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
Pillars as of Jul 3, 2026, based on the 10-K filed Nov 20, 2025
NewJersey Resources Corporation (NJR) Stock Analysis
Catalyst-Driven edge
Utilities · Utilities - Regulated Gas
Hold if already holding. Not a fresh buy at $53.12, but acceptable to hold if already in. Reasons: Analyst target reached - limited upside remaining; V7 low-quality RISK_OFF penalty: -0.5 (Q=4.3).
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
Hold if already holding. Not a fresh buy at $53.12, but acceptable to hold if already in. Reasons: Analyst target reached - limited upside remaining; V7 low-quality RISK_OFF penalty: -0.5 (Q=4.3). Chart setup: No clear chart pattern; technical signals are mixed. Mixed signals. Hold existing position. Score 5.8/10, moderate confidence.
Passes 7/8 gates (positive momentum, clean insider activity, no SEC red flags, news events none recent, earnings proximity 19d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. 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 2026-10-28Recent 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 NewJersey Resources (NJR) Holds Near Resistance Amid Modest Gains - Low Beta Factor - dars.gov.et — dars.gov.et neutral
- NEWS New Jersey Resources Corp (NJR) Financial Health: Profitability & Balance Sheet Analysis - TradingKey — TradingKey neutral
- NEWS New Jersey Resources Corp (NJR) Financial Health: Profitability & Balance Sheet Analysis - tradingkey.com — tradingkey.com neutral
- NEWS NJR stock hits all-time high at 60.71 USD - Investing.com — Investing.com positive
Generated 2026-10-28T11:43:56Z.
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. How we score · Editorial policy
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. People who build TrendMatrix, or entities they control, may hold positions, long or short, in securities it covers, and may trade them at any time. Positions are not disclosed individually. Verdicts are generated by an automated model applied by the same rules to every covered stock, and are not adjusted for any position held by the people who build TrendMatrix. We do not accept payment from issuers for coverage.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security.
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
Technicals 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
Hold if already holding. Not a fresh buy at $53.12, but acceptable to hold if already in. Reasons: Analyst target reached - limited upside remaining; V7 low-quality RISK_OFF penalty: -0.5 (Q=4.3). Chart setup: No clear chart pattern; technical signals are mixed. Mixed signals. Hold existing position. Analyst target $51.95 reached (−2.2%), stop $51.22 (−3.7%), A.R:R -0.3:1. Score 5.8/10, moderate confidence.
Analyst target $51.95 reached (−2.2% from $53.12); no take-profit level is published. Analyst target $51.95 reached (−2.2%), stop $51.22 (−3.7%), A.R:R -0.3:1. Stop-loss: $51.22.
Analyst target reached - limited upside remaining; V7 low-quality RISK_OFF penalty: -0.5 (Q=4.3); Leverage penalty (D/E 1.5): -0.5.
NewJersey Resources Corporation trades at a P/E of 14.7 (forward 15.6). TrendMatrix value score: 6.0/10. Verdict: Hold.
12 analysts cover NJR with a consensus score of 4.0/5. 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.