James Weston, an analyst from Raymond James, reiterated the Buy rating on New Jersey Resources. The associated price target is $53.00.
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James Weston has given his Buy rating due to a combination of factors that highlight New Jersey Resources’ strong financial performance and growth potential. The company has consistently operated with a leading FFO-to-debt ratio of 18-20%, allowing it to fund capital expenditures without significant dilution. This financial stability is complemented by NJR’s diverse business mix, including its core New Jersey Natural Gas utility and regulated midstream assets, which have shown resilience and growth potential.
Moreover, NJR’s recent updates indicate a firming growth trajectory, with ongoing investments in NJNG and expansions in Leaf River. The company’s long-term capital expenditure plan through 2030, amounting to approximately $5 billion, further underscores its commitment to growth, with significant allocations to NJNG and CEV. Additionally, NJR’s FY25 financial results exceeded expectations, and its FY26 guidance aligns with its long-term growth targets, suggesting potential for further upside. These factors collectively support Weston’s positive outlook and Buy rating for NJR.
According to TipRanks, Weston is ranked #509 out of 10073 analysts.