New Jersey Resources offers a regulated gas utility with a reliable earnings track record and strong Piotroski financial health, but limited upside at current prices makes the risk-reward unfavorable for new buyers.
Thesis pillars
- Earnings Beat Reliability→Stable
- Financial Health Piotroski→Stable
- Leverage Constrains Upside↓Deteriorating
- +1 more pillar — see the Why tab for full reasoning
NewJersey Resources Corporation (NJR) Stock Analysis
Range Bound setup
Utilities · Utilities - Regulated Gas
Wait for pullback to $51.49. Weak momentum — blocks BUY_NOW at $57.89. Engine's entry $51.49 (Default 5pct Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Analyst target reached - limited upside remaining; Near 52-week high (4.9% away).
New Jersey Resources distributes natural gas through NJNG, a regulated utility serving six New Jersey counties under Board of Public Utilities oversight, alongside unregulated segments in clean energy ventures, wholesale natural gas services, and gas storage and transportation... Read more
Wait for pullback to $51.49. Weak momentum — blocks BUY_NOW at $57.89. Engine's entry $51.49 (Default 5pct Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Analyst target reached - limited upside remaining; Near 52-week high (4.9% away). Chart setup: RSI 42 mid-range, Bollinger mid-band. Earnings in 3 days. Wait until post-earnings. Score 5.4/10, moderate confidence.
Passes 5/8 gates (clean insider activity, no SEC red flags, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and favorable risk/reward ratio and earnings proximity 3d<=7d. Suitability: moderate.
About NewJersey Resources Corporation
About NewJersey Resources Corporation
New Jersey Resources reported net income of $335.6 million for fiscal year ended September 30, 2025, across four segments: Natural Gas Distribution (NJNG), Clean Energy Ventures (CEV), Energy Services (ES), and Storage and Transportation (S&T). NJNG, the regulated gas utility, generated $1.3 billion in total operating revenues in fiscal 2025 serving approximately 1.7 million people across a 1,538-square-mile territory in six New Jersey counties under Board of Public Utilities jurisdiction. CEV operated 479 megawatts of commercial solar capacity across seven states at September 30, 2025.
NJNG earns regulated revenue through cost-of-service rates authorized by the BPU, with gross margin stabilized by the Conservation Incentive Program, which decouples utility gross margin from weather and customer usage variations. In fiscal 2025, NJNG operating revenues included $781 million from residential customers, $162 million from commercial and other, $108 million from firm transportation, and $241 million from BGSS incentive programs. Energy Services manages physical natural gas storage and pipeline contracts, capturing price differentials between geographic locations and time periods; the segment sold 108.6 billion cubic feet of natural gas in fiscal 2025. In December 2020, ES entered Asset Management Agreements with an investment-grade public utility to release pipeline capacity, contributing roughly $34 million annually from fiscal 2025 through 2031. CEV generates solar energy and renewable energy certificate revenue under BPU-set incentive rates including TRECs and the solar successor CSI program.
Show full overview
NJNG's regulated operations are subject exclusively to BPU jurisdiction, and a February 2023 executive order in New Jersey opened a proceeding to plan the future of natural gas utilities in the state — an unresolved regulatory development that could materially affect NJNG's business model if new rules restrict natural gas hookups or mandate accelerated electrification. The company targets a 60% reduction in New Jersey operational emissions from 2006 levels by 2030 and net-zero emissions from New Jersey operations by 2050 under state GWRA requirements. The BGSS incentive and CIP programs that stabilize NJNG's gross margin are subject to annual BPU review and could be modified or discontinued, introducing variability in the utility's regulated earnings.
See also: Utilities · Utilities - Regulated Gas
From NewJersey Resources Corporation's most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-07-31Recent Developments — NewJersey Resources Corporation
Latest news
- NEWS NewJersey Resources (NJR) Holds Near Resistance Amid Modest Gains - Key Reversal Day - dars.gov.et — dars.gov.et neutral
- NEWS New Jersey Resources Corp (NJR) Financial Health: Profitability & Balance Sheet Analysis - TradingKey — TradingKey neutral
- NEWS NJR stock hits all-time high at 60.71 USD - Investing.com — Investing.com positive
- NEWS Will New Jersey Resources (NJR) beat estimates again in its next earnings report? - MSN — MSN positive
- NEWS Mizuho Maintains an Outperform Rating on New Jersey Resources Corporation (NJR) - Insider Monkey — Insider Monkey positive
Generated 2026-07-31T22:47:51Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- MEDIUMregulatoryNew Jersey BPU10-K Item 1: 'NJNG is subject to the jurisdiction of the BPU with respect to a wide range of matters such as base rates and regulatory rider rates'
- MEDIUMGeographicNew Jersey10-K Item 1: 'NJNG’s service territory includes Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Rating Breakdown
1 floor-breaker
Growth below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Wait for pullback to $51.49. Weak momentum — blocks BUY_NOW at $57.89. Engine's entry $51.49 (Default 5pct Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Analyst target reached - limited upside remaining; Near 52-week high (4.9% away). Chart setup: RSI 42 mid-range, Bollinger mid-band. Earnings in 3 days. Wait until post-earnings. Target $59.64 (+3.0%), stop $48.94 (−18.3%), A.R:R -1.8:1. Score 5.4/10, moderate confidence.
Take-profit target: $59.64 (-9.2% upside). Target $59.64 (+3.0%), stop $48.94 (−18.3%), A.R:R -1.8:1. Stop-loss: $48.94.
Analyst target reached - limited upside remaining; Near 52-week high (4.9% away); Leverage penalty (D/E 1.4): -0.5.
NewJersey Resources Corporation trades at a P/E of 17.6 (forward 17.0). TrendMatrix value score: 5.7/10. Verdict: Buy (Wait for Entry).
11 analysts cover NJR with a consensus score of 4.1/5. Average price target: $60.
What does NewJersey Resources Corporation do?New Jersey Resources distributes natural gas through NJNG, a regulated utility serving six New Jersey counties under...
New Jersey Resources distributes natural gas through NJNG, a regulated utility serving six New Jersey counties under Board of Public Utilities oversight, alongside unregulated segments in clean energy ventures, wholesale natural gas services, and gas storage and transportation assets. NJNG generated $1.3 billion in operating revenues in fiscal 2025 covering 1,538 square miles with an estimated population of 1.7 million; consolidated net income reached $335.6 million.