Argus raises New Jersey Resources’ price target following a 24% jump in Q2 earnings per share to $2.20, exceeding forecasts.
New Jersey Resources Corporation (NJR) reported fiscal second-quarter earnings per share of $2.20, a 24% increase from $1.78 in the same period last year. The results surpassed analyst expectations, driven by strong performance in its Energy Services segment amid volatile winter market conditions.
The Energy Services sector contributed $37.0 million in Q2 net financial earnings and $45.4 million year-to-date, benefiting from natural gas price swings and strategic positioning. Meanwhile, the Clean Energy Ventures segment posted a $1.3 million loss for the quarter and $39.8 million year-to-date, reflecting project development and construction costs.
Argus responded by raising NJR’s price target to $63 from $58 while maintaining a Buy rating on the stock.