NewJersey Resources Corporation (NYSE:NJR) Announces Dividend Increase – $0.50 Per Share

NewJersey Resources Corporation (NYSE:NJR) declared a quarterly dividend on Thursday, September 10th. Investors of record on Thursday, September 24th will be paid a dividend of 0.50 per share by the utilities provider on Thursday, October 1st. This represents a c) dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Thursday, September 24th. This is a 5.3% increase from NewJersey Resources’s previous quarterly dividend of $0.47.

NewJersey Resources has raised its dividend payment by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 29 consecutive years. NewJersey Resources has a dividend payout ratio of 60.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect NewJersey Resources to earn $3.43 per share next year, which means the company should continue to be able to cover its $1.90 annual dividend with an expected future payout ratio of 55.4%.

NewJersey Resources Trading Down 0.3%

NJR opened at $53.34 on Friday. The stock has a 50-day moving average of $56.21 and a 200 day moving average of $55.73. The company has a current ratio of 0.66, a quick ratio of 0.45 and a debt-to-equity ratio of 1.21. NewJersey Resources has a 12 month low of $43.46 and a 12 month high of $60.86. The firm has a market cap of $5.41 billion, a P/E ratio of 14.73, a P/E/G ratio of 2.98 and a beta of 0.50.

NewJersey Resources (NYSE:NJR) last issued its quarterly earnings data on Monday, August 3rd. The utilities provider reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. The business had revenue of $349.18 million for the quarter, compared to the consensus estimate of $342.13 million. NewJersey Resources had a return on equity of 14.46% and a net margin of 16.42%.The company’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.15) earnings per share. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. As a group, research analysts forecast that NewJersey Resources will post 3.59 EPS for the current year.

Insider Activity

In other news, COO Patrick Migliaccio sold 3,000 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $55.63, for a total value of $166,890.00. Following the transaction, the chief operating officer directly owned 32,202 shares in the company, valued at approximately $1,791,397.26. This represents a 8.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On NewJersey Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NJR. BlackRock Inc. purchased a new position in shares of NewJersey Resources during the second quarter worth approximately $1,008,340,000. California State Teachers Retirement System boosted its holdings in shares of NewJersey Resources by 5,671.3% in the second quarter. California State Teachers Retirement System now owns 6,494,980 shares of the utilities provider’s stock valued at $363,979,000 after purchasing an additional 6,382,440 shares during the period. Energy Income Partners LLC purchased a new stake in shares of NewJersey Resources in the second quarter valued at approximately $78,592,000. Norges Bank purchased a new stake in shares of NewJersey Resources in the fourth quarter valued at approximately $60,075,000. Finally, Bank of New York Mellon Corp bought a new position in NewJersey Resources in the second quarter worth approximately $57,722,000. Institutional investors own 70.98% of the company’s stock.

NewJersey Resources Company Profile

New Jersey Resources Corporation (NYSE: NJR) is an energy services holding company based in Wall, New Jersey. Through its subsidiaries, the company provides regulated natural gas distribution, energy management, wholesale energy services, renewable energy development, and natural gas storage and transportation solutions.

Its principal subsidiary, New Jersey Natural Gas, operates a regulated natural gas utility serving residential, commercial, and industrial customers in central and northern New Jersey.