JPMorgan Raises New Jersey Resources Corporation (NJR) Price Target to $56

New Jersey Resources Corporation (NYSE:NJR) is among the 11 Most Undervalued Utility Stocks to Buy Now.

On February 12, JPMorgan Chase raised its price target on New Jersey Resources Corporation (NYSE:NJR) to $56 from $52 and reiterated an Overweight rating.

During New Jersey Resources Corporation (NYSE:NJR)’s fiscal Q1 2026 earnings call, management set initial FY2026 NFEPS guidance at $3.03–$3.18 and subsequently increased it by $0.25 to $3.28–$3.43 following strong winter energy services performance — marking the sixth consecutive annual guidance raise. The outlook aligns with a 7%–9% long-term NFEPS growth target. NJR reaffirmed its five-year $4.8–$5.2 billion CapEx plan through FY2030 (~$5.0 billion midpoint), approximately 40% above the prior five-year period, with more than 60% allocated to New Jersey Natural Gas, expected to contribute roughly 70% of FY2026 NFEPS.

Additional growth drivers include Storage & Transportation earnings projected to more than double by 2027 and Leaf River working gas capacity expanding over 70% to 43 Bcf by 2028 (potentially 55 Bcf with a fourth cavern). Clean Energy Ventures continues scaling, targeting over 50% in-service capacity growth over two years. Balance sheet metrics remain solid, with adjusted FFO-to-debt projected near 20% over five years and no block equity issuance anticipated. Hedging and affordability programs further enhance earnings stability and customer retention.

Formed in 1981 and headquartered in Wall, New Jersey, New Jersey Resources Corporation (NYSE:NJR) provides natural gas distribution, transportation, storage, asset management, and clean energy services.

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