New Jersey
Broker Revenue Forecasts For New Jersey Resources Corporation (NYSE:NJR) Are Surging Higher
Shareholders in New Jersey Resources Corporation (NYSE:NJR) may be thrilled to learn that the analysts have just delivered a major upgrade to their near-term forecasts. The revenue forecast for this year has experienced a facelift, with the analysts now much more optimistic on its sales pipeline.
Following the upgrade, the latest consensus from New Jersey Resources’ six analysts is for revenues of US$2.4b in 2024, which would reflect a major 23% improvement in sales compared to the last 12 months. Prior to the latest estimates, the analysts were forecasting revenues of US$2.1b in 2024. It looks like there’s been a clear increase in optimism around New Jersey Resources, given the nice increase in revenue forecasts.
See our latest analysis for New Jersey Resources
We’d point out that there was no major changes to their price target of US$48.00, suggesting the latest estimates were not enough to shift their view on the value of the business.
Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. One thing stands out from these estimates, which is that New Jersey Resources is forecast to grow faster in the future than it has in the past, with revenues expected to display 23% annualised growth until the end of 2024. If achieved, this would be a much better result than the 1.9% annual decline over the past five years. Compare this against analyst estimates for the broader industry, which suggest that (in aggregate) industry revenues are expected to grow 5.0% annually. So it looks like New Jersey Resources is expected to grow faster than its competitors, at least for a while.
The Bottom Line
The most important thing to take away from this upgrade is that analysts lifted their revenue estimates for this year. They’re also forecasting more rapid revenue growth than the wider market. Given that analysts appear to be expecting substantial improvement in the sales pipeline, now could be the right time to take another look at New Jersey Resources.
Using these estimates as a starting point, we’ve run a discounted cash flow calculation (DCF) on New Jersey Resources that suggests the company could be somewhat undervalued. You can learn more about our valuation methodology on our platform here.
Another way to search for interesting companies that could be reaching an inflection point is to track whether management are buying or selling, with our free list of growing companies that insiders are buying.
Valuation is complex, but we’re helping make it simple.
Find out whether New Jersey Resources is potentially over or undervalued by checking out our comprehensive analysis, which includes fair value estimates, risks and warnings, dividends, insider transactions and financial health.
View the Free Analysis
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
New Jersey
Why the Brooklyn Nets Need to Start Embracing Their New Jersey Roots More
It’s been nearly a decade and a half since the Brooklyn Nets moved out of New Jersey.
The organization has completely revamped its vibe since switching states, ditching the red, white and blue look for a very basic black and white colorway.
The Nets have also intermittently changed the colors of the banners hanging up in the Barclays Center from red, white and blue to black and white, much to the chagrin of traditional Nets fans.
Despite the Nets now playing in a bigger market and being far removed from their days in the Garden State, some fans seem to hope for the Nets to make their return across the river. New Jersey governor Mikie Sherrill was asked about the matter.
“I mean, would I support it? I ask about it all the time,” Sherrill said. “I love the idea. So, I have been pressing for that. I haven’t made a lot of headway yet; you know, maybe in my second 100 days.
“But I do think there is some work being done for some — I don’t know if I’m allowed to say too much about it — but some people are working on some different sports coming into the Rock.”
As time went on, the Nets eventually started to embrace more of their New Jersey roots, which started when they rocked a clean tie-dye jersey from the 90s during the 2020-21 season.
The next season, the Nets followed it up with uniforms commemorating their run in the 2000s, when the team got to the NBA Finals in 2002 and 2003 and endlessly broke the ESPN top 10 with each crazy Jason Kidd assist and Vince Carter dunk.
It’s fitting that Kevin Durant and Kyrie Irving, the latter of whom grew up in New Jersey as a Nets fan, got to rock these uniforms, helping boost the popularity of the New Jersey brand to a wide array of fans.
True Nets fans embraced the Continental Airlines Arena/Izod Center and the swamps of East Rutherford, getting to witness a winning basketball team for a fraction of the cost of the team mired in dysfunction that happened to play their home games at “The World’s Most Famous Arena.”
Not many marquee free agents would have signed up to play in New Jersey, but real fans remember the good times in the swamps, especially with Sly the Fox as the team’s mascot. Those times deserve to be remembered properly.
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New Jersey
Travelers hit the road to the Jersey Shore despite dreary Memorial Day weekend forecast
ATLANTIC COUNTY, N.J. (WPVI) — Drivers heading to the shore on Friday afternoon saw slow-moving traffic for several miles coming off the Walt Whitman bridge, but many travelers said the start of the holiday weekend was smoother than they anticipated.
Aldara Madden, who was traveling with her friend Elana Maser, said the trip moved faster than she expected.
“I was expecting it to take a lot longer,” she said.
Maser added that they left school early to avoid delays.
“My mom and I do that every year and then we always stop here as our little pre-down the shore,” she said.
Others shared similar experiences.
“I’m coming from Bucks County, so I was worried there was gonna be some traffic but it really wasn’t bad at all,” said Erin McFadden of Churchville, who was headed to Ocean City.
AAA reported that while slightly more people are traveling by car this year compared to last, 2026 is projected to have the lowest year-over-year travel growth rate in more than a decade, excluding the steep drop seen in 2020 during the pandemic.
The organization attributes the slowdown largely to concerns over rising prices.
“Gas is ridiculously expensive and I think all the time before going anywhere these days,” said Debbie Maser of Philadelphia. “But this is our happy place and nothing can keep us away.”
A dreary weekend forecast may also be influencing travel patterns.
“I was thinking that, I wonder if there’ll be less congestion on the roads because of the weather,” said Kyra Wolin of Massachusetts. “It’s not looking to be too good this weekend with the rain.”
Still, many shore-bound travelers said tradition outweighs any concerns about rain or crowds.
“No not at all. You go down. You get it done,” said George Miller of Lansdale.
Eric Wolin of Massachusetts agreed: “Never, never. Margate’s a special place for us.”
As the unofficial start of summer begins, travelers said they remain committed to kicking off the season in their favorite spots, not letting rain, traffic, or high prices keep them away.
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New Jersey
New Jersey drought warning persists into summer months
This story is part of the WHYY News Climate Desk, bringing you news and solutions for our changing region.
From the Poconos to the Jersey Shore to the mouth of the Delaware Bay, what do you want to know about climate change? What would you like us to cover? Get in touch.
As summer begins, New Jersey Gov. Mikie Sherrill is urging residents to limit lawn watering, and hand water flowers and shrubs as a drought warning continues. The warning, in place since December 2025, could turn into a drought emergency if conditions do not improve. The state has suffered eight consecutive months of below-normal rainfall, according to officials.
“New Jersey is experiencing a chronic water supply drought, the scale of which we haven’t seen in more than twenty years,” state geologist Steven Domber said in a statement issued earlier this month. “The indicators that we track closely are showing persistently dry conditions. With uncertainty for rainfall in the coming months, we need residents to conserve water today, to ensure we have enough to sustain our needs over the summer.”
The Department of Environmental Protection uses a variety of indicators to determine drought levels, including precipitation, stream flows, reservoir levels, ground water levels and demand.
In addition to the last two months, officials say, the state “experienced below normal precipitation for 20 of the last 24 months since September 2024,” despite heavy snowfall events this past winter that helped restore reservoirs in North Jersey.
“While we saw a little relief over the winter, New Jersey is feeling the effects of nearly two years of below-normal precipitation,” Sherrill said in a statement earlier this month. She urged residents to voluntarily conserve water.
New Jersey state climatologist David Robinson said that since precipitation has been below normal for most of the last 24 months, the recent winter weather did not provide enough water to help restore streams and groundwater.
Should a drought emergency be declared, mandatory water restrictions would be put in place. The last drought emergency lasted almost a year, between March 2002 and January 2003.
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