NewJersey Resources Corporation (NYSE:NJR) declared a quarterly dividend on Tuesday, January 23rd, RTT News reports. Investors of record on Thursday, March 15th will be given a dividend of 0.2725 per share by the utilities provider on Monday, April 2nd. This represents a $1.09 annualized dividend and a yield of 2.80%.
NewJersey Resources has raised its dividend by an average of 6.7% annually over the last three years and has raised its dividend annually for the last 22 consecutive years. NewJersey Resources has a payout ratio of 60.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect NewJersey Resources to earn $1.99 per share next year, which means the company should continue to be able to cover its $1.09 annual dividend with an expected future payout ratio of 54.8%.
NewJersey Resources (NYSE NJR) opened at $38.90 on Tuesday. NewJersey Resources has a 52 week low of $36.25 and a 52 week high of $45.45. The company has a quick ratio of 0.46, a current ratio of 0.72 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $3,380.00, a price-to-earnings ratio of 25.76, a P/E/G ratio of 3.59 and a beta of 0.43.
In other news, VP Amanda Mullan sold 920 shares of the stock in a transaction on Monday, December 4th. The stock was sold at an average price of $44.64, for a total transaction of $41,068.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lawrence R. Codey sold 6,000 shares of the stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $43.13, for a total value of $258,780.00. Following the transaction, the director now owns 13,266 shares of the company’s stock, valued at $572,162.58. The disclosure for this sale can be found here. 1.50% of the stock is owned by company insiders.
Several research firms recently commented on NJR. Zacks Investment Research raised NewJersey Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 18th. ValuEngine downgraded NewJersey Resources from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Janney Montgomery Scott raised NewJersey Resources from a “neutral” rating to a “buy” rating in a research note on Wednesday, November 22nd. Guggenheim reaffirmed a “buy” rating and issued a $44.00 target price on shares of NewJersey Resources in a research note on Wednesday, January 3rd. Finally, TheStreet downgraded NewJersey Resources from a “b” rating to a “c+” rating in a research note on Wednesday, January 3rd. Two analysts have rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $44.00.
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NewJersey Resources 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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