Core Insights - Two stocks in the utilities sector are signaling potential warnings for momentum-focused investors as of November 24, 2025 [1] Company Performance - UGI Corp reported better-than-expected fourth-quarter adjusted EPS results, with a record adjusted earnings per share that exceeded revised guidance [7] - UGI's stock gained approximately 12% over the past month, reaching a 52-week high of $37.78, with an RSI value of 88.9 [7] - New Jersey Resources Corp posted mixed quarterly results, achieving NFEPS at the high end of guidance for the fifth consecutive year [7] - NJR's stock increased around 6% over the past month, with a 52-week high of $51.94 and an RSI value of 74.5 [7] Stock Performance Metrics - UGI's shares rose 7.1% to close at $37.61 on the last trading day [7] - New Jersey Resources' shares rose 1.6% to close at $48.83 on the last trading day [7] - UGI has a momentum score of 74.54 and a value score of 64.35 [7]

Core Insights - Two stocks in the utilities sector are signaling potential warnings for momentum-focused investors as of November 24, 2025 [1] Company Performance - UGI Corp reported better-than-expected fourth-quarter adjusted EPS results, with a record adjusted earnings per share that exceeded revised guidance [7] - UGI's stock gained approximately 12% over the past month, reaching a 52-week high of $37.78, with an RSI value of 88.9 [7] - New Jersey Resources Corp posted mixed quarterly results, achieving NFEPS at the high end of its guidance range for the fifth consecutive year [7] - NJR's stock increased around 6% over the past month, with a 52-week high of $51.94 and an RSI value of 74.5 [7] Stock Performance Metrics - UGI's shares rose 7.1% to close at $37.61 on the last trading day [7] - New Jersey Resources' shares rose 1.6% to close at $48.83 on the last trading day [7] - UGI has a momentum score of 74.54 and a value score of 64.35 [7]

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Financial Performance - Net income for fiscal year 2025 was $335.6 million, an increase of 15.9% from $289.8 million in 2024[38] - NFE (Non-GAAP financial measure) for fiscal year 2025 was $329.6 million, up 13.3% from $290.8 million in 2024[38] - Total operating revenue for NJNG in fiscal year 2025 reached $1.3 billion, a 27.8% increase from $1.02 billion in 2024[44] - Residential operating revenue increased to $781.3 million in 2025, up 21.7% from $642.4 million in 2024[44] Customer Base and Service Delivery - NJNG's service territory covers 1,538 square miles and serves an estimated population of 1.7 million people[42] - As of September 30, 2025, NJNG had 13,121 residential and 7,846 commercial and industrial customers utilizing transportation services[63] - NJNG maintains firm transportation and storage capacity agreements totaling 914,163 Dths for reliable service delivery[51] Natural Gas Supply and Management - NJNG purchased natural gas from approximately 63 suppliers in fiscal 2025, with over 10% sourced from two suppliers[49] - The company utilizes financial derivative instruments to mitigate the impact of volatile wholesale natural gas prices on customers[58] - NJNG expects to meet natural gas requirements for existing and projected firm customers and plans to renegotiate contracts as needed[59] Environmental and Remediation Efforts - NJNG estimates future expenditures for environmental remediation of former MGP sites will range from approximately $144.3 million to $200.2 million[88] - As of September 30, 2025, NJNG recorded an MGP remediation liability of $167.0 million on the Consolidated Balance Sheets[89] - NJNG is involved in administrative proceedings with the NJDEP for the remedial cleanup of former MGP sites dating back to the late 1800s[200] Employee and Workforce Management - As of September 30, 2025, the Company employed 1,376 employees, a slight increase from 1,372 employees as of September 30, 2024[91] - NJNG and NJRHS have collective bargaining agreements with the Union, with contracts ratified on August 6, 2025, and July 29, 2025, respectively, covering wage increases and benefits[91] - The Company offers competitive compensation packages and periodically reviews employee compensation to ensure competitiveness within the industry[93] Risks and Challenges - The company faces risks related to attracting and retaining a qualified workforce, which is essential for implementing its business strategy and maintaining operations[114] - Weather patterns significantly influence demand for natural gas, with milder winters or cooler summers potentially leading to decreased revenues and cash flows[116] - Climate change poses risks that could affect the cost of providing natural gas and the demand for it, impacting the company's financial performance[119] Regulatory and Compliance Issues - Regulatory changes and compliance costs may significantly affect the company's operations and profitability, particularly regarding natural gas pricing and supply[125] - NJNG's ability to obtain rate increases and maintain authorized rates of return may be impacted by regulatory actions and the transition to new information technology systems[133] - Regulatory decisions by the BPU will impact the recovery of costs and the rate of return on invested capital for NJNG[217] Cybersecurity and Technology Risks - The company continues to face risks from cyberattacks, which could adversely affect business operations and financial results[136] - The reliance on information technology for managing natural gas distribution and trading operations exposes the company to potential disruptions and data breaches[137] - The Audit Committee oversees the company's cybersecurity risk management practices and receives updates at least quarterly from senior leadership[185] Market and Economic Factors - Economic and political instability could create uncertainty, increasing the cost of capital and impairing access to financial markets[161] - Inflation and rising natural gas costs may increase customer debt levels and adversely affect collections[149] - Changes in customer growth, particularly in the housing market, could negatively impact the company's Utility Gross Margin and cash flows[145] Investments and Acquisitions - Acquisitions involve risks, including the potential failure to realize anticipated synergies and growth opportunities[160] - The company is exposed to market risks that could impact the value of its transportation and storage contracts[148] Solar Energy Initiatives - CEV operates approximately 479 MW of solar capacity across seven states as of September 30, 2025[65] - CEV sold its residential solar portfolio on November 25, 2024, to a third party[66] - NJR's investments in solar energy projects face risks related to construction, permitting, and regulatory approvals, which could impact project viability[106]

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

Financial Data and Key Metrics Changes - Fiscal 2025 was marked by strong earnings growth, with the company exceeding initial earnings guidance for the fifth consecutive year [5][14] - The company achieved a net financial earnings per share (NFEPS) guidance range of $3.03-$3.18 for fiscal 2026, consistent with a long-term growth rate of 7%-9% [6][16] - Total capital expenditures (CapEx) for fiscal 2025 were $850 million, with a projected five-year CapEx outlook of $4.8 billion-$5.2 billion, representing a 40% increase compared to the previous five years [15][16] Business Line Data and Key Metrics Changes - New Jersey Natural Gas is expected to achieve high single-digit rate-based growth through 2030, supported by responsible investments in safety and reliability [7][8] - Storage and Transportation (S&T) is projected to more than double net financial earnings by 2027, driven by favorable recontracting of both Adelphia and Leaf River [6][8] - Clean Energy Ventures (CEV) anticipates expanding capacity by over 50% over the next two years, with a robust pipeline of Safe Harbor projects [10][12] Market Data and Key Metrics Changes - The company noted a significant increase in contract rates at Leaf River, with average contract rates rising from approximately $0.09 to nearly $0.20 per decatherm [24] - The market demand for energy infrastructure is expected to grow, with the company positioned to capitalize on this trend through its investments [18][44] Company Strategy and Development Direction - The company plans to invest approximately $5 billion over the next five years, with about 60% allocated to New Jersey Natural Gas [6][16] - A disciplined capital investment strategy is in place to ensure sustainable growth, with minimal dilution to shareholders [7][10] - The company aims to maintain a healthy balance sheet with strong cash flows and ample liquidity, requiring no block equity issuance to execute its capital plan [6][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth prospects, emphasizing the need for energy infrastructure investments in the U.S. [44] - The company is prepared to work with the new administration in New Jersey to address affordability issues and promote clean energy solutions [19][39] - Management highlighted the importance of energy efficiency programs, such as Save Green, in reducing costs for customers [8][39] Other Important Information - The company celebrated 30 consecutive years of dividend increases, reflecting confidence in its long-term strategy [14] - The company achieved record investments in its Save Green program and added significant new capacity in Clean Energy Ventures [12][14] Q&A Session Summary Question: Can you discuss the contract renegotiations and the extent of original contracts at Leaf River? - Management indicated a bias towards longer-term contracts, with current market rates significantly higher than previous contracts, driving earnings growth [24][25] Question: What is the construction status for Clean Energy Ventures and the expected growth? - Management confirmed that many projects are shovel-ready, with significant investments already made, positioning the company well for future growth [27][28] Question: How should investors model the earnings cadence for upcoming projects? - Management advised that the capital plan provides the most accurate picture of achievable investments, with potential for acceleration based on policy changes [31] Question: What are the affordability efforts in New Jersey? - Management reiterated that natural gas remains the most affordable heating option and emphasized ongoing energy efficiency programs to help customers reduce costs [39] Question: Are there any headwinds to the growth outlook? - Management expressed confidence in the overall growth strategy, highlighting the need for energy and the company's ability to execute its capital program [44][46] Question: How much of the earnings increase is attributed to the Adelphia rate case versus recontracting? - Management noted that the majority of earnings growth is driven by recontracting at Leaf River, with existing contracts already signed [52][54]

Financial Data and Key Metrics Changes - Fiscal 2025 was marked by strong earnings growth, with the company exceeding initial earnings guidance for the fifth consecutive year [5][14] - The company achieved a net financial earnings per share (NFEPS) guidance range of $3.03-$3.18 for fiscal 2026, consistent with a long-term growth rate of 7%-9% [5][17] - Total capital expenditures (CapEx) for fiscal 2025 were $850 million, with a projected five-year CapEx outlook of $4.8 billion-$5.2 billion, representing a 40% increase compared to the previous five years [15][16] Business Line Data and Key Metrics Changes - New Jersey Natural Gas is expected to achieve high single-digit rate-based growth through 2030, supported by responsible investments in safety and reliability [6][7] - Storage and Transportation (S&T) is projected to more than double net financial earnings by 2027, driven by favorable recontracting of both Adelphia and Leaf River [6][8] - Clean Energy Ventures (CEV) anticipates expanding capacity by over 50% over the next two years, with a robust pipeline of Safe Harbor projects [10][11] Market Data and Key Metrics Changes - The company noted a significant increase in contract rates at Leaf River, with average contract rates rising from approximately $0.09 to nearly $0.20 per decatherm [24] - The market demand for energy infrastructure is expected to grow, with the company positioned to capitalize on this trend through its investments [18][44] Company Strategy and Development Direction - The company plans to invest approximately $5 billion over the next five years, with about 60% allocated to New Jersey Natural Gas [5][6] - A disciplined capital investment strategy is in place to ensure sustainable growth, with minimal dilution to shareholders [7][10] - The company aims to maintain a healthy balance sheet with strong cash flows and ample liquidity, requiring no block equity issuance to execute its capital plan [6][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth prospects, emphasizing the need for energy infrastructure and the company's ability to meet this demand [18][44] - The company is prepared to work with the new administration in New Jersey to address affordability issues and deploy clean energy solutions [19][39] Other Important Information - The company celebrated 30 consecutive years of dividend increases, reflecting confidence in its long-term strategy [14] - The company achieved record investments in its Save Green energy efficiency program, which helps customers reduce energy usage and costs [12][14] Q&A Session Summary Question: Can you discuss the contract renegotiations and the timing for FIDing expansion projects at Leaf River? - Management indicated that there is a bias towards longer-term contracts, with significant upgrades in contract rates driving earnings growth [24][25] Question: What is the current status of construction for Clean Energy Ventures projects? - Management confirmed that many projects are shovel-ready and positioned to meet the state's capacity needs, with a strong project pipeline [27][28] Question: How should investors model the earnings cadence for the upcoming projects? - Management advised that the capital plan provides the most accurate picture of achievable investments, with potential for acceleration based on policy support [31] Question: What are the affordability efforts in New Jersey? - Management highlighted that natural gas remains the cheapest heating option and emphasized ongoing energy efficiency programs to help customers reduce costs [39] Question: Are there any headwinds to the EPS growth outlook? - Management expressed confidence in the overall growth strategy, noting that investments in energy infrastructure are expected to drive earnings growth [44][46]

Financial Data and Key Metrics Changes - Fiscal 2025 was marked by strong earnings growth, with the company exceeding initial earnings guidance for the fifth consecutive year [5][14] - The company achieved a net financial earnings per share (NFEPS) of $3.03-$3.18 for fiscal 2026, consistent with a long-term growth rate of 7%-9% [5][18] - Total capital expenditures (CapEx) for fiscal 2025 were $850 million, with a five-year outlook of $4.8 billion-$5.2 billion, representing a 40% increase compared to the previous five years [16][17] Business Line Data and Key Metrics Changes - New Jersey Natural Gas is expected to achieve high single-digit rate-based growth through 2030, supported by responsible investments in safety and reliability [6][8] - Storage and Transportation (S&T) is projected to more than double net financial earnings by 2027, driven by favorable recontracting of both Adelphia and Leaf River [6][9] - Clean Energy Ventures (CEV) anticipates expanding capacity by over 50% in the next two years, with a robust pipeline of Safe Harbor projects [7][11] Market Data and Key Metrics Changes - The company noted a significant increase in contract rates at Leaf River, with average contract rates rising from approximately $0.09 to nearly $0.20 per decatherm [25] - The market demand for energy infrastructure is expected to grow, with the company positioned to capitalize on this trend through its capital investments [41] Company Strategy and Development Direction - The company plans to invest approximately $5 billion over the next five years, with about 60% allocated to New Jersey Natural Gas [5][6] - A disciplined capital investment strategy is in place to ensure sustainable growth, with minimal dilution to shareholders [7][8] - The company aims to maintain a healthy balance sheet with strong cash flows and ample liquidity, requiring no block equity issuance to execute its capital plan [6][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth prospects, emphasizing the importance of energy efficiency programs and affordability for customers [20][38] - The company is prepared to work with the new administration in New Jersey to address electricity prices and affordability issues [20] Other Important Information - The company celebrated 30 consecutive years of dividend increases, reflecting confidence in its long-term strategy [13] - The company achieved record investments in its Save Green program, which helps customers reduce energy usage and costs [13][14] Q&A Session Summary Question: Can you discuss the contract renegotiations and the timing for FIDing larger expansions at Leaf River? - Management indicated that there is a bias towards longer-term contracts, with significant upgrades in contract rates driving earnings growth [25][26] Question: What is the current status of construction for Clean Energy Ventures projects? - Management confirmed that many projects are shovel-ready and positioned to meet the state's capacity needs, with a strong project pipeline [28][29] Question: How should investors model the earnings cadence for the upcoming years? - Management suggested that the capital plan provides the most accurate picture of achievable growth, with potential for accelerated deployment of safe harbor projects [31] Question: What are the affordability efforts in New Jersey? - Management highlighted natural gas as the most affordable heating option and emphasized ongoing energy efficiency programs to help customers reduce costs [38] Question: Are there any headwinds to the growth outlook? - Management expressed confidence in the overall growth strategy, noting that the company is well-positioned to execute its capital program [40][41]

November 2025 Investor Presentation Fiscal 2025 Fourth Quarter and Year End Financial Results Forward-Looking Statements and Non-GAAP Measures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statement ...

分组1 - New Jersey Resources (NJR) reported quarterly earnings of $0.16 per share, exceeding the Zacks Consensus Estimate of $0.15 per share, but down from $0.89 per share a year ago, representing an earnings surprise of +6.67% [1] - The company posted revenues of $336.08 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 12.17%, compared to year-ago revenues of $395.78 million [2] - Over the last four quarters, NJR has surpassed consensus EPS estimates four times and topped consensus revenue estimates three times [2] 分组2 - The stock has underperformed the market, losing about 0.6% since the beginning of the year, while the S&P 500 gained 12.5% [3] - The current consensus EPS estimate for the coming quarter is $1.03 on $522.8 million in revenues, and for the current fiscal year, it is $3.15 on $2.05 billion in revenues [7] - The Utility - Gas Distribution industry, to which NJR belongs, is currently in the bottom 26% of the Zacks industries, indicating potential challenges ahead [8]