New Jersey Resources Corporation (NJR) Stock Analysis

New Jersey Resources (NJR) is an energy infrastructure holding company built around the stable, regulated cash flows of New Jersey Natural Gas, which serves approximately 595,000 customers, and higher-return complementary businesses in physical gas optimization, midstream storage and transportation, commercial solar, and home services. **The investment case is a hybrid utility compounder:** regulated rate-base expansion supplies visibility while physical-asset-backed non-utility operations can lift capital efficiency above pure-play utility peers. Fiscal third-quarter 2026 revenue increased 16.8% year over year to $349.2 million, GAAP earnings improved to $9.7 million from a $15.1 million loss, and NFE rose to $11.3 million, or $0.11 per share, versus $6.2 million previously. Management raised fiscal 2026 NFEPS guidance to $3.52–$3.62 and increased capex guidance to $815–$950 million. Operating cash flow reached $577.8 million year to date, with $1.1–$1.2 billion projected across fiscal 2026 and 2027, reducing dilution risk. At $57.89, NJR trades at 17.17x trailing and 16.16x forward P/E versus approximately 19.12x for regulated gas peers. Near-term catalysts are the pending rate case, S&T recontracting, Leaf River expansion, and continued solar deployment.