309/000035630925000093/njr-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | ENBRIDGE INC (ENB) | "Steckman Ridge is a Delaware limited partnership, jointly owned and controlled by our subsidiaries and subsidiaries of Enbridge Inc., which built, owns and operates a natural gas storage facility with up to 12 Bcf of wor…" |
| Related party | 3M (MMM) | "(3)Includes related party transactions of approximately $7.9M for fiscal 2025 and $9.3M for both fiscal 2024 and 2023, a portion of which is eliminated in consolidation." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| NJNG | $171.8M | 66.6% | +2.3% |
| S&T | $31.4M | 12.2% | +15.8% |
| CEV | $19.0M | 7.4% | +60.5% |
| ES | $18.0M | 7.0% | +52.7% |
| Corporate and other | $17.5M | 6.8% | +10.3% |
| Total revenue | $258.0M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Natural gas utility sales | $172.0M | 66.7% | +2.3% |
| Total revenue | $258.0M | 100% | — |
The lines above cover 66.7% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.13 | $0.20 | -33.7% | $330.2M | 4 |
| Next quarter (ends 2026-12-31) | $1.23 | $1.22 | +0.8% | $577.3M | 4 |
| Current fiscal year (ends 2026-09-30) | $3.55 | $3.58 | -0.9% | $2.17B | 6 |
| Next fiscal year (ends 2027-09-30) | $3.41 | $3.44 | -1.1% | $2.17B | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-16): ±5.5%; last 8 reports averaged ±2.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 40.6% | ±5.5% |
| 2027-02-19 | 119 | 21.1% | ±8.8% |