Form 4: NJR Director Converts Deferred Phantom Stock

New Jersey Resources Director Jane M. Kenny converted 3,191 phantom stock units into 3,695 shares of common stock, including accrued dividends, on January 5, 2026.

Summary

• Director Jane M. Kenny acquired 3,695 shares of New Jersey Resources Corporation (NJR) Common Stock.
• The acquisition occurred on January 5, 2026, at a price of $45.74 per share.
• This transaction represents the distribution of 3,191 phantom stock units, plus 504 shares for accrued dividends, from a 2021 restricted stock unit vesting.
• The vesting was deferred pursuant to the NJR Directors' Deferred Compensation Plan.
• Following the transaction, Jane M. Kenny beneficially owns 29,998 shares of Common Stock directly.
• The phantom stock units, which are the economic equivalent of one share of NJR Common Stock, were fully converted, resulting in 0 derivative securities beneficially owned.

Sentiment

Score: 5

Explanation: The filing reports a routine, pre-scheduled compensation event for a director, which is neutral in terms of company performance or strategic outlook.

Positives

• The director is acquiring common stock, which generally aligns their interests with those of shareholders.
• The transaction fulfills a pre-existing compensation agreement, demonstrating adherence to established governance structures.

Future Outlook

This filing reports a past, scheduled transaction and does not provide forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

This is a routine insider transaction related to director compensation, which is common across all industries for publicly traded companies. It does not reflect broader industry trends or competitive positioning.

Corporate Governance

Related Party Transactions

• The transaction involves a director (Jane M. Kenny) and the issuer (New Jersey Resources Corporation) as part of a compensation plan, which is a standard related-party dealing for executive/director compensation.

Stakeholder Impact

• Shareholders: Minor dilution from the issuance of 3,695 common shares, which is a standard component of equity compensation plans. This is generally offset by the alignment of director interests with shareholders through increased equity ownership.

Key Dates

Recommendation

This Form 4 reports a routine, pre-scheduled conversion of deferred phantom stock units into common stock by a director as part of their compensation plan. It does not indicate any new strategic developments, financial performance changes, or significant shifts in insider sentiment that would warrant a change in investment recommendation. The event is neutral to the company's fundamental value.

Keywords

NJR, New Jersey Resources, Form 4, Insider Transaction, Phantom Stock, Common Stock, Director Compensation, Stock Conversion, Deferred Compensation