NewJersey Resources Corporation to Issue Quarterly Dividend of $0.27 (NJR)

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.

NewJersey Resources (NYSE:NJR) last posted its quarterly earnings data on Tuesday, November 21st. The utilities provider reported ($0.14) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by ($0.01). NewJersey Resources had a net margin of 5.82% and a return on equity of 11.97%. The firm had revenue of $536.50 million during the quarter, compared to analyst estimates of $480.90 million. During the same period in the prior year, the company posted ($0.03) earnings per share. The firm’s revenue for the quarter was up 14.3% compared to the same quarter last year. equities analysts predict that NewJersey Resources will post 1.81 earnings per share for the current year.

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.

Dividend History for NewJersey Resources (NYSE:NJR)

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