New Jersey Resources Corp

NJR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$45.00	Trzmz	Nphdyjbq

New Jersey Resources: More Confidence in Diversified Business Model; Raising Fair Value Estimate

Travis Miller

May 25, 2023

We are raising our fair value estimate for New Jersey Resources, or NJR, to $45 per share from $43 after gaining more confidence in the company's medium-term growth during recent discussions with management. We reaffirm our narrow moat and stable moat trend ratings.

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