New Jersey Resources Corp (NYSE:NJR) declared a quarterly dividend on Tuesday, July 9th, Zacks reports. Shareholders of record on Friday, September 20th will be given a dividend of 0.292 per share by the utilities provider on Tuesday, October 1st. This represents a $1.17 annualized dividend and a yield of 2.61%. The ex-dividend date is Thursday, September 19th.
New Jersey Resources has raised its dividend payment by an average of 6.7% per year over the last three years and has raised its dividend annually for the last 23 consecutive years. New Jersey Resources has a payout ratio of 47.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect New Jersey Resources to earn $2.16 per share next year, which means the company should continue to be able to cover its $1.25 annual dividend with an expected future payout ratio of 57.9%.
Shares of NJR opened at $44.78 on Tuesday. New Jersey Resources has a twelve month low of $43.51 and a twelve month high of $51.83. The company has a market cap of $4.06 billion, a P/E ratio of 16.34, a P/E/G ratio of 3.29 and a beta of 0.37. The company has a current ratio of 0.88, a quick ratio of 0.62 and a debt-to-equity ratio of 0.77. The company’s fifty day simple moving average is $45.96 and its 200-day simple moving average is $48.57.
New Jersey Resources (NYSE:NJR) last announced its earnings results on Tuesday, August 6th. The utilities provider reported ($0.20) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.32). New Jersey Resources had a net margin of 4.90% and a return on equity of 7.93%. The firm had revenue of $434.94 million during the quarter, compared to analysts’ expectations of $592.80 million. During the same period in the prior year, the company posted ($0.09) EPS. The company’s revenue was down 20.0% compared to the same quarter last year. Analysts predict that New Jersey Resources will post 1.96 earnings per share for the current fiscal year.
Several equities research analysts have recently weighed in on NJR shares. ValuEngine raised shares of New Jersey Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, September 4th. Guggenheim raised shares of New Jersey Resources from a “sell” rating to a “neutral” rating in a research note on Thursday, July 11th. Finally, Zacks Investment Research downgraded shares of New Jersey Resources from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th.
In other news, CEO Laurence M. Downes sold 22,000 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $45.00, for a total value of $990,000.00. Following the sale, the chief executive officer now owns 405,572 shares of the company’s stock, valued at $18,250,740. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.30% of the company’s stock.
About New Jersey Resources
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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