Intrinsic value of New Jersey Resources - NJR

Previous Close

$45.60

  Intrinsic Value

$10.60

stock screener

  Rating & Target

str. sell

-77%

Previous close

$45.60

 
Intrinsic value

$10.60

 
Up/down potential

-77%

 
Rating

str. sell

We calculate the intrinsic value of NJR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  20.60
  19.04
  17.64
  16.37
  15.24
  14.21
  13.29
  12.46
  11.72
  11.04
  10.44
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
Revenue, $m
  2,736
  3,257
  3,832
  4,459
  5,139
  5,869
  6,649
  7,478
  8,354
  9,276
  10,244
  11,258
  12,317
  13,421
  14,571
  15,768
  17,012
  18,305
  19,649
  21,046
  22,497
  24,006
  25,575
  27,208
  28,907
  30,676
  32,519
  34,440
  36,443
  38,533
Variable operating expenses, $m
  2,492
  2,966
  3,488
  4,058
  4,676
  5,340
  6,049
  6,803
  7,599
  8,438
  9,314
  10,236
  11,199
  12,203
  13,248
  14,336
  15,467
  16,643
  17,865
  19,135
  20,454
  21,826
  23,253
  24,737
  26,282
  27,890
  29,566
  31,312
  33,133
  35,034
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,492
  2,966
  3,488
  4,058
  4,676
  5,340
  6,049
  6,803
  7,599
  8,438
  9,314
  10,236
  11,199
  12,203
  13,248
  14,336
  15,467
  16,643
  17,865
  19,135
  20,454
  21,826
  23,253
  24,737
  26,282
  27,890
  29,566
  31,312
  33,133
  35,034
Operating income, $m
  244
  292
  344
  401
  463
  529
  600
  675
  754
  838
  930
  1,022
  1,118
  1,219
  1,323
  1,432
  1,545
  1,662
  1,784
  1,911
  2,043
  2,180
  2,322
  2,471
  2,625
  2,786
  2,953
  3,127
  3,309
  3,499
EBITDA, $m
  554
  659
  775
  902
  1,040
  1,187
  1,345
  1,513
  1,690
  1,877
  2,073
  2,278
  2,492
  2,715
  2,948
  3,190
  3,442
  3,703
  3,975
  4,258
  4,551
  4,857
  5,174
  5,504
  5,848
  6,206
  6,579
  6,967
  7,373
  7,795
Interest expense (income), $m
  44
  77
  107
  141
  177
  218
  261
  308
  358
  411
  467
  526
  589
  654
  721
  792
  866
  943
  1,022
  1,105
  1,191
  1,281
  1,374
  1,471
  1,571
  1,676
  1,785
  1,898
  2,016
  2,140
  2,268
Earnings before tax, $m
  167
  184
  203
  223
  245
  268
  292
  317
  343
  371
  404
  434
  465
  497
  531
  566
  602
  640
  679
  720
  762
  806
  852
  899
  949
  1,001
  1,055
  1,111
  1,170
  1,231
Tax expense, $m
  45
  50
  55
  60
  66
  72
  79
  86
  93
  100
  109
  117
  126
  134
  143
  153
  163
  173
  183
  194
  206
  218
  230
  243
  256
  270
  285
  300
  316
  332
Net income, $m
  122
  135
  148
  163
  179
  195
  213
  231
  251
  271
  295
  317
  339
  363
  388
  413
  440
  467
  496
  525
  556
  588
  622
  656
  693
  730
  770
  811
  854
  899

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,742
  5,645
  6,641
  7,728
  8,906
  10,171
  11,523
  12,959
  14,478
  16,076
  17,755
  19,512
  21,347
  23,261
  25,254
  27,328
  29,484
  31,725
  34,054
  36,475
  38,990
  41,605
  44,325
  47,154
  50,098
  53,164
  56,358
  59,687
  63,159
  66,781
Adjusted assets (=assets-cash), $m
  4,742
  5,645
  6,641
  7,728
  8,906
  10,171
  11,523
  12,959
  14,478
  16,076
  17,755
  19,512
  21,347
  23,261
  25,254
  27,328
  29,484
  31,725
  34,054
  36,475
  38,990
  41,605
  44,325
  47,154
  50,098
  53,164
  56,358
  59,687
  63,159
  66,781
Revenue / Adjusted assets
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
Average production assets, $m
  3,051
  3,632
  4,273
  4,972
  5,730
  6,544
  7,414
  8,337
  9,314
  10,343
  11,423
  12,553
  13,734
  14,965
  16,247
  17,581
  18,969
  20,411
  21,909
  23,466
  25,084
  26,767
  28,516
  30,337
  32,231
  34,203
  36,258
  38,400
  40,634
  42,964
Working capital, $m
  -52
  -62
  -73
  -85
  -98
  -112
  -126
  -142
  -159
  -176
  -195
  -214
  -234
  -255
  -277
  -300
  -323
  -348
  -373
  -400
  -427
  -456
  -486
  -517
  -549
  -583
  -618
  -654
  -692
  -732
Total debt, $m
  1,986
  2,604
  3,286
  4,031
  4,837
  5,704
  6,630
  7,614
  8,654
  9,749
  10,899
  12,102
  13,360
  14,670
  16,036
  17,456
  18,933
  20,469
  22,064
  23,722
  25,445
  27,236
  29,099
  31,037
  33,054
  35,154
  37,342
  39,623
  42,001
  44,482
Total liabilities, $m
  3,249
  3,867
  4,549
  5,294
  6,100
  6,967
  7,893
  8,877
  9,917
  11,012
  12,162
  13,365
  14,623
  15,934
  17,299
  18,719
  20,196
  21,732
  23,327
  24,985
  26,708
  28,500
  30,362
  32,300
  34,317
  36,417
  38,605
  40,886
  43,264
  45,745
Total equity, $m
  1,494
  1,778
  2,092
  2,434
  2,805
  3,204
  3,630
  4,082
  4,560
  5,064
  5,593
  6,146
  6,724
  7,327
  7,955
  8,608
  9,287
  9,993
  10,727
  11,490
  12,282
  13,106
  13,962
  14,853
  15,781
  16,747
  17,753
  18,801
  19,895
  21,036
Total liabilities and equity, $m
  4,743
  5,645
  6,641
  7,728
  8,905
  10,171
  11,523
  12,959
  14,477
  16,076
  17,755
  19,511
  21,347
  23,261
  25,254
  27,327
  29,483
  31,725
  34,054
  36,475
  38,990
  41,606
  44,324
  47,153
  50,098
  53,164
  56,358
  59,687
  63,159
  66,781
Debt-to-equity ratio
  1.330
  1.460
  1.570
  1.660
  1.720
  1.780
  1.830
  1.870
  1.900
  1.930
  1.950
  1.970
  1.990
  2.000
  2.020
  2.030
  2.040
  2.050
  2.060
  2.060
  2.070
  2.080
  2.080
  2.090
  2.090
  2.100
  2.100
  2.110
  2.110
  2.110
Adjusted equity ratio
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  122
  135
  148
  163
  179
  195
  213
  231
  251
  271
  295
  317
  339
  363
  388
  413
  440
  467
  496
  525
  556
  588
  622
  656
  693
  730
  770
  811
  854
  899
Depreciation, amort., depletion, $m
  309
  367
  431
  501
  577
  658
  745
  838
  936
  1,038
  1,142
  1,255
  1,373
  1,496
  1,625
  1,758
  1,897
  2,041
  2,191
  2,347
  2,508
  2,677
  2,852
  3,034
  3,223
  3,420
  3,626
  3,840
  4,063
  4,296
Funds from operations, $m
  431
  502
  580
  664
  756
  854
  958
  1,069
  1,186
  1,309
  1,437
  1,572
  1,713
  1,860
  2,012
  2,171
  2,336
  2,508
  2,687
  2,872
  3,065
  3,265
  3,473
  3,690
  3,916
  4,151
  4,396
  4,651
  4,917
  5,195
Change in working capital, $m
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
Cash from operations, $m
  440
  512
  591
  676
  769
  868
  973
  1,085
  1,203
  1,327
  1,455
  1,591
  1,733
  1,881
  2,034
  2,194
  2,360
  2,533
  2,712
  2,898
  3,092
  3,294
  3,503
  3,721
  3,948
  4,184
  4,431
  4,687
  4,955
  5,235
Maintenance CAPEX, $m
  -253
  -305
  -363
  -427
  -497
  -573
  -654
  -741
  -834
  -931
  -1,034
  -1,142
  -1,255
  -1,373
  -1,496
  -1,625
  -1,758
  -1,897
  -2,041
  -2,191
  -2,347
  -2,508
  -2,677
  -2,852
  -3,034
  -3,223
  -3,420
  -3,626
  -3,840
  -4,063
New CAPEX, $m
  -522
  -581
  -641
  -700
  -758
  -814
  -870
  -924
  -977
  -1,029
  -1,080
  -1,130
  -1,181
  -1,231
  -1,282
  -1,334
  -1,387
  -1,442
  -1,498
  -1,557
  -1,618
  -1,682
  -1,750
  -1,820
  -1,894
  -1,973
  -2,055
  -2,142
  -2,234
  -2,330
Cash from investing activities, $m
  -775
  -886
  -1,004
  -1,127
  -1,255
  -1,387
  -1,524
  -1,665
  -1,811
  -1,960
  -2,114
  -2,272
  -2,436
  -2,604
  -2,778
  -2,959
  -3,145
  -3,339
  -3,539
  -3,748
  -3,965
  -4,190
  -4,427
  -4,672
  -4,928
  -5,196
  -5,475
  -5,768
  -6,074
  -6,393
Free cash flow, $m
  -335
  -374
  -413
  -450
  -486
  -520
  -551
  -580
  -608
  -633
  -659
  -681
  -703
  -724
  -745
  -765
  -785
  -806
  -827
  -850
  -873
  -897
  -923
  -951
  -980
  -1,011
  -1,045
  -1,080
  -1,118
  -1,159
Issuance/(repayment) of debt, $m
  557
  619
  682
  745
  807
  867
  926
  984
  1,040
  1,095
  1,150
  1,203
  1,257
  1,311
  1,365
  1,421
  1,477
  1,535
  1,595
  1,658
  1,723
  1,791
  1,863
  1,938
  2,017
  2,100
  2,188
  2,280
  2,378
  2,481
Issuance/(repurchase) of shares, $m
  135
  150
  165
  179
  192
  203
  213
  221
  228
  233
  234
  237
  239
  240
  240
  240
  240
  239
  238
  237
  236
  235
  235
  235
  235
  235
  236
  238
  240
  242
Cash from financing (excl. dividends), $m  
  692
  769
  847
  924
  999
  1,070
  1,139
  1,205
  1,268
  1,328
  1,384
  1,440
  1,496
  1,551
  1,605
  1,661
  1,717
  1,774
  1,833
  1,895
  1,959
  2,026
  2,098
  2,173
  2,252
  2,335
  2,424
  2,518
  2,618
  2,723
Total cash flow (excl. dividends), $m
  357
  394
  434
  474
  513
  551
  588
  624
  660
  695
  725
  759
  793
  827
  861
  896
  931
  968
  1,006
  1,045
  1,087
  1,130
  1,175
  1,222
  1,272
  1,324
  1,380
  1,438
  1,500
  1,565
Retained Cash Flow (-), $m
  -257
  -284
  -314
  -343
  -371
  -399
  -426
  -452
  -478
  -504
  -529
  -553
  -578
  -603
  -628
  -653
  -679
  -706
  -734
  -762
  -792
  -824
  -857
  -891
  -927
  -966
  -1,006
  -1,049
  -1,094
  -1,141
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  2
  3
  3
  4
  4
  5
  6
  7
  7
  8
  9
  10
  11
  12
  13
  15
  16
  17
  18
  20
  21
  22
  24
  26
  27
  29
  31
  33
  34
  36
Cash available for distribution, $m
  100
  110
  121
  131
  142
  152
  162
  172
  182
  191
  196
  205
  215
  224
  233
  243
  252
  262
  272
  283
  294
  306
  318
  331
  344
  359
  374
  389
  406
  424
Discount rate, %
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
  93
  93
  93
  92
  89
  84
  79
  73
  66
  58
  50
  43
  37
  31
  25
  20
  16
  12
  9
  7
  5
  3
  2
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  96.7
  93.7
  91.0
  88.6
  86.5
  84.6
  82.8
  81.3
  79.9
  78.6
  77.5
  76.4
  75.5
  74.7
  73.9
  73.2
  72.6
  72.0
  71.5
  71.0
  70.5
  70.1
  69.7
  69.3
  69.0
  68.7
  68.3
  68.1
  67.8
  67.5

New Jersey Resources Corporation is an energy services holding company. The Company's business is the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. It operates in four business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream. The Natural Gas Distribution segment consists of regulated natural gas services, off-system sales, capacity and storage management operations. The Energy Services segment consists of unregulated wholesale energy operations. The Clean Energy Ventures segment consists of capital investments in clean energy projects. The Midstream segment consists of investments in the midstream natural gas market, such as natural gas transportation and storage facilities. The Home Services and Other operations consist of heating, cooling and water appliance sales and installations, among others.

FINANCIAL RATIOS  of  New Jersey Resources (NJR)

Valuation Ratios
P/E Ratio 29.9
Price to Sales 1.7
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 15.9
Price to Free Cash Flow -82.2
Growth Rates
Sales Growth Rate 20.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.5%
Cap. Spend. - 3 Yr. Gr. Rate 2.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 80.6%
Total Debt to Equity 115.4%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.8%
Return On Equity 11%
Return On Equity - 3 Yr. Avg. 13.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 11.6%
EBITDA Margin - 3 Yr. Avg. 12.1%
Operating Margin 7.4%
Oper. Margin - 3 Yr. Avg. 8.5%
Pre-Tax Margin 6%
Pre-Tax Margin - 3 Yr. Avg. 7.4%
Net Profit Margin 5.8%
Net Profit Margin - 3 Yr. Avg. 6.5%
Effective Tax Rate 13.9%
Eff/ Tax Rate - 3 Yr. Avg. 18.8%
Payout Ratio 66.7%

NJR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NJR stock intrinsic value calculation we used $2269 million for the last fiscal year's total revenue generated by New Jersey Resources. The default revenue input number comes from 2017 income statement of New Jersey Resources. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NJR stock valuation model: a) initial revenue growth rate of 20.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.1%, whose default value for NJR is calculated based on our internal credit rating of New Jersey Resources, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of New Jersey Resources.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NJR stock the variable cost ratio is equal to 91.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NJR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for New Jersey Resources.

Corporate tax rate of 27% is the nominal tax rate for New Jersey Resources. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NJR stock is equal to 0.1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NJR are equal to 111.5%.

Life of production assets of 10 years is the average useful life of capital assets used in New Jersey Resources operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NJR is equal to -1.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1237 million for New Jersey Resources - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 86 million for New Jersey Resources is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of New Jersey Resources at the current share price and the inputted number of shares is $3.9 billion.

RELATED COMPANIES Price Int.Val. Rating
SJI South Jersey I 33.73 10.35  str.sell
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CPK Chesapeake Uti 84.00 7.17  str.sell
NI NiSource 25.95 7.86  str.sell
CNP CenterPoint En 27.76 44.60  str.buy
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COMPANY NEWS

▶ New Jersey Resources beats 1Q profit forecasts   [Feb-08-18 07:25AM  Associated Press]
▶ 5 Stocks That Look Good Short   [Jan-13-18 12:00PM  TheStreet.com]
▶ New Jersey Resources reports 4Q loss   [07:15AM  Associated Press]
▶ New Jersey Resources Announces Promotions   [02:08PM  Business Wire]
▶ Stocks With Rising Relative Strength: New Jersey Resources   [Oct-30-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Spire   [Oct-05-17 03:00AM  Investor's Business Daily]
▶ New Jersey Resources beats 3Q profit forecasts   [Aug-02-17 10:22PM  Associated Press]
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