New Jersey Resources (NJR)
Market Price (8/29/2026): $53.59 | Market Cap: $5.4 BilSector: Utilities | Industry: Gas Utilities
New Jersey Resources (NJR)
Market Price (8/29/2026): $53.59Market Cap: $5.4 BilSector: UtilitiesIndustry: Gas Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 3.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.8% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30% Low stock price volatilityVol 12M is 18% Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Solar Energy Generation, Wind Energy Development, Show more. | Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -33% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.0% Key risksNJR key risks include [1] regulatory uncertainty impacting its New Jersey Natural Gas utility and the dependence of its Clean Energy Ventures segment on shifting tax credits and SREC market values, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 3.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.8% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30% |
| Low stock price volatilityVol 12M is 18% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Solar Energy Generation, Wind Energy Development, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -33% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.0% |
| Key risksNJR key risks include [1] regulatory uncertainty impacting its New Jersey Natural Gas utility and the dependence of its Clean Energy Ventures segment on shifting tax credits and SREC market values, Show more. |
Qualitative Assessment
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Updated on 8/6/2026
New Jersey Resources (NJR) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Earnings with Post-Announcement Investor Concerns. New Jersey Resources reported strong fiscal Q3 2026 Net Financial Earnings per Share (NFEPS) of $0.11, significantly exceeding the Zacks Consensus Estimate of $0.06 by 83.33%. However, revenue of $349.18 million slightly missed the $352.2 million forecast. Despite the earnings beat and a tightened fiscal 2026 NFEPS guidance (to $3.52-$3.62 from $3.48-$3.63), shares declined 2.7% in after-hours trading to $56.51, reflecting investor concerns regarding increased capital intensity and regulatory dynamics within the utility sector.
2. Increased Capital Expenditure Plans and Pending Base Rate Case. NJR increased its fiscal 2026 capital expenditure outlook to a range of $815 million to $950 million, up from a previous range of $775 million to $930 million, primarily for New Jersey Natural Gas (NJNG) safety and reliability projects. Concurrently, on June 1, 2026, NJNG filed a base rate case with the New Jersey Board of Public Utilities (BPU), seeking a $157.6 million increase to its base rates. This filing, expected to undergo a 9-12 month review, introduces regulatory uncertainty, as the utility sector broadly faces scrutiny over customer affordability amidst rising costs.
Show more
New Jersey Resources (NJR) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Earnings with Post-Announcement Investor Concerns. New Jersey Resources reported strong fiscal Q3 2026 Net Financial Earnings per Share (NFEPS) of $0.11, significantly exceeding the Zacks Consensus Estimate of $0.06 by 83.33%. However, revenue of $349.18 million slightly missed the $352.2 million forecast. Despite the earnings beat and a tightened fiscal 2026 NFEPS guidance (to $3.52-$3.62 from $3.48-$3.63), shares declined 2.7% in after-hours trading to $56.51, reflecting investor concerns regarding increased capital intensity and regulatory dynamics within the utility sector.
2. Increased Capital Expenditure Plans and Pending Base Rate Case. NJR increased its fiscal 2026 capital expenditure outlook to a range of $815 million to $950 million, up from a previous range of $775 million to $930 million, primarily for New Jersey Natural Gas (NJNG) safety and reliability projects. Concurrently, on June 1, 2026, NJNG filed a base rate case with the New Jersey Board of Public Utilities (BPU), seeking a $157.6 million increase to its base rates. This filing, expected to undergo a 9-12 month review, introduces regulatory uncertainty, as the utility sector broadly faces scrutiny over customer affordability amidst rising costs.
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Updated on 8/6/2026
New Jersey Resources (NJR) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Earnings with Post-Announcement Investor Concerns. New Jersey Resources reported strong fiscal Q3 2026 Net Financial Earnings per Share (NFEPS) of $0.11, significantly exceeding the Zacks Consensus Estimate of $0.06 by 83.33%. However, revenue of $349.18 million slightly missed the $352.2 million forecast. Despite the earnings beat and a tightened fiscal 2026 NFEPS guidance (to $3.52-$3.62 from $3.48-$3.63), shares declined 2.7% in after-hours trading to $56.51, reflecting investor concerns regarding increased capital intensity and regulatory dynamics within the utility sector.
2. Increased Capital Expenditure Plans and Pending Base Rate Case. NJR increased its fiscal 2026 capital expenditure outlook to a range of $815 million to $950 million, up from a previous range of $775 million to $930 million, primarily for New Jersey Natural Gas (NJNG) safety and reliability projects. Concurrently, on June 1, 2026, NJNG filed a base rate case with the New Jersey Board of Public Utilities (BPU), seeking a $157.6 million increase to its base rates. This filing, expected to undergo a 9-12 month review, introduces regulatory uncertainty, as the utility sector broadly faces scrutiny over customer affordability amidst rising costs.
3. Divergent Performance Across Key Business Segments. The company's diversified business model presented mixed results from its segments. The Storage and Transportation (S&T) segment demonstrated strong fiscal Q3 2026 Net Financial Earnings (NFE) of $8.8 million, up from $5.9 million in fiscal Q3 2025, and is projected to double earnings from fiscal 2025 to 2027 due to favorable recontracting and the Leaf River expansion. Conversely, the Clean Energy Ventures (CEV) segment experienced a significant year-to-date NFE decline to $4.1 million in fiscal 2026 from $37.3 million in fiscal 2025, largely attributed to a prior-year gain from a residential solar portfolio asset sale. These offsetting performances across segments likely contributed to a stabilization of the overall stock price.
4. Broader Utility Sector Macroeconomic Headwinds. The utility sector has been contending with macroeconomic pressures that may cap stock price upside. Persistent concerns over elevated interest rates in 2026 could diminish the relative attractiveness of utility dividend yields compared to risk-free investments. Furthermore, surging energy demand, partly driven by data centers, is pushing annual utility sector capital expenditures to an estimated $1.3 trillion between 2026 and 2030, which, while supporting long-term credit quality, also leads to rising customer bills and potential regulatory challenges in securing timely rate recovery.
Show less
New Jersey Resources (NJR) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Earnings with Post-Announcement Investor Concerns. New Jersey Resources reported strong fiscal Q3 2026 Net Financial Earnings per Share (NFEPS) of $0.11, significantly exceeding the Zacks Consensus Estimate of $0.06 by 83.33%. However, revenue of $349.18 million slightly missed the $352.2 million forecast. Despite the earnings beat and a tightened fiscal 2026 NFEPS guidance (to $3.52-$3.62 from $3.48-$3.63), shares declined 2.7% in after-hours trading to $56.51, reflecting investor concerns regarding increased capital intensity and regulatory dynamics within the utility sector.
2. Increased Capital Expenditure Plans and Pending Base Rate Case. NJR increased its fiscal 2026 capital expenditure outlook to a range of $815 million to $950 million, up from a previous range of $775 million to $930 million, primarily for New Jersey Natural Gas (NJNG) safety and reliability projects. Concurrently, on June 1, 2026, NJNG filed a base rate case with the New Jersey Board of Public Utilities (BPU), seeking a $157.6 million increase to its base rates. This filing, expected to undergo a 9-12 month review, introduces regulatory uncertainty, as the utility sector broadly faces scrutiny over customer affordability amidst rising costs.
3. Divergent Performance Across Key Business Segments. The company's diversified business model presented mixed results from its segments. The Storage and Transportation (S&T) segment demonstrated strong fiscal Q3 2026 Net Financial Earnings (NFE) of $8.8 million, up from $5.9 million in fiscal Q3 2025, and is projected to double earnings from fiscal 2025 to 2027 due to favorable recontracting and the Leaf River expansion. Conversely, the Clean Energy Ventures (CEV) segment experienced a significant year-to-date NFE decline to $4.1 million in fiscal 2026 from $37.3 million in fiscal 2025, largely attributed to a prior-year gain from a residential solar portfolio asset sale. These offsetting performances across segments likely contributed to a stabilization of the overall stock price.
4. Broader Utility Sector Macroeconomic Headwinds. The utility sector has been contending with macroeconomic pressures that may cap stock price upside. Persistent concerns over elevated interest rates in 2026 could diminish the relative attractiveness of utility dividend yields compared to risk-free investments. Furthermore, surging energy demand, partly driven by data centers, is pushing annual utility sector capital expenditures to an estimated $1.3 trillion between 2026 and 2030, which, while supporting long-term credit quality, also leads to rising customer bills and potential regulatory challenges in securing timely rate recovery.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -4.0% change in NJR stock from 4/30/2026 to 8/28/2026 was primarily driven by a -14.0% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8282026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.82 | 53.60 | -4.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,153 | 2,230 | 3.6% |
| Net Income Margin (%) | 15.2% | 16.4% | 8.2% |
| P/E Multiple | 17.2 | 14.8 | -14.0% |
| Shares Outstanding (Mil) | 101 | 101 | -0.4% |
| Cumulative Contribution | -4.0% |
Market Drivers
4/30/2026 to 8/28/2026| Return | Correlation | |
|---|---|---|
| NJR | -4.0% | |
| Market (SPY) | 7.1% | -40.1% |
| Sector (XLU) | -8.8% | 66.1% |
Fundamental Drivers
The 10.2% change in NJR stock from 1/31/2026 to 8/28/2026 was primarily driven by a 9.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8282026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.62 | 53.60 | 10.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,036 | 2,230 | 9.5% |
| Net Income Margin (%) | 16.5% | 16.4% | -0.4% |
| P/E Multiple | 14.6 | 14.8 | 1.7% |
| Shares Outstanding (Mil) | 100 | 101 | -0.6% |
| Cumulative Contribution | 10.2% |
Market Drivers
1/31/2026 to 8/28/2026| Return | Correlation | |
|---|---|---|
| NJR | 10.2% | |
| Market (SPY) | 11.5% | -30.9% |
| Sector (XLU) | -0.5% | 66.6% |
Fundamental Drivers
The 21.3% change in NJR stock from 7/31/2025 to 8/28/2026 was primarily driven by a 38.6% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8282026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.20 | 53.60 | 21.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,073 | 2,230 | 7.6% |
| Net Income Margin (%) | 20.0% | 16.4% | -18.0% |
| P/E Multiple | 10.7 | 14.8 | 38.6% |
| Shares Outstanding (Mil) | 100 | 101 | -0.8% |
| Cumulative Contribution | 21.3% |
Market Drivers
7/31/2025 to 8/28/2026| Return | Correlation | |
|---|---|---|
| NJR | 21.3% | |
| Market (SPY) | 22.7% | -25.4% |
| Sector (XLU) | 1.9% | 52.1% |
Fundamental Drivers
The 34.6% change in NJR stock from 7/31/2023 to 8/28/2026 was primarily driven by a 50.1% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8282026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.84 | 53.60 | 34.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,685 | 2,230 | -17.0% |
| Net Income Margin (%) | 10.9% | 16.4% | 50.1% |
| P/E Multiple | 13.1 | 14.8 | 12.6% |
| Shares Outstanding (Mil) | 97 | 101 | -4.2% |
| Cumulative Contribution | 34.6% |
Market Drivers
7/31/2023 to 8/28/2026| Return | Correlation | |
|---|---|---|
| NJR | 34.6% | |
| Market (SPY) | 74.0% | 9.0% |
| Sector (XLU) | 38.6% | 58.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NJR Return | 20% | 25% | -7% | 9% | 3% | 19% | 85% |
| Peers Return | 24% | 1% | -4% | 16% | 22% | 3% | 74% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| NJR Win Rate | 50% | 58% | 42% | 50% | 58% | 75% | |
| Peers Win Rate | 54% | 52% | 46% | 62% | 70% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| NJR Max Drawdown | -20% | -17% | -28% | -13% | -11% | -11% | |
| Peers Max Drawdown | -15% | -23% | -22% | -12% | -14% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NFG, SWX, OGS, BIPC, ATO. See NJR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/28/2026 (YTD)
How Low Can It Go
| Event | NJR | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.3% | -9.5% |
| % Gain to Breakeven | 15.4% | 10.5% |
| Time to Breakeven | 72 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.7% | -6.7% |
| % Gain to Breakeven | 12.0% | 7.1% |
| Time to Breakeven | 501 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.5% | -33.7% |
| % Gain to Breakeven | 73.8% | 50.9% |
| Time to Breakeven | 359 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -12.4% | -17.9% |
| % Gain to Breakeven | 14.2% | 21.8% |
| Time to Breakeven | 18 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -12.4% | -53.4% |
| % Gain to Breakeven | 14.1% | 114.4% |
| Time to Breakeven | 72 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -10.4% | -8.6% |
| % Gain to Breakeven | 11.6% | 9.5% |
| Time to Breakeven | 132 days | 47 days |
In The Past
New Jersey Resources's stock fell -2.9% during the 2025 US Tariff Shock. Such a loss loss requires a 3.0% gain to breakeven.
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Asset Allocation
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| Event | NJR | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -42.5% | -33.7% |
| % Gain to Breakeven | 73.8% | 50.9% |
| Time to Breakeven | 359 days | 140 days |
In The Past
New Jersey Resources's stock fell -2.9% during the 2025 US Tariff Shock. Such a loss loss requires a 3.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About New Jersey Resources (NJR)
New Jersey Resources (NJR) is primarily an energy services holding company with a significant regulated natural gas utility operation. Its Natural Gas Distribution segment provides essential natural gas services to approximately 564,000 residential and commercial customers across several counties in New Jersey, including Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex. This segment forms the stable backbone of the company's operations, also engaging in capacity and storage management, off-system sales, and capacity release markets.
Beyond its regulated utility, NJR diversifies its business through several other segments. The Clean Energy Ventures segment focuses on sustainability by investing in, owning, and operating commercial and residential solar projects located in New Jersey, Connecticut, Rhode Island, and New York. Additionally, the Energy Services segment offers unregulated wholesale energy management services to other energy companies and natural gas producers, managing a portfolio of physical assets like natural gas storage and transportation contracts across the United States and Canada. The company also invests in natural gas transportation and storage facilities through its Storage and Transportation segment, providing critical infrastructure.
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1. A diversified energy company akin to Dominion Energy, offering regulated natural gas services, investing in solar power, and managing natural gas infrastructure.
2. Think of it as a natural gas utility like National Grid, but with a significant additional business of owning and operating solar power plants.
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- Regulated Natural Gas Distribution: Provides natural gas utility services to residential and commercial customers.
- Solar Energy Project Development & Operations: Invests in, owns, and operates commercial and residential solar projects.
- Wholesale Energy Management: Offers unregulated wholesale energy management services and manages a portfolio of natural gas storage and transportation contracts.
- Natural Gas Infrastructure Investment: Invests in natural gas transportation and storage facilities.
- Home & Business Energy Services: Offers heating, ventilation, and cooling (HVAC), plumbing, solar equipment installation, and water appliance sale and servicing.
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Major Customers of New Jersey Resources (NJR)
New Jersey Resources (NJR) serves a diverse customer base, including both individuals and businesses across several segments. Based on the company description, NJR primarily serves the following categories of customers:
- Residential Customers: These are individual households that utilize NJR's regulated natural gas utility services in various New Jersey counties. This category also includes customers benefiting from residential solar projects, and those receiving heating, ventilation, and cooling (HVAC), plumbing repair and installation, and water appliance sale, installation, and servicing activities.
- Commercial Customers: This category encompasses various businesses and organizations that subscribe to NJR's regulated natural gas utility services. It also includes clients for commercial solar projects, those utilizing HVAC, plumbing, and water appliance services, and potentially tenants of the company's commercial real estate properties.
- Other Energy Companies and Natural Gas Producers: Through its Energy Services and Storage and Transportation segments, NJR provides unregulated wholesale energy management services, as well as natural gas storage and transportation contracts and facilities to other energy companies and natural gas producers in the United States and Canada. Specific names of these companies are not provided in the description.
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Stephen D. Westhoven – President and Chief Executive Officer
Mr. Westhoven joined New Jersey Natural Gas (NJNG) in November 1990 and currently serves as President and Chief Executive Officer of New Jersey Resources (NJR) and its principal subsidiary, NJNG. He began his career as an engineer at NJNG and progressed through various leadership roles, including Director, Senior Vice President of NJR Energy Services (NJRES), and Senior Vice President and COO of NJR's unregulated businesses (NJRES, NJR Clean Energy Ventures, and NJR Home Services) before being named President and Chief Operating Officer. Mr. Westhoven earned a Bachelor of Science in mechanical engineering from The Catholic University of America and is an alumnus of Harvard Business School's Advanced Management Program. He previously served on the board of Choose New Jersey and is currently on the Board of Directors for the American Gas Association and The National Petroleum Council.
Roberto Bel – Senior Vice President and Chief Financial Officer
Mr. Bel joined New Jersey Resources (NJR) in 2019 as Vice President-Treasurer and Investor Relations, and in his current role as CFO, he manages NJR's financial functions, including financial planning and analysis, accounting, tax, treasury, risk management, and investor relations. He possesses over 20 years of experience in finance. Prior to joining NJR, he served as Assistant Treasurer for Thomson Reuters and held the position of Chief Financial Officer for Thomson Reuters' Latin American operations. He also served as Vice President and Chief Financial Officer for General Motors Colmotores and General Motors Venezolana.
Patrick J. Migliaccio – Senior Vice President and Chief Operating Officer, New Jersey Natural Gas
Mr. Migliaccio joined New Jersey Resources (NJR) in 2009. He is currently the Senior Vice President and Chief Operating Officer of New Jersey Natural Gas (NJNG), NJR's largest subsidiary, and Chief Operating Officer & Senior Vice President at New Jersey Resources Corp. Throughout his tenure at NJR, he has held numerous leadership positions of increasing responsibility, including Controller, Treasurer, Vice President-Finance and Accounting, and Senior Vice President and Chief Financial Officer. Before his time at NJR, Mr. Migliaccio was an accomplished leader in accounting and related functions within the energy industry, having worked for Public Service Enterprise Group, NRG Energy, and other energy companies in New Jersey. He holds a bachelor's degree in finance and an MBA from Fairleigh Dickinson University and is an alumnus of Harvard Business School's Advanced Management Program.
Amy Cradic – Senior Vice President and Chief Operating Officer of Non-Utility Businesses, Strategy and External Affairs
Ms. Cradic leads the growth segments of New Jersey Resources, including Clean Energy Ventures and Energy Services.
Stephen Skrocki – Chief Risk Officer
Effective January 1, 2026, Mr. Skrocki will serve as NJR's Chief Risk Officer. He joined NJR in 2017 as Assistant Corporate Controller and was promoted to Corporate Controller in 2021 and Principal Accounting Officer in 2023. Before joining NJR, Mr. Skrocki held various roles of increasing responsibility, most recently as Audit Director at BDO USA.
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- Regulatory and Environmental Policy Changes: As a regulated natural gas utility and an investor in clean energy ventures, New Jersey Resources is significantly exposed to evolving regulatory landscapes and environmental policies. Changes in regulations related to natural gas distribution, environmental standards, utility rate structures, or government incentives for renewable energy could adversely impact the company's operations, financial performance, and growth prospects.
- Commodity Price Volatility: The company's Energy Services segment, which provides unregulated wholesale energy management services and maintains a portfolio of physical assets like natural gas storage and transportation contracts, is exposed to the inherent volatility of natural gas prices. Significant fluctuations in these commodity prices could negatively affect the profitability of this segment.
- Capital Intensive Nature and Infrastructure Challenges: New Jersey Resources invests in and operates significant natural gas transportation and storage facilities, as well as develops solar projects. These activities are capital-intensive, requiring substantial investment for development, maintenance, and expansion. Challenges such as delays in regulatory approvals, increasing construction costs, securing necessary financing, or opposition to new infrastructure projects could impact the company's ability to execute its strategies and achieve anticipated returns.
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The accelerated transition to building electrification and the mandated or incentivized shift away from natural gas consumption, driven by state and federal decarbonization policies and renewable energy goals, thereby directly reducing the long-term demand for natural gas distribution and storage services.
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New Jersey Resources (NJR) operates in several key markets. Here are the addressable market sizes for its main products and services, with regional clarification:
Natural Gas Distribution
- The addressable market for Natural Gas Distribution in New Jersey is projected to be $8.7 billion in 2026. This market serves approximately 3.2 million natural gas customers, including 2.96 million households and 251,198 businesses across the state.
Clean Energy Ventures (Commercial and Residential Solar Projects)
- New Jersey: The Solar Power industry in New Jersey is projected to reach $1.0 billion in 2026. As of late 2025, New Jersey had over 5.4 gigawatts (GW) of installed solar photovoltaic (PV) capacity from more than 230,000 individual installations. The commercial and industrial (C&I) rooftops in New Jersey alone offer 22 GW of solar potential, with 17.5 GW currently unused.
- Connecticut: While a specific revenue-based market size is not available, Connecticut's total installed solar photovoltaic (PV) capacity for systems generally under five megawatts exceeded 1,091 MWs across over 91,290 installations as of December 2023. The Independent System Operator for New England (ISO-NE) projects that approximately 2,728 MW of solar PV capacity could be installed in Connecticut through 2033.
- Rhode Island: The Solar Power industry in Rhode Island is projected to be $25.5 million in 2026. Rhode Island has a total solar capacity of 1,277 MW. The state has seen significant investments in solar energy, with $1.2 billion poured into the industry. As of March 2026, there were 74 utility-scale solar farms in Rhode Island with a total operating capacity of 440 MW.
- New York: null
Energy Services and Storage and Transportation
- U.S. Natural Gas Storage: The U.S. natural gas storage market generated revenues of $174.4 million in 2024 and is expected to reach $229.5 million by 2030.
- Canada Natural Gas Storage: The natural gas storage market in Canada generated revenues of $27.8 million in 2024 and is expected to reach $35.3 million by 2030.
- Wholesale Energy Management Services and Natural Gas Transportation: null
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For New Jersey Resources (NJR), several key drivers are expected to fuel revenue growth over the next 2-3 years:
- Natural Gas Distribution (NJNG) Customer Growth and Infrastructure Investment: The regulated natural gas utility segment, New Jersey Natural Gas (NJNG), anticipates continued expansion through customer additions, with projections of 7,000-9,000 new customers annually. This growth is supported by substantial capital investments in core infrastructure, enhancing system safety and reliability, and contributing to a projected 7-9% rate base growth through 2030. Additionally, new base rates for fiscal 2026 are expected to result in a higher utility gross margin.
- Clean Energy Ventures (CEV) Commercial Solar Project Development: The Clean Energy Ventures segment is focused on investing in, owning, and operating commercial solar projects. The company has a strategy to deploy capital into safe-harbored projects to preserve tax credit eligibility, which supports long-term value creation. In fiscal 2025, CEV added 93.6 MW to its installed capacity by placing eleven commercial projects into service.
- Storage and Transportation (S&T) Capacity Expansion and Fee-Based Contracts: The Storage and Transportation segment is pursuing strategic growth opportunities, including a filed FERC application to expand the working capacity of its Leaf River facility by more than 70%. The initial phase of this expansion is already backed by a long-term contract, with subsequent phases dependent on securing additional fee-based contracts. This segment is projected to double its net financial earnings over the next two years.
- Energy Services Leveraging Natural Gas Market Volatility: The Energy Services segment, which provides unregulated wholesale energy management services, is positioned to capitalize on natural gas price volatility and market conditions. This segment has demonstrated strong performance, particularly during periods of extreme cold weather, contributing to an upward revision of the fiscal 2026 Net Financial Earnings Per Share (NFEPS) guidance. The company's portfolio of physical assets, including natural gas storage and transportation contracts, supports its ability to navigate and benefit from these market dynamics.
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Share Issuance
- New Jersey Resources offers common stock through the NJR Direct Stock Purchase and Dividend Reinvestment Plan, which allows new eligible investors and existing shareholders to invest in additional shares. This plan involves 6,000,000 shares of Common Stock, with a prospectus dated September 28, 2021.
- As of November 2023, for fiscal year 2024, the company did not have plans to issue block equity.
- The company projects strong operating cash flow that is expected to sustain capital investment and shareholder returns without the need for block equity issuance in the upcoming years, as stated in February 2026.
Outbound Investments
- On November 25, 2024, New Jersey Resources sold its 91 MW residential solar portfolio to Spruce Power Holdings Corporation for $132.5 million.
- In fiscal 2021, NJR incurred an after-tax impairment charge of $74.5 million related to its investment in the PennEast Project.
Capital Expenditures
- New Jersey Resources' capital expenditures were $682.9 million in fiscal 2021, $598.43 million in fiscal 2022, $540.92 million in fiscal 2023, and $571.32 million in fiscal 2024.
- For fiscal 2025, capital expenditures were $752.5 million. The company expects to deploy between $4.8 billion and $5.2 billion in capital expenditures through 2030, with over 60% allocated to its regulated utility, New Jersey Natural Gas (NJNG).
- The primary focus of capital expenditures includes investments in NJNG for utility infrastructure, system integrity, and energy efficiency programs like SAVEGREEN, as well as disciplined deployment in Clean Energy Ventures for solar projects and strategic growth opportunities in Storage and Transportation.
Peer Outperformance in Gas Utilities
NJR has outperformed 78% of its 9 Gas Utilities peers over 5Y. Gas Utilities ranks 2nd of 6 industries in Utilities by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Gas Utilities constituents that NJR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
92%
of 12 industry peers · 18.2% return
3Y
40%
of 10 industry peers · 41.0% return
5Y
78%
of 9 industry peers · 73.2% return
No Gas Utilities peer with a comparable growth profile has beaten NJR by more than 20pp over 5Y.
Median price return by industry across the Utilities sector, ranked by 5Y. Gas Utilities is NJR's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -1.9% | 126.7% | 181.1% | HNRG 606% · OKLO 308% · NRG 181% |
| Gas Utilities ← | 10 | 7.8% | 42.8% | 42.4% | ATO 94% · NFG 89% · NJR 73% |
| Electric Utilities | 24 | 7.9% | 42.7% | 42.0% | VST 705% · GNE 154% · ETR 128% |
| Multi-Utilities | 18 | 9.2% | 43.9% | 39.5% | NI 92% · MDU 90% · PCG 85% |
| Water Utilities | 12 | 10.8% | 3.3% | -12.5% | CWCO 173% · AWR 11% · ARTNA 8% |
| Renewable Electricity | 4 | -53.5% | -58.3% | -32.7% | ORA 52% · CWEN 29% · AGIG -94% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 81.22 |
| Mkt Cap | 5.9 |
| Rev LTM | 2,413 |
| Op Inc LTM | 781 |
| FCF LTM | -166 |
| FCF 3Y Avg | -37 |
| CFO LTM | 966 |
| CFO 3Y Avg | 1,017 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.8% |
| Rev Chg 3Y Avg | 2.0% |
| Rev Chg Q | 2.9% |
| QoQ Delta Rev Chg LTM | 0.5% |
| Op Inc Chg LTM | 11.1% |
| Op Inc Chg 3Y Avg | 10.7% |
| Op Mgn LTM | 33.0% |
| Op Mgn 3Y Avg | 29.2% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 35.3% |
| CFO/Rev 3Y Avg | 42.0% |
| FCF/Rev LTM | -7.3% |
| FCF/Rev 3Y Avg | -3.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.9 |
| P/S | 2.8 |
| P/Op Inc | 10.2 |
| P/EBIT | 9.7 |
| P/E | 13.6 |
| P/CFO | 8.9 |
| Total Yield | 9.7% |
| Dividend Yield | 2.7% |
| FCF Yield 3Y Avg | -3.0% |
| D/E | 0.6 |
| Net D/E | 0.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.9% |
| 3M Rtn | 1.1% |
| 6M Rtn | -7.6% |
| 12M Rtn | 5.4% |
| 3Y Rtn | 46.9% |
| 1M Excs Rtn | -5.9% |
| 3M Excs Rtn | -0.6% |
| 6M Excs Rtn | -19.7% |
| 12M Excs Rtn | -14.0% |
| 3Y Excs Rtn | -26.5% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Natural Gas Distribution (NJNG) | 1,301 | 1,018 | 1,011 | 1,129 | 732 |
| Energy Services (ES) | 453 | 490 | 681 | 1,529 | 1,228 |
| Clean Energy Ventures (CEV) | 113 | 131 | 124 | 128 | 95 |
| Storage and Transportation (S&T) | 106 | 95 | 89 | 68 | 51 |
| Corporate and other | 61 | 65 | 42 | ||
| Intercompany revenues | 1 | -2 | 16 | ||
| Elims | -4 | -2 | |||
| Home Services and Other (HSO) | 56 | 52 | |||
| Total | 2,036 | 1,797 | 1,963 | 2,906 | 2,157 |
| $ Mil | 2008 | 2007 | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|
| Energy Services (ES) | 116 | 41 | 54 | 31 | 25 |
| Natural Gas Distribution (NJNG) | 88 | 89 | 88 | 98 | 99 |
| Retail and Other | -3 | -2 | 5 | 9 | 4 |
| Total | 201 | 127 | 146 | 138 | 127 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Natural Gas Distribution (NJNG) | 214 | 133 | 131 | 140 | 107 |
| Clean Energy Ventures (CEV) | 61 | 34 | 44 | 39 | 17 |
| Energy Services (ES) | 41 | 107 | 79 | 39 | 71 |
| Storage and Transportation (S&T) | 19 | 12 | 13 | 22 | 13 |
| Corporate and other | 2 | 4 | -3 | ||
| Elims | 0 | 0 | |||
| Home Services and Other (HSO) | -1 | -1 | |||
| Total | 336 | 290 | 265 | 240 | 208 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Natural Gas Distribution (NJNG) | 5,198 | 4,790 | 4,415 | 4,031 | 3,707 |
| Clean Energy Ventures (CEV) | 1,309 | 1,158 | 1,129 | 1,015 | 915 |
| Storage and Transportation (S&T) | 1,033 | 1,025 | 1,012 | 1,000 | 862 |
| Energy Services (ES) | 98 | 109 | 124 | 333 | 365 |
| Corporate and other | -60 | -100 | |||
| Home Services and Other (HSO) | 171 | 159 | 162 | ||
| Intercompany Assets | -313 | -276 | -290 | ||
| Total | 7,579 | 6,982 | 6,537 | 6,261 | 5,722 |
Price Behavior
Price Behavior
| Market Price | $53.60 | |
| Market Cap ($ Bil) | 5.4 | |
| First Trading Date | 12/30/1987 | |
| Distance from 52W High | -10.7% | |
| 50 Days | 200 Days | |
| DMA Price | $56.68 | $52.62 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -5.4% | 1.9% |
| 3M | 1YR | |
| Volatility | 21.6% | 18.5% |
| Downside Capture | -58.80 | -60.63 |
| Upside Capture | -63.73 | -28.16 |
| Correlation (SPY) | -41.5% | -28.5% |
NJR Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.66 | -0.75 | -0.73 | -0.45 | -0.37 | 0.11 |
| Up Beta | -0.99 | -0.75 | -0.80 | -0.39 | -0.18 | 0.17 |
| Down Beta | 0.90 | -0.21 | -0.19 | -0.15 | -0.32 | 0.13 |
| Up Capture | -76% | -71% | -60% | -23% | -14% | 3% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 24 | 35 | 73 | 141 | 397 |
| Down Capture | -142% | -129% | -131% | -119% | -122% | 1% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 19 | 28 | 53 | 109 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NJR | |
|---|---|---|---|---|
| NJR | 17.5% | 18.5% | 0.73 | - |
| Sector ETF (XLU) | 2.4% | 15.1% | -0.05 | 52.1% |
| Equity (SPY) | 20.1% | 12.8% | 1.16 | -28.7% |
| Gold (GLD) | 30.9% | 29.0% | 0.92 | -14.0% |
| Commodities (DBC) | 39.9% | 20.3% | 1.54 | -14.0% |
| Real Estate (VNQ) | 9.9% | 13.7% | 0.44 | 39.4% |
| Bitcoin (BTCUSD) | -27.5% | 43.6% | -0.61 | -25.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NJR | |
|---|---|---|---|---|
| NJR | 11.3% | 20.7% | 0.44 | - |
| Sector ETF (XLU) | 7.1% | 17.4% | 0.27 | 64.2% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 27.2% |
| Gold (GLD) | 19.7% | 18.7% | 0.85 | 7.6% |
| Commodities (DBC) | 11.5% | 19.6% | 0.46 | 6.8% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 54.9% |
| Bitcoin (BTCUSD) | 10.4% | 52.6% | 0.38 | 9.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NJR | |
|---|---|---|---|---|
| NJR | 8.0% | 28.1% | 0.31 | - |
| Sector ETF (XLU) | 8.6% | 19.3% | 0.38 | 64.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 43.0% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 3.9% |
| Commodities (DBC) | 7.3% | 18.0% | 0.33 | 16.4% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 62.3% |
| Bitcoin (BTCUSD) | 64.0% | 66.1% | 1.04 | 9.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/20/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | -1.2% | -7.6% | |
| 5/4/2026 | -0.2% | -0.5% | -4.0% |
| 2/2/2026 | 3.5% | 3.4% | 10.3% |
| 11/19/2025 | 4.1% | 3.7% | 1.6% |
| 8/4/2025 | 1.0% | 2.1% | 1.3% |
| 5/5/2025 | -0.7% | -5.7% | -8.8% |
| 2/3/2025 | -3.3% | -4.7% | 0.4% |
| 11/25/2024 | -1.5% | -2.6% | -8.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 11 | 14 |
| # Negative | 10 | 13 | 9 |
| Median Positive | 1.5% | 3.4% | 4.3% |
| Median Negative | -1.6% | -2.0% | -3.9% |
| Max Positive | 4.9% | 9.9% | 13.4% |
| Max Negative | -9.5% | -7.6% | -8.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | -1.2% | -7.6% | |
| 5/4/2026 | -0.2% | -0.5% | -4.0% |
| 2/2/2026 | 3.5% | 3.4% | 10.3% |
| 11/19/2025 | 4.1% | 3.7% | 1.6% |
| 8/4/2025 | 1.0% | 2.1% | 1.3% |
| 5/5/2025 | -0.7% | -5.7% | -8.8% |
| 2/3/2025 | -3.3% | -4.7% | 0.4% |
| 11/25/2024 | -1.5% | -2.6% | -8.5% |
| 8/6/2024 | -3.3% | -2.0% | 2.9% |
| 5/7/2024 | 0.2% | -1.4% | -1.7% |
| 2/6/2024 | 3.6% | 6.7% | 7.8% |
| 11/21/2023 | -1.5% | -0.6% | 4.8% |
| 8/3/2023 | 1.0% | -0.9% | -3.9% |
| 5/4/2023 | -1.7% | -3.2% | -3.2% |
| 2/2/2023 | 4.9% | 3.7% | 3.1% |
| 11/17/2022 | 1.7% | 9.9% | 9.2% |
| 5/5/2022 | -3.2% | -1.9% | 3.5% |
| 2/3/2022 | 0.8% | 1.5% | 13.4% |
| 11/18/2021 | 0.5% | 3.3% | 7.3% |
| 8/5/2021 | 1.3% | 1.3% | -0.2% |
| 5/6/2021 | 2.3% | -0.5% | 3.9% |
| 2/4/2021 | 1.3% | 5.1% | 13.1% |
| 11/30/2020 | -9.5% | -7.6% | -3.0% |
| 8/7/2020 | 1.8% | 3.3% | -6.3% |
| SUMMARY STATS | |||
| # Positive | 14 | 11 | 14 |
| # Negative | 10 | 13 | 9 |
| Median Positive | 1.5% | 3.4% | 4.3% |
| Median Negative | -1.6% | -2.0% | -3.9% |
| Max Positive | 4.9% | 9.9% | 13.4% |
| Max Negative | -9.5% | -7.6% | -8.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/03/2026 | 10-Q |
| 09/30/2025 | 11/20/2025 | 10-K |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/04/2025 | 10-Q |
| 09/30/2024 | 11/26/2024 | 10-K |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/06/2024 | 10-Q |
| 09/30/2023 | 11/21/2023 | 10-K |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/02/2023 | 10-Q |
| 09/30/2022 | 11/17/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/03/2026 | 10-Q |
| 09/30/2025 | 11/20/2025 | 10-K |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/04/2025 | 10-Q |
| 09/30/2024 | 11/26/2024 | 10-K |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/06/2024 | 10-Q |
| 09/30/2023 | 11/21/2023 | 10-K |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/02/2023 | 10-Q |
| 09/30/2022 | 11/17/2022 | 10-K |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/03/2022 | 10-Q |
| 09/30/2021 | 11/18/2021 | 10-K |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/04/2021 | 10-Q |
| 09/30/2020 | 11/30/2020 | 10-K |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/06/2020 | 10-Q |
| 09/30/2019 | 11/22/2019 | 10-K |
Recent Forward Guidance
Updated 8/4/2026Latest: Q3 2026 Earnings Reported 8/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 NFEPS | 3.52 | 3.57 | 3.62 | 0.4% | Raised | Guidance: 3.56 for 2026 | |
| 2026 NFEPS Growth | 7.0% | 8.0% | 9.0% | 0 | Affirmed | Guidance: 8.0% for 2026 | |
| 2030 Capital Expenditures | 4.80 Bil | 5.00 Bil | 5.20 Bil | 0 | Affirmed | Guidance: 5.00 Bil for 2030 | |
Prior: Q2 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 NFEPS Guidance | 3.48 | 3.56 | 3.63 | 6.0% | Raised | Guidance: 3.35 for 2026 | |
| 2026 Long-term NFEPS Growth Target | 7.0% | 8.0% | 9.0% | 0.0% | Affirmed | Guidance: 8.0% for 2026 | |
| 2030 Capital Expenditures | 4.80 Bil | 5.00 Bil | 5.20 Bil | 0.0% | Affirmed | Guidance: 5.00 Bil for 2030 | |
| 2026 New Jersey Natural Gas NFE Contribution | 0.58 | 0.6 | 0.62 | ||||
| 2026 Clean Energy Ventures NFE Contribution | 0.09 | 0.11 | 0.13 | ||||
| 2026 Storage and Transportation NFE Contribution | 0.08 | 0.1 | 0.11 | ||||
| 2026 Energy Services NFE Contribution | 0.19 | 0.21 | 0.23 | ||||
| 2026 Home Services and Other NFE Contribution | 0 | 0.01 | 0.01 | ||||
Q1 2026 Earnings Reported 2/2/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 NFEPS | 3.28 | 3.35 | 3.43 | 8.1% | Raised | Guidance: 3.1 for 2026 | |
| 2026 NFEPS Growth | 7.0% | 8.0% | 9.0% | 0 | Affirmed | Guidance: 8.0% for 2026 | |
| 2030 Capital Expenditures | 4.80 Bil | 5.00 Bil | 5.20 Bil | 0 | Affirmed | Guidance: 5.00 Bil for 2030 | |
Q4 2025 Earnings Reported 11/19/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 NFEPS | 3.03 | 3.1 | 3.18 | ||||
| 2026 NFEPS Growth | 7.0% | 8.0% | 9.0% | ||||
| 2030 Capital Expenditures | 4.80 Bil | 5.00 Bil | 5.20 Bil | ||||
Insider Activity
Updated 5/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | D'Antuono, Christopher T | Corporate Controller and PAO | Direct | Sell | 5262026 | 57.34 | 1,150 | 65,937 | 171,149 | Form |
| 2 | Migliaccio, Patrick J | Senior VP and COO, NJNG | Direct | Sell | 5132026 | 55.84 | 3,000 | 167,505 | 1,965,511 | Form |
| 3 | Kenny, Jane M | Direct | Sell | 5112026 | 56.10 | 8,000 | 448,800 | 1,234,088 | Form | |
| 4 | Reich, Richard | SVP and Gen Counsel | Direct | Sell | 3202026 | 52.99 | 5,449 | 288,743 | 1,429,394 | Form |
| 5 | Bel, Roberto | SVP and CFO | Direct | Sell | 3172026 | 55.10 | 6,105 | 336,377 | 1,089,849 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | D'Antuono, Christopher T | Corporate Controller and PAO | Direct | Sell | 5262026 | 57.34 | 1,150 | 65,937 | 171,149 | Form |
| 2 | Migliaccio, Patrick J | Senior VP and COO, NJNG | Direct | Sell | 5132026 | 55.84 | 3,000 | 167,505 | 1,965,511 | Form |
| 3 | Kenny, Jane M | Direct | Sell | 5112026 | 56.10 | 8,000 | 448,800 | 1,234,088 | Form | |
| 4 | Reich, Richard | SVP and Gen Counsel | Direct | Sell | 3202026 | 52.99 | 5,449 | 288,743 | 1,429,394 | Form |
| 5 | Bel, Roberto | SVP and CFO | Direct | Sell | 3172026 | 55.10 | 6,105 | 336,377 | 1,089,849 | Form |
| 6 | Migliaccio, Patrick J | Senior VP and COO, NJNG | Direct | Sell | 12292025 | 46.46 | 4,017 | 186,630 | 1,768,490 | Form |
| 7 | Migliaccio, Patrick J | Senior VP and COO, NJNG | Direct | Sell | 6232025 | 44.22 | 1,500 | 66,330 | 1,578,196 | Form |
Investor Activity (13F)
Updated Aug 29, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Gas Utilities Resources |
| American Gas Association (AGA) |
| Natural Gas Intelligence (NGI) |
| Pipeline & Gas Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 8/28/2026