olivLaw · US equity research
New Jersey Resources Corporation NJR
Natural Gas Distribution · SIC 4924 · Vertical: Natural Gas Distribution (SIC 4924)
New Jersey Resources is a diversified energy services holding company that distributes natural gas through its regulated utility NJNG and invests in clean energy, storage and transport assets. It remains in focus because its regulated base, a capital plan of up to 5.2 billion USD through 2030 and a June 2026 rate filing outline the direction of the coming years.
At the close of 04 Nov 2026, New Jersey Resources Corporation (NJR) stock was 55.06 USD (+2.65% on the day), with market capitalisation 5.6 bn USD, P/E 15.2 on diluted EPS of 3.62 USD over the last 12 months, dividend yield 3.48%, beta 0.01, 52-week range 44.59–60.05 USD. Latest reported quarter (Q3 2026): revenue of 258.0 m USD (+9.9% YoY), net income of 9.7 m USD, diluted EPS 0.10 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.2
- strong (55–70)
- Bollinger (20, 2)
- 50.48 – 54.71
- above the upper band · %B 1.08 · band width 8.0%
- SMA 50 / 200
- 52.60 / 54.57
- mixed trend
- MACD (12, 26, 9)
- 0.49 / 0.20
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.2% | −1.1% | +9.3 pp | — |
| 3 months | −0.6% | −0.5% | −0.2 pp | — |
| 6 months | +0.4% | +4.4% | −4.0 pp | — |
| Year to date | +19.4% | +12.3% | +7.1 pp | — |
| 1 year | +22.8% | +13.5% | +9.2 pp | +2.8% |
| 3 years | +27.8% | +76.4% | −48.6 pp | +42.7% |
| 5 years | +40.7% | +63.7% | −22.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 265.7 m | 359.0 m | 569.2 m | 234.8 m | 188.3 m | 440.9 m | 641.4 m | 258.0 m |
| Operating income | 146.1 m | 189.6 m | 279.9 m | -1.1 m | 40.4 m | 179.2 m | 301.0 m | 31.9 m |
| Depreciation & amortisation | 45.3 m | 45.3 m | 48.0 m | 47.0 m | 48.5 m | 49.6 m | 50.1 m | 53.5 m |
| Interest expense | 36.0 m | 33.9 m | 32.5 m | 31.7 m | 30.5 m | 35.7 m | 35.0 m | 35.2 m |
| Pre-tax income | 120.4 m | 167.3 m | 264.4 m | -21.7 m | 16.5 m | 154.9 m | 282.3 m | 11.5 m |
| Income tax | 30.8 m | 37.4 m | 61.6 m | -5.1 m | 3.1 m | 34.2 m | 66.2 m | 3.4 m |
| Net income | 91.1 m | 131.3 m | 204.3 m | -15.1 m | 15.1 m | 122.5 m | 218.9 m | 9.7 m |
| Diluted EPS | 0.92 ≈ | 1.31 | 2.02 | -0.15 | 0.15 ≈ | 1.21 | 2.16 | 0.10 |
| Operating cash flow | 64.5 m | -9.0 m | 423.0 m ≈ | -28.9 m ≈ | 81.2 m | 26.7 m | 562.6 m ≈ | -11.6 m ≈ |
| Dividends paid | 41.6 m | 44.8 m | 45.0 m ≈ | 45.1 m ≈ | 45.2 m | 47.7 m | 47.9 m ≈ | 47.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 26 percentile of its own 39-quarter history (min 10.9, median 17.8, max 46.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | 782.3 m | 833.7 m | 852.1 m | 1.2 bn | 1.1 bn | 1.2 bn | 1.4 bn |
| Revenue YoY | unavailable | unavailable | +6.6% | +2.2% | +40.7% | −7.3% | +10.7% | +9.9% |
| Net income | 233.4 m | 123.9 m | 163.0 m | 117.9 m | 274.9 m | 264.7 m | 289.8 m | 335.6 m |
| Net income YoY | +76.8% | −46.9% | +31.5% | −27.7% | +133.2% | −3.7% | +9.5% | +15.8% |
| Diluted EPS | 2.64 | 1.38 | 1.71 | 1.22 | 2.85 | 2.71 | 2.92 | 3.33 |
| Diluted EPS YoY | +73.7% | −47.7% | +23.9% | −28.7% | +133.6% | −4.9% | +7.7% | +14.0% |
| net % | unavailable | 15.8% | 19.6% | 13.8% | 22.9% | 23.8% | 23.6% | 24.8% |
| Free cash flow | 191.4 m | -105.9 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 591.0 k USD
- Financial debt
- 195.6 m USD
- Net debt
- 195.0 m USD
- Equity
- 2.4 bn USD
- Total assets
- 7.6 bn USD
- Debt / equity
- 0.08x
- Current ratio
- 0.73x
- ROE
- 14.6%
- ROA
- 4.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 833.7 m | 852.1 m | 1.2 bn | 1.1 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 20 Nov 2025verified |
| Operating income | 228.9 m | 288.4 m | 406.5 m | 407.0 m | 458.1 m | 508.9 m | SEC (XBRL)· 20 Nov 2025verified |
| Depreciation & amortisation | 107.4 m | 111.4 m | 129.2 m | 152.9 m | 166.6 m | 188.8 m | SEC (XBRL)· 20 Nov 2025verified |
| EBITDA | 336.3 m ≈ | 399.7 m ≈ | 535.7 m ≈ | 559.9 m ≈ | 624.7 m ≈ | 697.6 m ≈ | SEC (XBRL)· 20 Nov 2025derived |
| Interest expense | 67.6 m | 78.6 m | 85.8 m | 123.0 m | 130.3 m | 128.6 m | SEC (XBRL)· 20 Nov 2025verified |
| Pre-tax income | 185.2 m | 234.4 m | 342.9 m | 310.1 m | 369.4 m | 426.5 m | SEC (XBRL)· 20 Nov 2025verified |
| Income tax | 36.5 m | 33.3 m | 76.2 m | 49.3 m | 84.9 m | 97.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Net income | 163.0 m | 117.9 m | 274.9 m | 264.7 m | 289.8 m | 335.6 m | SEC (XBRL)· 20 Nov 2025verified |
| Diluted EPS | 1.71 | 1.22 | 2.85 | 2.71 | 2.92 | 3.33 | SEC (XBRL)· 20 Nov 2025verified |
| Weighted average diluted shares | 95.1 m | 96.6 m | 96.5 m | 97.6 m | 99.3 m | 100.8 m | SEC (XBRL)· 20 Nov 2025verified |
| Dividend per share | 1.27 | 1.36 | 1.48 | 1.59 | 1.71 | 1.83 | SEC (XBRL)· 20 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 117.0 m | 4.7 m | 1.1 m | 954.0 k | 1.0 m | 591.0 k | SEC (XBRL)· 20 Nov 2025verified |
| Current assets | 622.3 m | 634.3 m | 756.1 m | 532.1 m | 554.6 m | 569.9 m | SEC (XBRL)· 20 Nov 2025verified |
| Intangibles (excl. goodwill) | 10.1 m | 5.0 m | 2.3 m | 77.0 k | — | — | SEC (XBRL)· 21 Nov 2023verified |
| Total assets | 5.3 bn | 5.7 bn | 6.3 bn | 6.5 bn | 7.0 bn | 7.6 bn | SEC (XBRL)· 20 Nov 2025verified |
| Accounts payable | 141.5 m | 223.5 m | 156.6 m | 151.8 m | 169.2 m | 204.5 m | SEC (XBRL)· 20 Nov 2025verified |
| Short-term debt | 125.4 m | 377.3 m | 424.0 m | 252.1 m | 291.8 m | 195.6 m | SEC (XBRL)· 20 Nov 2025verified |
| Current liabilities | 533.7 m | 1.1 bn | 1.1 bn | 806.6 m | 887.8 m | 780.9 m | SEC (XBRL)· 20 Nov 2025verified |
| Equity | 1.6 bn † | 1.6 bn † | 1.8 bn † | 2.0 bn † | 2.2 bn † | 2.4 bn † | SEC (XBRL)· 20 Nov 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 213.5 m | 391.0 m | 323.5 m | 479.0 m | 427.4 m | 466.3 m | SEC (XBRL)· 20 Nov 2025verified |
| Investing cash flow | -994.0 m | -622.1 m | -590.6 m | -538.6 m | -569.1 m | -568.3 m | SEC (XBRL)· 20 Nov 2025verified |
| Financing cash flow | 895.9 m | 117.8 m | 262.5 m | 59.7 m | 141.8 m | 102.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Dividends paid | 117.8 m | 117.0 m | 127.7 m | 151.0 m | 165.1 m | 180.1 m | SEC (XBRL)· 20 Nov 2025verified |
| Share repurchases | 0 | 27.2 m | 0 | 0 | — | — | SEC (XBRL)· 21 Nov 2023verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 61 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation73
- Returns48
- Quality84
- Balance sheet56
- Growth35
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 23.98 – 88.36 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDA67.80 – 88.36 (Mid 74.10)7 companies used · median multiple 10.2x · quartiles 9.4x – 12.1xATO, CQP, LNG, MDU, NFG, NWN, SR
- Peers: P/E42.35 – 74.98 (Mid 62.71)10 companies used · median multiple 17.3x · quartiles 11.7x – 20.7xATO, CQP, EE, LNG, MDU, NFG, NWN, OGS, SR, VG
- Dividend discount (DDM)23.98 – 32.25 (Mid 27.51)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 61/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.3% | 90 (vs peers) | 13% |
| Net margin · Quality | 24.0% | 75 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 4.1% | 34 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | 5.3% | 36 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 0.2x | 89 (vs peers) | 13% |
| Interest coverage · Balance sheet | 4.1x | 39 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 15.2x | 60 (vs peers) | 13% |
| EV/EBITDA · Valuation | 7.7x | 86 (vs peers) | 13% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.4% | 48 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet56/100 · 3/3 factors with a value
- Growth35/100 · 2/2 factors with a value
- Quality84/100 · 2/3 factors with a value
- Returns· partial48/100 · 1/2 factors with a value
- Valuation73/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NEW JERSEY RESOURCES CORPORATION (NJR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.4 bn USD in 2025; YoY growth 9.9%; net margin 24.0%; ROE 14.5%; net debt/EBITDA 0.2x.
The estimated value range is 42.35–74.98 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 62.71 USD, the price of 55.06 USD leaves a potential of 13.9% (value / price − 1) and a margin of safety of 12.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 61/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.3%
- Net margin: 24.0%
- Net debt / EBITDA: 0.2x
- EV/EBITDA: 7.7x
What contradicts it
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, FCF yield, Payout ratio (FCF).
Versus the vertical median
Natural Gas Distribution (SIC 4924) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LNGCheniere Energy, Inc. | 59.6 bn | 20.3 | 45.7% | 13.1% | +27.2% | +40% / +60% |
| ATOAtmos Energy Corp | 29.8 bn | 21.0 | 9.8% | 28.5% | +12.9% | +0% / +55% |
| CQPCheniere Energy Partners, L.P. | 27.4 bn | 8.4 | — | 28.1% | +23.6% | +4% / −8% |
| NFGNational Fuel Gas Company | 7.3 bn | 10.6 | 19.6% | 26.9% | +17.1% | −7% / +51% |
| NJRNew Jersey Resources Corporation | 5.6 bn | 15.2 | 14.5% | 24.0% | +9.9% | +23% / +28% |
| SRSpire Inc. | 5.3 bn | 14.9 | 10.3% | 13.9% | −4.5% | +2% / +48% |
| OGSONE Gas, Inc. | 5.2 bn | 17.5 | 8.7% | — | +42.5% | −2% / +43% |
| MDUMdu Resources Group Inc | 4.2 bn | 20.8 | 7.0% | 10.7% | +6.7% | −7% / +87% |
| NWNNorthwest Natural Holding Company | 2.2 bn | 17.1 | 8.3% | 9.7% | +11.8% | +4% / +40% |
| NFENew Fortress Energy Inc. | 1.2 bn | — | -533.9% | -148.7% | −36.2% | +234% / −89% |
| SLNGStabilis Solutions, Inc. | 71.2 m | — | -14.0% | -17.4% | −6.9% | −18% / −16% |
| CETYClean Energy Technologies, Inc. | 10.4 m | — | -76.3% | -245.9% | −63.8% | −53% / −96% |
| VGVenture Global, Inc. | — | 9.1 | 54.7% | 22.3% | +176.9% | +61% / unavailable |
| EEExcelerate Energy, Inc | — | 26.8 | — | — | +44.3% | +22% / +105% |
| UGPUltrapar Holdings Inc. | — | — | 16.5% | 1.8% | +5.9% | +36% / +10% |
1- and 3-year price returns: for NJR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 32.31 Total return -39% · Per year -39% | 57.13 Total return 7% · Per year 7% | 86.06 Total return 61% · Per year 61% |
| 3 years | 31.08 Total return -36% · Per year -14% | 61.87 Total return 24% · Per year 7% | 102.38 Total return 100% · Per year 26% |
| 5 years | 29.90 Total return -33% · Per year -8% | 67.00 Total return 41% · Per year 7% | 121.78 Total return 147% · Per year 20% |
- Exit P/E± 15.47
- Net margin± 10.83
- Annual revenue growth± 8.92
- Annual dilution± 0.91
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
New Jersey Resources is a diversified energy services holding company that distributes natural gas through its regulated utility NJNG and invests in clean energy, storage and transport assets. It remains in focus because its regulated base, a capital plan of up to 5.2 billion USD through 2030 and a June 2026 rate filing outline the direction of the coming years 123.
SWOT
Strengths
- The regulated utility base provides relatively predictable revenue through mechanisms such as the CIP that stabilise utility margin 1.
- Diversification across four segments reduces dependence on any single activity and allows partial offset of weaker results 12.
- Steady customer growth and a large capital plan support the regulated asset base 3.
Weaknesses
- Quarterly results are seasonal and depend on weather, so revenue is concentrated in certain periods 1.
- The CEV segment posted quarterly losses, and its contribution depends on occasional asset sale gains 23.
- The company depends on third-party infrastructure for supply and transport, which limits control over deliveries 1.
Opportunities
Risks
- Tariff regulatory riskhigh
BPU decisions on base rates and BGSS determine cost recovery, and an unfavourable decision could reduce NJNG's margin 13.
- Environmental and MGP remediation riskmedium
Obligations tied to former MGP sites can generate unexpected costs, and recovery depends on regulatory approval 1.
- Weather and seasonality riskmedium
Mild winters or cool summers can reduce revenue and raise working capital needs 1.
- Solar project execution riskmedium
Delays in permitting, grid interconnection and construction can affect the timing and returns of CEV projects 1.
- Gas price market risklow
Price fluctuations and changes in locational spreads can affect ES, which depends on optimising contracted assets 12.
Investment thesis
What would need to be true (bull case)
- The regulated base and a capital plan of up to 5.2 billion USD could support NFEPS growth if tariffs are approved 3.
- Results in the first nine months of fiscal 2026 and the raised lower end of guidance point to solid execution 23.
- Segment diversification could limit the impact of weakness in any one area on total results 1.
What would break the thesis
What to watch
- BPU decision on the requested base rate increase and the bill reduction2026-2027
- Development of fiscal 2026 NFEPS guidance and the final resultnext 10-K
- ES contribution as gas price volatility evolvesQ1 2027
- Commissioning of new CEV solar projects and their financing sources2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
NJR is a diversified energy services holding company whose principal business is distributing natural gas through the regulated utility New Jersey Natural Gas, which serves residential and commercial customers in six counties in New Jersey 1. The group also invests in clean energy projects, natural gas storage and transportation assets, and unregulated energy services through separate subsidiaries 1. Four reportable segments are disclosed, and NJNG remains the largest contributor to net income in the latest quarterly report 23.
For the fiscal year ended September 30 2025, the company reported net income of 335.6 million USD, compared with 289.8 million USD in the prior year 1. In the first nine months of fiscal 2026, net income reached 351.1 million USD, and management tightened its NFEPS guidance to a range of 3.52 to 3.62 USD per share 23. These figures suggest that results depend heavily on NJNG's regulated contribution and on gas price volatility within ES.
The CEV segment focuses on commercial solar projects, and the company reported about 537 MW of solar capacity in service as of June 30 2026 3. Through its investments, NJR targets 7 to 9 percent long-term NFEPS growth from a fiscal 2025 base of 2.83 USD per share 3. That target depends on tariff approvals, the continuation of renewable energy tax programs and project execution.
Segments
Natural Gas Distribution (NJNG)
NJNG served approximately 595,000 customers in six New Jersey counties as of June 30 2026 3. For fiscal 2025, system operating revenue was 1,061.4 million USD, and NJNG filed a base rate increase request of 157.6 million USD 13. The company says the June 2026 filings could reduce customer bills by 8.9 percent ahead of the 2026-2027 winter season 3.
Clean Energy Ventures (CEV)
CEV owns and operates commercial solar projects in several states, with about 479 MW in service on September 30 2025 and 537 MW on June 30 2026 13. Its net financial earnings in fiscal 2026 were affected by the absence of the gain from the sale of the residential solar portfolio in the prior period 23. Revenues depend on RECs, ITCs and state policy, which makes the segment sensitive to regulatory change 1.
Market context
NJR's main market is New Jersey, a suburban area close to New York City and Philadelphia, where gas competes with oil, electricity and propane 1. The BPU framework and the BGSS and CIP mechanisms stabilise utility margin but expose the company to policy decisions and to climate pressure on gas infrastructure 1. Gas price volatility and weather observed in the first nine months of fiscal 2026 can significantly influence ES and energy market revenues 23.
In solar, New Jersey is one of the largest solar markets in the U.S., with many firms competing in development, financing and construction 1. State programmes for SRECs, TRECs and the CSI programme set solar project revenues, and changes to them could affect project returns 1.
Trends
- Electrification and limits on gas in buildingsheadwind
Legislative initiatives that restrict gas equipment in new construction, such as those in New York, could reduce long-term growth in gas demand 1. The risk is more pronounced where climate policy advances quickly, and the company explicitly flags this pressure 1.
- Customer growth and infrastructure investmenttailwind
NJNG's customer count rose from about 589,000 on September 30 2025 to 595,000 on June 30 2026, and the group's capital plan targets significant utility investment 13. This supports the regulated asset base and predictable tariff-based revenue 3.
- Gas price volatilitymixed
Price volatility driven by colder weather created additional margin at ES and through BGSS, supporting fiscal 2026 results 23. The same fluctuations could reduce margins if price spreads reverse, which makes the outcome partly unpredictable 1.
- Solar policy and tax creditsmixed
CEV projects depend on federal ITCs and state REC programmes, and expiry or changes to these mechanisms could reduce project revenues 1. The company has used sale leaseback financing to preserve tax credit eligibility 2.
Competitive position
NJNG is not currently exposed to direct competition from other gas distribution utilities in its service territory, but it competes with oil, electricity and propane 1. The residential market has been opened to third-party suppliers, and on September 30 2025 more than 20,000 residential and commercial customers used the transportation service provided by third parties 1.
In solar, CEV competes with many firms active in development, financing and construction in a state market with many participants 1. In renewables and storage, competition comes from project developers and transport and storage operators 1.
- Other New Jersey gas and electricity suppliers
Competition comes from electricity and propane suppliers, and the source does not identify a directly competing listed company.
- Commercial solar developers and builders
Firms active in solar development, financing and construction compete for the same project contracts.
- Gas pipeline and storage operators
Transport and storage operators compete for capacity and contracts in the northeast region.
- Independent third-party gas suppliers
Third-party suppliers can attract customers who choose alternative suppliers after the residential market opened.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- New Jersey Resources (NJR) Turns Last Year’s Loss Into A Guidance RaiseYahoo Finance — News · 04 Sept 2026 · EN
- New Jersey Resources COO Sells 3,000 Shares for $167,000Yahoo Finance — News · 24 Aug 2026 · EN
The latest news item in our archive is from 04 Sept 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report28 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report23 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report20 Aug 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report03 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report04 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report03 Feb 2026
- Current report02 Feb 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / New Jersey Resources Corporation · 20 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / New Jersey Resources Corporation · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / New Jersey Resources Corporation · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.