MEDIUMBuilt-inRegulatory
New Jersey BPU
“10-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'”
NJR · Concentration risk · 10-K extracted
NewJersey Resources (NJR) concentration risks
Updated
The most significant concentration NewJersey Resources discloses is New Jersey BPU, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Source: NewJersey Resources’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH0
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inGeographic
New Jersey
“10-K Item 1: 'NJNG’s service territory includes Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-03The company's concentration profile is characterized by two interlocking structural exposures of moderate disclosed share: a regulatory dependency and a geographic concentration, both of which are deeply connected. The natural gas distribution subsidiary is subject to the jurisdiction of the New Jersey Board of Public Utilities across a wide range of matters including base rates and regulatory rider rates — a moderate-share structural exposure by disclosed size. Because rate regulation governs revenue recovery and return on investment, the terms and decisions of that single regulatory body are central to the utility's financial performance in its core business. The geographic exposure reinforces this: the service territory is defined by specific counties in New Jersey — also a moderate-share structural exposure by disclosed size. The utility operates within a fixed, defined footprint, which means customer growth, economic activity, and energy demand are tied to the economic health and demographic trends of that specific service area. Unlike a multi-state utility with broader geographic diversification, this company cannot offset weakness in one territory with strength in another. No customer, supplier, product, or counterparty concentrations are separately disclosed. The two exposures are structural in character and logically inseparable: the company is regulated by a single state body, serves a single defined geography, and derives its revenue recovery from the interaction of those two facts. For investors, the relevant variables are the regulatory environment in New Jersey and the long-term energy demand trajectory in the service territory.
For the engine’s reasoning on NJR’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Utilities - Regulated Gas
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| MDU | MDU Resources Group, Inc. | 3 | 0 | 0 | 3 |
| ATO | Atmos Energy Corporation | 1 | 0 | 0 | 1 |
| BKH | Black Hills Corporation | 0 | 2 | 0 | 2 |
| NJR● | NewJersey Resources Corporation | 0 | 2 | 0 | 2 |
| CPK | Chesapeake Utilities Corporatio | 0 | 1 | 1 | 2 |
| CTRI | Centuri Holdings, Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.