New Jersey Resources Corporation (NJR) Stock Analysis & Winston Score

New Jersey Resources is a utility company based in New Jersey that delivers natural gas to homes and businesses. Its main business, New Jersey Natural Gas, serves roughly 570,000 customers across central and northern New Jersey. The company also has smaller divisions focused on clean energy investments and midstream natural gas infrastructure. Most of its revenue comes from regulated gas distribution, meaning state regulators set the rates it can charge customers, which creates steady and predictable income. It operates almost entirely in New Jersey, making it a regional utility with a captive customer base that is difficult for competitors to enter. The key growth driver is its ongoing pipeline modernization program and expansion into clean energy projects, but the main risk is that rising interest rates increase borrowing costs, which can pressure returns since utilities rely heavily on debt to fund infrastructure.