New Jersey Resources Corp (NYSE:NJR) to Issue $0.29 Quarterly Dividend

New Jersey Resources Corp (NYSE:NJR) declared a quarterly dividend on Wednesday, May 8th, Wall Street Journal reports. Stockholders of record on Monday, June 17th will be given a dividend of 0.2925 per share by the utilities provider on Monday, July 1st. This represents a $1.17 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is Friday, June 14th.

New Jersey Resources has raised its dividend payment by an average of 6.7% annually over the last three years and has increased its dividend annually for the last 23 consecutive years. New Jersey Resources has a payout ratio of 44.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect New Jersey Resources to earn $2.20 per share next year, which means the company should continue to be able to cover its $1.17 annual dividend with an expected future payout ratio of 53.2%.

New Jersey Resources stock opened at $49.53 on Thursday. The company has a market capitalization of $4.32 billion, a PE ratio of 33.20, a P/E/G ratio of 3.46 and a beta of 0.36. New Jersey Resources has a twelve month low of $40.65 and a twelve month high of $51.83. The company has a quick ratio of 0.91, a current ratio of 1.04 and a debt-to-equity ratio of 0.75.

New Jersey Resources (NYSE:NJR) last released its quarterly earnings results on Friday, May 3rd. The utilities provider reported $1.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.08. The company had revenue of $866.26 million during the quarter, compared to analysts’ expectations of $1.01 billion. New Jersey Resources had a net margin of 4.51% and a return on equity of 8.73%. The business’s quarterly revenue was down 15.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.62 earnings per share. As a group, equities research analysts predict that New Jersey Resources will post 2 EPS for the current fiscal year.

Separately, Zacks Investment Research cut shares of New Jersey Resources from a “buy” rating to a “hold” rating in a report on Friday, April 26th.

In related news, Director M William Howard, Jr. sold 1,000 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $50.17, for a total transaction of $50,170.00. Following the completion of the transaction, the director now owns 16,713 shares in the company, valued at $838,491.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David A. Trice sold 12,000 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $49.74, for a total transaction of $596,880.00. Following the transaction, the director now owns 11,585 shares of the company’s stock, valued at approximately $576,237.90. The disclosure for this sale can be found here. Insiders sold 38,068 shares of company stock valued at $1,884,657 in the last quarter. Corporate insiders own 1.30% of the company’s stock.

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New Jersey Resources Company Profile

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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Dividend History for New Jersey Resources (NYSE:NJR)

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