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New Jersey Resources Corp NJR

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Morningstar’s Analysis

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New Jersey Resources' Solid Utility Performance, Winter Weather Benefits Lead to FVE Increase

Travis Miller Strategist

Analyst Note

| Travis Miller |

We are raising New Jersey Resources' fair value estimate to $39 per share from $38 after the company reported $1.77 adjusted earnings per share in the fiscal second quarter, up from $0.88 in the fiscal second quarter of 2020. Fiscal first-half 2021 earnings are up nearly $1 per share from the first half of fiscal 2020. We are reaffirming our narrow moat and stable moat trend ratings.

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Company Profile

Business Description

New Jersey Resources is an energy services holding company with regulated and nonregulated operations. Its regulated utility, New Jersey Natural Gas, delivers natural gas to 560,000 customers in the state. NJR's nonregulated businesses include retail gas supply and solar investments primarily in New Jersey. NJR also is an equity investor and owner in several large midstream gas projects.

1415 Wyckoff Road
Wall, NJ, 07719
T +1 732 938-1000
Sector Utilities
Industry Utilities - Regulated Gas
Most Recent Earnings Mar 31, 2021
Fiscal Year End Sep 30, 2021
Stock Type High Yield
Employees 1,156