NewJersey Resources Corporation Plans Quarterly Dividend of $0.26 (NJR)
NewJersey Resources Corporation (NYSE:NJR) declared a quarterly dividend on Tuesday, July 11th, RTT News reports. Shareholders of record on Friday, September 22nd will be paid a dividend of 0.255 per share by the utilities provider on Monday, October 2nd. This represents a $1.02 annualized dividend and a yield of 2.57%.
NewJersey Resources Corporation has raised its dividend payment by an average of 16.9% annually over the last three years and has raised its dividend annually for the last 21 consecutive years. NewJersey Resources Corporation has a payout ratio of 59.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect NewJersey Resources Corporation to earn $1.86 per share next year, which means the company should continue to be able to cover its $1.02 annual dividend with an expected future payout ratio of 54.8%.
Shares of NewJersey Resources Corporation (NYSE NJR) traded down 0.63% on Tuesday, reaching $39.65. The company’s stock had a trading volume of 348,394 shares. The stock has a 50 day moving average of $41.68 and a 200-day moving average of $39.06. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of 21.76 and a beta of 0.46. NewJersey Resources Corporation has a 12 month low of $30.46 and a 12 month high of $43.50.
NewJersey Resources Corporation (NYSE:NJR) last posted its quarterly earnings results on Friday, May 5th. The utilities provider reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.21. NewJersey Resources Corporation had a net margin of 7.38% and a return on equity of 12.63%. The business had revenue of $733.55 million during the quarter, compared to analyst estimates of $617.10 million. During the same period in the prior year, the business posted $0.91 earnings per share. The company’s revenue was up 27.8% on a year-over-year basis. On average, analysts anticipate that NewJersey Resources Corporation will post $1.73 EPS for the current year.
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Several analysts have issued reports on the stock. Zacks Investment Research upgraded shares of NewJersey Resources Corporation from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Tuesday. BidaskClub upgraded shares of NewJersey Resources Corporation from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 13th. Finally, Bank of America Corporation restated an “underperform” rating and set a $35.00 price target (up from $32.00) on shares of NewJersey Resources Corporation in a research report on Friday, May 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $38.80.
NewJersey Resources Corporation Company Profile
New Jersey Resources Corporation is an energy services holding company. The Company’s business is the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. It operates in four business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream.
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