New Jersey Resources Corporation

NYSE:NJR Stock Report

Market Cap: US$5.7b

New Jersey Resources Future Growth

Future criteria checks 1/6

New Jersey Resources is forecast to grow earnings and revenue by 6% and 3.6% per annum respectively. EPS is expected to grow by 5.7% per annum. Return on equity is forecast to be 13.5% in 3 years.

Key information

6.0%

Earnings growth rate

5.68%

EPS growth rate

Gas Utilities earnings growth9.8%
Revenue growth rate3.6%
Future return on equity13.47%
Analyst coverage

Good

Last updated26 Jun 2026

Recent future growth updates

Recent updates

Narrative Update • Jun 23

NJR: Raised Earnings Outlook And Supportive Research Will Shape Measured Future Upside

Analysts have nudged their fair value estimate for New Jersey Resources slightly higher to about $60.14 per share from roughly $59.86, citing updated expectations around revenue growth, profit margins and future P/E assumptions, along with recent supportive Street research and price target revisions. Analyst Commentary Recent Street research on New Jersey Resources points to a mix of optimism and caution, with bullish analysts adjusting their views alongside the updated fair value estimate.
Analysis Article • Jun 18

New Jersey Resources (NJR) Stock Could Be 7.6% Undervalued After Strong Financial Results

New Jersey Resources (NJR) drew investor attention after reporting year over year gains in revenue and net profit, along with stronger institutional ownership and supportive technical signals that together highlight a period of reinforced stock momentum. See our latest analysis for New Jersey Resources. At a share price of $55.28, New Jersey Resources has a year to date share price return of 20.23%. Its 1 year total shareholder return of 29.83% and 5 year total shareholder return of 61.60%...
Narrative Update • Jun 03

NJR: Earnings Guidance Strength And Rate Filing Will Support Future Upside

Analysts have lifted their price target on New Jersey Resources by about $3.69 to reflect updated views on fair value, discount rate, revenue growth, profit margin and forward P/E, supported by a recent bullish research initiation and a higher target from the Street. Analyst Commentary Recent Street research on New Jersey Resources points to a more constructive tone on valuation and earnings power, with the latest price target moves reflecting updated assumptions on revenue, margins and forward P/E.
Seeking Alpha • May 06

Strong Q2 Portends Continued Success For New Jersey Resources

Summary New Jersey Resources is executing a clean energy pivot, allocating over 60% of $4.8–$5.2 billion CapEx through FY2030 to solar-focused Clean Energy Ventures. NJR delivered strong winter-driven Q2 results, beating non-GAAP EPS by $0.30 and revenue by nearly 10%, and raised full-year non-GAAP EPS guidance to $3.48–$3.62. Despite robust operating cash flow growth, NJR’s high CapEx outpaces cash generation, requiring increased debt while targeting a 20% adjusted debt-to-capital ratio. I rate NJR a buy, citing reasonable valuation, strong execution, and growth potential, but advise monitoring debt ratios as the clean energy expansion progresses. Read the full article on Seeking Alpha
Narrative Update • Apr 21

NJR: Updated Earnings Guidance And Execution Will Support Balanced Future Returns

The analyst fair value estimate for New Jersey Resources has increased from $55.00 to about $56.17, reflecting updated price targets from analysts who cite recent upward revisions in Street research as support for this adjustment. Analyst Commentary Bullish analysts have lifted their price targets on New Jersey Resources in recent research, which feeds into the higher overall fair value estimate.
Narrative Update • Apr 04

NJR: Updated Cash Flow Assumptions And Earnings Outlook Will Shape Balanced Returns

Analysts have raised their price target on New Jersey Resources by $4, citing updated views on the company’s discounted cash flow assumptions and valuation inputs, as reflected in the latest fair value and P/E metrics. Analyst Commentary Bullish Takeaways Bullish analysts view the higher fair value estimate as consistent with an updated discounted cash flow framework, which they see as better aligned with the company’s current cash generation profile.
Narrative Update • Mar 21

NJR: Refined Earnings Outlook And Assumptions Will Support Balanced Future Returns

Analysts have raised their price target on New Jersey Resources by $4, reflecting updated views on fair value and modest refinements to assumptions such as discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary JPMorgan raised its price target on New Jersey Resources by $4, reflecting refreshed assumptions on discount rate, revenue growth, profit margins, and future P/E.
Narrative Update • Mar 07

NJR: Refined Earnings Outlook And Discount Assumptions Will Support Steady Returns

Analysts recently lifted their price target on New Jersey Resources by $4 to reflect updated assumptions around discount rates, profitability, and future price-to-earnings (P/E) expectations. Analyst Commentary Bullish Takeaways Bullish analysts view the higher price target, including the US$4 increase from JPMorgan, as aligning the stock more closely with their updated P/E assumptions.
Narrative Update • Feb 20

NJR: Refined Earnings Outlook And Mild Assumption Shifts Will Support Steady Returns

Analysts nudged their price targets for New Jersey Resources higher to $55, reflecting modest adjustments to fair value assumptions, the discount rate, revenue growth, profit margin and future P/E expectations in light of recent research updates. Analyst Commentary JPMorgan lifted its price target for New Jersey Resources to $55, which reflects updated views on valuation, earnings power and the appropriate discount rate for the stock.
Narrative Update • Feb 06

NJR: Gas Mix And Strong Balance Sheet Will Support Steady Future Returns

Analysts have inched their fair value estimate for New Jersey Resources lower to about $54.33 from $54.71, citing slightly more conservative revenue growth assumptions and a modestly lower future P/E multiple. They continue to point to the company's mix of gas utility, regulated midstream and unregulated businesses, along with its peer leading 18% to 20% FFO to debt ratio and consistent capex funding without material dilution, as key supports for their updated price target.
Narrative Update • Jan 23

NJR: Peer Leading Balance Sheet And Gas Mix Will Support Future Returns

Narrative Update Overview Analysts have lifted their price target on New Jersey Resources to $53 from $50, citing confidence in the company’s mix of its core New Jersey Natural Gas utility, regulated midstream assets, and key unregulated businesses, along with what they view as a consistently executed financial model that maintains an 18% to 20% FFO to debt ratio and regularly funds capex without material dilution. Analyst Commentary Recent research highlights how New Jersey Resources is being viewed through the lens of its business mix and capital structure, with upbeat views tempered by a few areas of caution that matter for valuation and execution risk.
Analysis Article • Jan 12

New Jersey Resources (NYSE:NJR) Ticks All The Boxes When It Comes To Earnings Growth

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
Narrative Update • Jan 05

NJR: Resilient Gas Mix And Strong Balance Sheet Will Support Future Returns

Analysts recently lifted their price target on New Jersey Resources to $53 from $50, citing what they view as the company's consistent execution, its mix of regulated and unregulated gas businesses, and balance sheet metrics that they consider supportive of its updated valuation and P/E assumptions. Analyst Commentary Analysts raising their target on New Jersey Resources point to what they view as a relatively resilient business mix and balance sheet for a regulated gas utility, which they see as important inputs to the updated valuation and P/E assumptions.
Narrative Update • Dec 18

NJR: Differentiated Gas And Midstream Model Will Support Strong Future Cash Flows

Analysts have modestly raised their price target on New Jersey Resources, lifting fair value by about $1 to roughly $55 per share. They cite confidence in the company’s differentiated mix of core gas utility, regulated midstream assets, and disciplined capital funding that supports solid FFO-to-debt metrics despite slightly lower projected profit margins.
Analysis Article • Nov 03

We Like These Underlying Return On Capital Trends At New Jersey Resources (NYSE:NJR)

What are the early trends we should look for to identify a stock that could multiply in value over the long term...
Analysis Article • Sep 10

Is New Jersey Resources Corporation (NYSE:NJR) Expensive For A Reason? A Look At Its Intrinsic Value

Key Insights New Jersey Resources' estimated fair value is US$35.53 based on 2 Stage Free Cash Flow to Equity New...
Analysis Article • Aug 13

Impressive Earnings May Not Tell The Whole Story For New Jersey Resources (NYSE:NJR)

NYSE:NJR 1 Year Share Price vs Fair Value Explore New Jersey Resources's Fair Values from the Community and select...
Analysis Article • Jul 10

New Jersey Resources (NYSE:NJR) Is Doing The Right Things To Multiply Its Share Price

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? In a perfect world...
Seeking Alpha • Oct 11

New Jersey Resources: Still A Buy After Its Recent Dividend Hike

Summary Last month, New Jersey Resources upped its quarterly dividend per share for the 29th consecutive year. The natural gas utility missed analyst expectations for total operating revenue and consolidated net financial loss, but its fundamentals look to be intact. New Jersey Resources' dividend is well-covered, and its balance sheet is responsibly capitalized. Shares of the natural gas utility appear to be priced at a 7% discount to fair value. New Jersey Resources could be set up for nearly 40% cumulative total returns through FY 2027. Read the full article on Seeking Alpha
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New Narrative • Aug 31

NJR's Tactical Shift To Clean Energy And Efficiency Aims For Robust Growth And Stability

Anticipated resolution of rate case by end of 2024 may stabilize the regulatory environment and improve financial stability, enhancing investor confidence.
Seeking Alpha • Jul 10

New Jersey Resources: This Dividend Champion Looks Like A Buy Right Now

Summary New Jersey Resources is a Dividend Champion, with 28 consecutive years of dividend growth to its credit. The natural gas utility's operating revenue and non-GAAP EPS climbed higher in its fiscal second quarter. NJR's interest coverage ratio through the first half of its current fiscal year was strong for a utility. The natural gas utility could be trading 12% below fair value. NJR may be poised to post 12% annual total returns through September 2026. Read the full article on Seeking Alpha

Earnings and Revenue Growth Forecasts

NYSE:NJR - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
9/30/20282,349383416535
9/30/20272,242351-2136016
9/30/20262,191364N/A6694
3/31/20262,179341-111642N/A
12/31/20252,153327-186502N/A
9/30/20252,036336-194466N/A
6/30/20252,096412-118450N/A
3/31/20252,073415-66503N/A
12/31/20241,818332-186372N/A
9/30/20241,797290-96427N/A
6/30/20241,732236-61454N/A
3/31/20241,7212491474N/A
12/31/20231,707238147614N/A
9/30/20231,963265-21479N/A
6/30/20232,397282-22476N/A
3/31/20232,685294-185336N/A
12/31/20222,954280-271272N/A
9/30/20222,906275-236323N/A
6/30/20222,673219-311285N/A
3/31/20222,48894-272365N/A
12/31/20212,378148-313322N/A
9/30/20212,157118-183391N/A
6/30/20212,024152-125372N/A
3/31/20211,956244-70391N/A
12/31/20201,793168-136288N/A
9/30/20201,954163-235213N/A
6/30/20202,033148-306211N/A
3/31/20202,169159-314201N/A
12/31/20192,395159N/A256N/A
9/30/20192,592124N/A194N/A
6/30/20192,760135N/A172N/A
3/31/20192,869129N/A258N/A
12/31/20183,022196N/A317N/A
9/30/20182,915233N/A398N/A
6/30/20182,804213N/A418N/A
3/31/20182,718246N/A389N/A
12/31/20172,433221N/A271N/A
9/30/20172,269132N/A248N/A
6/30/20172,201194N/A269N/A
3/31/20172,137158N/A196N/A
12/31/20161,978116N/A133N/A
9/30/20161,881132N/A143N/A
6/30/20161,850110N/A105N/A
3/31/20161,915120N/A182N/A
12/31/20152,354108N/A314N/A
9/30/20152,734181N/A391N/A
6/30/20152,888152N/A363N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: NJR's forecast earnings growth (6% per year) is above the savings rate (3.5%).

Earnings vs Market: NJR's earnings (6% per year) are forecast to grow slower than the US market (18.4% per year).

High Growth Earnings: NJR's earnings are forecast to grow, but not significantly.

Revenue vs Market: NJR's revenue (3.6% per year) is forecast to grow slower than the US market (12.7% per year).

High Growth Revenue: NJR's revenue (3.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: NJR's Return on Equity is forecast to be low in 3 years time (13.5%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/26 06:58
End of Day Share Price 2026/06/26 00:00
Earnings2026/03/31
Annual Earnings2025/09/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

New Jersey Resources Corporation is covered by 17 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Gary HovisArgus Research Company
Jim HarmonBarclays
Richard GrossBarclays