New Jersey Resources Corp (NJR) Declares Dividend Increase – $0.29 Per Share
New Jersey Resources Corp (NYSE:NJR) announced a quarterly dividend on Tuesday, November 13th, RTT News reports. Stockholders of record on Friday, December 14th will be paid a dividend of 0.2925 per share by the utilities provider on Wednesday, January 2nd. This represents a $1.17 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend is Thursday, December 13th. This is an increase from New Jersey Resources’s previous quarterly dividend of $0.27.
New Jersey Resources has increased its dividend payment by an average of 6.7% per year over the last three years and has increased its dividend every year for the last 22 years. New Jersey Resources has a payout ratio of 44.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect New Jersey Resources to earn $2.17 per share next year, which means the company should continue to be able to cover its $1.17 annual dividend with an expected future payout ratio of 53.9%.
Shares of New Jersey Resources stock opened at $49.72 on Friday. The stock has a market cap of $4.35 billion, a PE ratio of 18.15, a PEG ratio of 3.47 and a beta of 0.23. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.03 and a quick ratio of 0.76. New Jersey Resources has a 52-week low of $35.55 and a 52-week high of $51.83.
In related news, Director M William Howard, Jr. sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 27th. The stock was sold at an average price of $47.91, for a total value of $47,910.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.50% of the stock is currently owned by company insiders.
Several equities research analysts have recently issued reports on the company. ValuEngine upgraded New Jersey Resources from a “hold” rating to a “buy” rating in a report on Tuesday, October 9th. Zacks Investment Research downgraded New Jersey Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, October 17th. Wells Fargo & Co raised their price objective on New Jersey Resources from $45.00 to $47.00 and gave the company a “market perform” rating in a research note on Monday, September 17th. Finally, Guggenheim downgraded New Jersey Resources from a “buy” rating to a “neutral” rating in a research note on Monday, September 10th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $48.25.
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New Jersey Resources Company Profile
New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 538,700 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.
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