New Jersey Resources Corp

NJR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$92.00	Gxkpwt	Qmgfcvyj

Another Big Win for New Jersey Resources' Energy Services Business in the First Quarter

Travis Miller

Feb 3, 2023

We are raising our fair value estimate for New Jersey Resources to $43 from $42 after the firm reported earning $1.14 per share on an adjusted basis during the first quarter of the 2023 fiscal year, up from $0.69 in the same quarter last year. An unexpected jump in earnings at the energy services business during the quarter accounted for most of the benefit. We reaffirm our narrow moat and stable moat trend ratings.

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