New Jersey Resources (NJR)
Market Price (5/21/2026): $57.4 | Market Cap: $5.8 BilSector: Utilities | Industry: Gas Utilities
New Jersey Resources (NJR)
Market Price (5/21/2026): $57.4Market Cap: $5.8 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 9.1%, Dividend Yield is 3.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29% Low stock price volatilityVol 12M is 17% Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Solar Energy Generation, Wind Energy Development, Show more. | Trading close to highsDist 52W High is -1.4%, Dist 3Y High is -1.4% Weak multi-year price returns3Y Excs Rtn is -50% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 63% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.4% 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 9.1%, Dividend Yield is 3.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29% |
| Low stock price volatilityVol 12M is 17% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Solar Energy Generation, Wind Energy Development, Show more. |
| Trading close to highsDist 52W High is -1.4%, Dist 3Y High is -1.4% |
| Weak multi-year price returns3Y Excs Rtn is -50% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 63% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.4% |
| 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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New Jersey Resources (NJR) stock has gained about 15% since 1/31/2026 because of the following key factors:
1. Consistent Earnings Outperformance and Upward Revisions to FY2026 Guidance.
New Jersey Resources (NJR) exceeded analyst expectations in its recent fiscal quarters. For fiscal Q1 2026, the company reported net financial earnings per share (NFEPS) of $1.17, surpassing the consensus estimate of $0.95 by $0.22. This led to an initial increase in its fiscal 2026 NFEPS guidance by $0.25, raising the range to $3.28-$3.43. Subsequently, for fiscal Q2 2026, NJR again beat estimates with an EPS of $2.20, $0.43 higher than the analyst estimate of $1.77, and revenues of $939.4 million against a $840.95 million consensus. This strong performance prompted a second upward revision of its FY2026 NFEPS guidance by an additional $0.20, establishing a new range of $3.48-$3.63.
2. Exceptional Contribution from the Energy Services Segment.
The robust performance of the Energy Services segment was a primary driver for both fiscal 2026 guidance increases. In fiscal Q2 2026, Energy Services nearly doubled its net financial earnings to $72.3 million, compared to $35.3 million in the same period last year, largely due to increased natural gas price volatility.
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1. Consistent Earnings Outperformance and Upward Revisions to FY2026 Guidance.
New Jersey Resources (NJR) exceeded analyst expectations in its recent fiscal quarters. For fiscal Q1 2026, the company reported net financial earnings per share (NFEPS) of $1.17, surpassing the consensus estimate of $0.95 by $0.22. This led to an initial increase in its fiscal 2026 NFEPS guidance by $0.25, raising the range to $3.28-$3.43. Subsequently, for fiscal Q2 2026, NJR again beat estimates with an EPS of $2.20, $0.43 higher than the analyst estimate of $1.77, and revenues of $939.4 million against a $840.95 million consensus. This strong performance prompted a second upward revision of its FY2026 NFEPS guidance by an additional $0.20, establishing a new range of $3.48-$3.63.
2. Exceptional Contribution from the Energy Services Segment.
The robust performance of the Energy Services segment was a primary driver for both fiscal 2026 guidance increases. In fiscal Q2 2026, Energy Services nearly doubled its net financial earnings to $72.3 million, compared to $35.3 million in the same period last year, largely due to increased natural gas price volatility.
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Stock Movement Drivers
Fundamental Drivers
The 17.0% change in NJR stock from 1/31/2026 to 5/20/2026 was primarily driven by a 15.5% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.05 | 57.40 | 17.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,036 | 2,179 | 7.0% |
| Net Income Margin (%) | 16.5% | 15.7% | -4.9% |
| P/E Multiple | 14.7 | 17.0 | 15.5% |
| Shares Outstanding (Mil) | 100 | 101 | -0.4% |
| Cumulative Contribution | 17.0% |
Market Drivers
1/31/2026 to 5/20/2026| Return | Correlation | |
|---|---|---|
| NJR | 17.0% | |
| Market (SPY) | 7.4% | -22.7% |
| Sector (XLU) | 3.6% | 62.5% |
Fundamental Drivers
The 32.1% change in NJR stock from 10/31/2025 to 5/20/2026 was primarily driven by a 60.0% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.46 | 57.40 | 32.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,096 | 2,179 | 4.0% |
| Net Income Margin (%) | 19.6% | 15.7% | -20.2% |
| P/E Multiple | 10.6 | 17.0 | 60.0% |
| Shares Outstanding (Mil) | 100 | 101 | -0.5% |
| Cumulative Contribution | 32.1% |
Market Drivers
10/31/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| NJR | 32.1% | |
| Market (SPY) | 9.3% | -27.6% |
| Sector (XLU) | 1.4% | 43.7% |
Fundamental Drivers
The 22.0% change in NJR stock from 4/30/2025 to 5/20/2026 was primarily driven by a 19.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.05 | 57.40 | 22.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,818 | 2,179 | 19.9% |
| Net Income Margin (%) | 18.2% | 15.7% | -14.1% |
| P/E Multiple | 14.2 | 17.0 | 19.7% |
| Shares Outstanding (Mil) | 100 | 101 | -1.0% |
| Cumulative Contribution | 22.0% |
Market Drivers
4/30/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| NJR | 22.0% | |
| Market (SPY) | 35.2% | -12.0% |
| Sector (XLU) | 16.0% | 48.6% |
Fundamental Drivers
The 24.6% change in NJR stock from 4/30/2023 to 5/20/2026 was primarily driven by a 65.5% change in the company's Net Income Margin (%).| (LTM values as of) | 4302023 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.05 | 57.40 | 24.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,954 | 2,179 | -26.2% |
| Net Income Margin (%) | 9.5% | 15.7% | 65.5% |
| P/E Multiple | 15.9 | 17.0 | 6.7% |
| Shares Outstanding (Mil) | 96 | 101 | -4.3% |
| Cumulative Contribution | 24.6% |
Market Drivers
4/30/2023 to 5/20/2026| Return | Correlation | |
|---|---|---|
| NJR | 24.6% | |
| Market (SPY) | 85.2% | 14.3% |
| Sector (XLU) | 41.5% | 56.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NJR Return | 20% | 25% | -7% | 9% | 3% | 27% | 98% |
| Peers Return | 23% | 1% | -7% | 14% | 23% | 5% | 68% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| NJR Win Rate | 50% | 58% | 42% | 50% | 58% | 100% | |
| Peers Win Rate | 56% | 54% | 40% | 62% | 68% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| NJR Max Drawdown | -20% | -17% | -28% | -13% | -11% | -5% | |
| Peers Max Drawdown | -16% | -23% | -24% | -13% | -15% | -15% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NFG, SWX, SR, OGS, BIPC. 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 5/20/2026 (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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| 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 Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 564,000 residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets. The Clean Energy Ventures segment invests in, owns, and operates commercial and residential solar projects situated in New Jersey, Connecticut, Rhode Island, and New York. The Energy Services segment offers unregulated wholesale energy management services to other energy companies and natural gas producers, as well as maintains and transacts a portfolio of physical assets consisting of natural gas storage and transportation contracts in the United States and Canada. The Storage and Transportation segment invests in natural gas transportation and storage facilities. It provides heating, ventilation, and cooling services; holds commercial real estate properties; and offers solar equipment installation, and plumbing repair and installation services, as well as engages in the water appliance sale, installation, and servicing activities. The company was incorporated in 1981 and is headquartered in Wall, New Jersey.
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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.AI Analysis | Feedback
- 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.
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Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 82.52 |
| Mkt Cap | 5.5 |
| Rev LTM | 2,506 |
| Op Inc LTM | 532 |
| FCF LTM | -187 |
| FCF 3Y Avg | 11 |
| CFO LTM | 629 |
| CFO 3Y Avg | 835 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.0% |
| Rev Chg 3Y Avg | -2.5% |
| Rev Chg Q | -1.0% |
| QoQ Delta Rev Chg LTM | -0.0% |
| Op Inc Chg LTM | 9.2% |
| Op Inc Chg 3Y Avg | 8.9% |
| Op Mgn LTM | 22.6% |
| Op Mgn 3Y Avg | 21.9% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 26.8% |
| CFO/Rev 3Y Avg | 32.5% |
| FCF/Rev LTM | -7.9% |
| FCF/Rev 3Y Avg | 0.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.5 |
| P/S | 2.4 |
| P/Op Inc | 10.3 |
| P/EBIT | 9.5 |
| P/E | 14.1 |
| P/CFO | 8.7 |
| Total Yield | 9.5% |
| Dividend Yield | 2.6% |
| FCF Yield 3Y Avg | -1.8% |
| D/E | 0.6 |
| Net D/E | 0.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -2.7% |
| 3M Rtn | -1.2% |
| 6M Rtn | 3.9% |
| 12M Rtn | 15.8% |
| 3Y Rtn | 38.1% |
| 1M Excs Rtn | -5.9% |
| 3M Excs Rtn | -10.6% |
| 6M Excs Rtn | -7.4% |
| 12M Excs Rtn | -8.0% |
| 3Y Excs Rtn | -42.2% |
Comparison Analyses
Segment Financials
Assets by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Natural Gas Distribution (NJNG) | 4,790 | 4,415 | 4,031 | 3,707 | 3,531 |
| Clean Energy Ventures (CEV) | 1,158 | 1,129 | 1,015 | 915 | 814 |
| Storage and Transportation (S&T) | 1,025 | 1,012 | 1,000 | 862 | 845 |
| Home Services and Other (HSO) | 159 | 171 | 159 | 162 | 138 |
| Energy Services (ES) | 109 | 124 | 333 | 365 | 245 |
| Intercompany Assets | -259 | -313 | -276 | -290 | -257 |
| Total | 6,982 | 6,537 | 6,261 | 5,722 | 5,316 |
Price Behavior
Price Behavior
| Market Price | $57.40 | |
| Market Cap ($ Bil) | 5.8 | |
| First Trading Date | 12/30/1987 | |
| Distance from 52W High | -1.4% | |
| 50 Days | 200 Days | |
| DMA Price | $55.67 | $49.20 |
| DMA Trend | up | up |
| Distance from DMA | 3.1% | 16.7% |
| 3M | 1YR | |
| Volatility | 16.3% | 16.8% |
| Downside Capture | -39.57 | -39.10 |
| Upside Capture | 6.48 | 0.64 |
| Correlation (SPY) | -8.9% | -10.0% |
NJR Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.29 | -0.06 | -0.26 | -0.38 | -0.15 | 0.18 |
| Up Beta | -0.39 | -0.27 | -0.26 | -0.21 | -0.08 | 0.21 |
| Down Beta | -0.80 | 0.24 | 0.08 | -0.36 | -0.30 | 0.15 |
| Up Capture | 2% | 8% | -1% | -8% | 0% | 5% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 11 | 23 | 39 | 71 | 136 | 391 |
| Down Capture | -23% | -17% | -85% | -109% | -40% | 33% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 11 | 20 | 25 | 52 | 114 | 351 |
[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 | 26.9% | 16.8% | 1.25 | - |
| Sector ETF (XLU) | 11.0% | 14.4% | 0.50 | 48.0% |
| Equity (SPY) | 26.2% | 12.1% | 1.62 | -11.0% |
| Gold (GLD) | 40.2% | 26.8% | 1.24 | -1.7% |
| Commodities (DBC) | 46.2% | 18.7% | 1.89 | -10.1% |
| Real Estate (VNQ) | 11.1% | 13.4% | 0.54 | 37.9% |
| Bitcoin (BTCUSD) | -27.4% | 41.8% | -0.65 | -15.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NJR | |
|---|---|---|---|---|
| NJR | 9.8% | 20.7% | 0.38 | - |
| Sector ETF (XLU) | 9.6% | 17.2% | 0.41 | 63.2% |
| Equity (SPY) | 14.1% | 17.0% | 0.65 | 30.9% |
| Gold (GLD) | 19.5% | 18.0% | 0.89 | 11.5% |
| Commodities (DBC) | 11.1% | 19.4% | 0.46 | 10.0% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 54.8% |
| Bitcoin (BTCUSD) | 9.1% | 55.6% | 0.37 | 10.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NJR | |
|---|---|---|---|---|
| NJR | 8.2% | 28.0% | 0.32 | - |
| Sector ETF (XLU) | 9.5% | 19.2% | 0.42 | 64.4% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 43.9% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | 5.5% |
| Commodities (DBC) | 7.9% | 17.9% | 0.36 | 17.2% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 62.3% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 10.6% |
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Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | -0.2% | -0.5% | |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 11 | 14 |
| # Negative | 9 | 13 | 9 |
| Median Positive | 1.7% | 3.3% | 4.3% |
| Median Negative | -1.7% | -2.0% | -3.2% |
| Max Positive | 5.4% | 9.9% | 13.4% |
| Max Negative | -9.5% | -9.4% | -8.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
Recent Forward Guidance [BETA]
Latest: 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 | 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 | |
| 2026 New Jersey Natural Gas NFE Contribution | 0.58 | 0.6 | 0.62 | Higher New | |||
| 2026 Clean Energy Ventures NFE Contribution | 0.09 | 0.11 | 0.13 | Higher New | |||
| 2026 Storage and Transportation NFE Contribution | 0.08 | 0.1 | 0.11 | Higher New | |||
| 2026 Energy Services NFE Contribution | 0.19 | 0.21 | 0.23 | Higher New | |||
| 2026 Home Services and Other NFE Contribution | 0 | 0.01 | 0.01 | Higher New | |||
Prior: 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 | 8.0% | Raised | Guidance: 3.1 for 2026 | |
| 2026 NFEPS Growth | 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 | Affirmed | Guidance: 5.00 Bil for 2030 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Migliaccio, Patrick J | Senior VP and COO, NJNG | Direct | Sell | 5132026 | 55.84 | 3,000 | 167,505 | 1,965,511 | Form |
| 2 | Kenny, Jane M | Direct | Sell | 5112026 | 56.10 | 8,000 | 448,800 | 1,234,088 | Form | |
| 3 | Reich, Richard | SVP and Gen Counsel | Direct | Sell | 3202026 | 52.99 | 5,449 | 288,743 | 1,429,394 | Form |
| 4 | Bel, Roberto | SVP and CFO | Direct | Sell | 3172026 | 55.10 | 6,105 | 336,377 | 1,089,849 | Form |
| 5 | Migliaccio, Patrick J | Senior VP and COO, NJNG | Direct | Sell | 12292025 | 46.46 | 4,017 | 186,630 | 1,768,490 | Form |
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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