NewJersey Resources Corporation (NYSE:NJR) to Issue Quarterly Dividend of $0.50

NewJersey Resources Corporation (NYSE:NJR) announced a quarterly dividend on Wednesday, November 11th. Shareholders of record on Monday, December 14th will be paid a dividend of $0.50 per share by the utilities provider on Monday, January 4th. This represents a $2.00 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Monday, December 14th.

NewJersey Resources has raised its dividend by an average of 0.1% per year over the last three years and has increased its dividend every year for the last 29 years. NewJersey Resources has a payout ratio of 64.1% meaning its dividend is sufficiently covered by earnings. Analysts expect NewJersey Resources to earn $3.43 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 58.3%.

NewJersey Resources Stock Up 0.2%

NewJersey Resources stock opened at $54.83 on Thursday. The company has a market capitalization of $5.56 billion, a P/E ratio of 15.15, a P/E/G ratio of 3.19 and a beta of 0.45. The company has a quick ratio of 0.45, a current ratio of 0.66 and a debt-to-equity ratio of 1.21. The firm has a 50 day moving average price of $52.68 and a 200-day moving average price of $54.65. NewJersey Resources has a twelve month low of $44.51 and a twelve month high of $60.86.

Insider Buying and Selling at NewJersey Resources

In related news, COO Patrick Migliaccio sold 3,000 shares of NewJersey Resources stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $55.63, for a total transaction of $166,890.00. Following the sale, the chief operating officer owned 32,202 shares of the company’s stock, valued at approximately $1,791,397.26. This trade represents a 8.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NJR. Oregon Public Employees Retirement Fund raised its stake in shares of NewJersey Resources by 1.0% during the third quarter. Oregon Public Employees Retirement Fund now owns 21,029 shares of the utilities provider’s stock valued at $1,064,000 after acquiring an additional 200 shares in the last quarter. Jacobi Capital Management LLC raised its stake in shares of NewJersey Resources by 0.7% in the third quarter. Jacobi Capital Management LLC now owns 28,708 shares of the utilities provider’s stock worth $1,453,000 after purchasing an additional 203 shares during the last quarter. Strategy Asset Managers LLC raised its holdings in shares of NewJersey Resources by 2.9% during the third quarter. Strategy Asset Managers LLC now owns 9,214 shares of the utilities provider’s stock worth $466,000 after purchasing an additional 263 shares during the last quarter. Essential Partners LLC lifted its holdings in NewJersey Resources by 67.3% in the second quarter. Essential Partners LLC now owns 686 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 276 shares during the period. Finally, Retirement Systems of Alabama boosted its stake in shares of NewJersey Resources by 0.3% during the 3rd quarter. Retirement Systems of Alabama now owns 104,659 shares of the utilities provider’s stock worth $5,296,000 after acquiring an additional 277 shares in the last quarter. Institutional investors own 70.98% of the company’s stock.

About NewJersey Resources

New Jersey Resources Corporation is an energy services holding company headquartered in Wall, New Jersey. Through its subsidiaries, it distributes natural gas, provides energy-related services, and develops and operates clean energy and infrastructure assets. Its utility subsidiary, New Jersey Natural Gas, delivers natural gas to residential, commercial, and industrial customers in New Jersey. The company also provides natural gas supply and energy management services, operates natural gas storage and transportation assets, and offers home services such as heating, cooling, plumbing, and appliance repair.