Fintel reports that on December 12, 2024, JP Morgan upgraded their outlook for New Jersey Resources (NYSE:NJR) from Neutral to Overweight.
Analyst Price Forecast Suggests 12.93% Upside
As of December 3, 2024, the average one-year price target for New Jersey Resources is $54.06/share. The forecasts range from a low of $47.47 to a high of $63.00. The average price target represents an increase of 12.93% from its latest reported closing price of $47.87 / share.
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The projected annual revenue for New Jersey Resources is 2,784MM, an increase of 54.96%. The projected annual non-GAAP EPS is 2.88.
What is the Fund Sentiment?
There are 746 funds or institutions reporting positions in New Jersey Resources. This is an increase of 15 owner(s) or 2.05% in the last quarter. Average portfolio weight of all funds dedicated to NJR is 0.14%, an increase of 1.20%. Total shares owned by institutions increased in the last three months by 13.15% to 92,825K shares. 
The put/call ratio of NJR is 0.08, indicating a bullish outlook.
What are Other Shareholders Doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 3,119K shares representing 3.13% ownership of the company. In its prior filing, the firm reported owning 3,114K shares , representing an increase of 0.14%. The firm increased its portfolio allocation in NJR by 3.87% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 3,100K shares representing 3.11% ownership of the company. In its prior filing, the firm reported owning 3,074K shares , representing an increase of 0.85%. The firm increased its portfolio allocation in NJR by 1.72% over the last quarter.
Wells Fargo holds 2,559K shares representing 2.56% ownership of the company. In its prior filing, the firm reported owning 2,588K shares , representing a decrease of 1.14%. The firm decreased its portfolio allocation in NJR by 66.00% over the last quarter.
IWM - iShares Russell 2000 ETF holds 2,556K shares representing 2.56% ownership of the company. In its prior filing, the firm reported owning 2,284K shares , representing an increase of 10.65%. The firm increased its portfolio allocation in NJR by 6.62% over the last quarter.
NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 2,482K shares representing 2.49% ownership of the company. In its prior filing, the firm reported owning 2,473K shares , representing an increase of 0.36%. The firm increased its portfolio allocation in NJR by 1.13% over the last quarter.
New Jersey Resources Background Information
(This description is provided by the company.)
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses: New Jersey Natural Gas, NJR's principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey's Monmouth, Ocean, Morris, Middlesex and Burlington counties. Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 350 megawatts, providing residential and commercial customers with low-carbon solutions. Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America. Storage & Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50 percent equity ownership in the Steckman Ridge natural gas storage facility, and our 20 percent equity interest in the PennEast Pipeline Project. Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey. NJR and its more than 1,100 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.
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