New Jersey Resources Corp
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Utilities : Gas Utilities | Small Cap Value
Company profile

New Jersey Resources Corporation is a diversified 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. The Company’s segments include Natural Gas Distribution, Energy Services, Clean Energy Ventures and Storage and Transportation. 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 and retail energy operations, as well as energy management services. The Clean Energy Ventures segment consists of capital investments in clean energy projects. The Storage and Transportation segment consists of investments in the natural gas storage and transportation markets, such as natural gas storage and transportation facilities.

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0.865 (2.31%)
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Today's volume of 86,682 shares is on pace to be much lighter than NJR's 10-day average volume of 403,163 shares.


Dow ends 200 points lower, but large-cap tech stocks outperform as yields recede

4:17 pm ET November 17, 2021 (MarketWatch)

By Joy Wiltermuth and Mark DeCambre

U.S. stocks finished lower Wednesday, but remain within striking distance of record closing highs, aided by gains in large-cap information technology shares, including Tesla Inc. (TSLA) and Apple Inc. (AAPL), which were finding bids.

Nagging concerns about inflation and the economic recovery from COVID-19 have held markets in check, but a lack of alternatives and hope that consumers can continue to serve as a pillar of the economic rebound are supporting gains and a fitful rotation into sectors of the market.

How did stock indexes perform?

On Tuesday, the Dow rose 54 points, or 0.2%, to close at 36,142. The S&P 500 rose 18 points, or 0.4%, to 4,700 and the Nasdaq Composite jumped 120.01 points, or 0.8%, to end at 15,973.

What drove markets?

A slight retreat in Treasury yields on Wednesday helped to cap declines for the broader market and lift large-cap technology stocks.

Investors, however, were struggling to justify pushing equities to new heights after the Nasdaq Composite and S&P 500 ended Tuesday's session within a stone's throw of all-time highs and the Dow industrials hovered 1% from its closing record.

"To get the market moving higher, you probably want to see some signs of inflation moderating," said Giorgio Caputo, head of multi-asset value at JO Hambro Capital Management, in a phone interview Wednesday. "I don't know that we will get those in the next few months," he said. "We might. But mostly likely it will take a little longer."

The S&P 500's energy sector closed down 1.7% Wednesday, weighing on the index, after President Joe Biden asked Federal Trade Commission Chair Lina Khan to immediately "consider whether illegal conduct is costing families at the pump," in a letter. Biden also said there's "mounting evidence of anti-consumer behavior by oil and gas companies."

U.S. crude prices retreated to below $80 a barrel, pressured by Biden's efforts to ease prices at the pump, including reports that the U.S. and Chinese leader Xi Jinping discussed a joint release of crude supplies, in a virtual meeting.

Still, market participants were focused on the spending power of U.S. consumer heading into the holidays, following Tuesday's better-than-expected October retail sales data and a batch of third-quarter corporate earnings. Data showed retail sales jumped 1.7%, beyond forecasts for a 1.5% rise and the biggest gain since March when households received billions in federal stimulus money.

Shares of Walmart rival Target (TGT) fell Wednesday, even as the retailer beat quarterly earnings forecasts and lifted its forecasts, but warned about rising costs hurting margins.

Shares of Lowe's (LOW) rose 0.4% Wednesday, after the home improvement retailer reported fiscal third-quarter profit and revenue that beat expectations, a surprise increase in same-store sales, and raised its full-year outlook.

Visa (V) fell sharply after Amazon (AMZN)said it would stop accepting payments made by its credit cards issued in the U.K. starting next year due to high commissions.

"While investors are not reversing course from the stock market, rotation in our opinion is to blame for the uneven market performances," said Peter Cardillo, chief market economist at Spartan Capital, in a note to clients.

Meanwhile, enthusiasm for buying stocks might abate somewhat, as investors position for thinning trading volumes in the last full week of trading before Thanksgiving holidays.

Elsewhere, New York Fed President John Williams warned Wednesday the Treasury market needs to bolstered to prepare for the next big shock, given the "severe disruptions to critical markets" and up to $1 trillion in overnight repo operations it began offering to calm markets early on in the pandemic, in a virtual conference on the Treasury market.

Fed. Gov. Christopher Waller said with the right regulations stablecoins could be competitors in the payments system, during a virtual conference.

Which companies were in focus?

How did other assets trade?

Barbara Kollmeyer contributed reporting

- Joy Wiltermuth


(END) Dow Jones Newswires

November 17, 2021 16:17 ET (21:17 GMT)

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