Welcome to our dedicated page for New Jersey Resources news (Ticker: NJR), a resource for investors and traders seeking the latest updates and insights on New Jersey Resources stock.
New Jersey Resources Corp (NJR) is a diversified energy services holding company that operates both regulated and nonregulated businesses. As a Fortune 1000 company, NJR is dedicated to providing reliable energy and natural gas services, including transportation, distribution, and asset management across several regions in the United States and Canada.
NJR’s regulated utility, New Jersey Natural Gas, delivers natural gas to nearly 600,000 customers in New Jersey. The company also operates an extensive infrastructure network, maintaining 6,700 miles of natural gas transportation and distribution pipelines to ensure safe and reliable service. Additionally, it offers appliance installation, repair, and contract services to approximately 150,000 homes and businesses.
On the nonregulated front, NJR invests heavily in renewable energy through its subsidiary, NJR Clean Energy Ventures (CEV). CEV owns and operates solar projects and provides low-carbon solutions to residential and commercial customers. With over $1.2 billion invested in solar projects and approximately 470 MW of installed capacity, CEV is a significant player in the renewable energy sector.
NJR also engages in midstream asset investments through equity partnerships in projects like Steckman Ridge and Iroquois. The company manages a diverse portfolio that includes 777,000 Dth/d of transportation capacity and 52 Bcf of storage capacity.
Recently, NJR Clean Energy Ventures formed a partnership with CI Renewables to develop commercial and industrial solar projects in the Mid-Atlantic region. This collaboration aims to expand their geographic reach and enhance their portfolio of innovative solar energy solutions.
With annual revenues exceeding $2.5 billion, NJR continues to focus on growth and sustainability. The company’s Conserve to Preserve® initiative helps customers save energy and reduce their environmental impact, underscoring NJR’s commitment to a sustainable future.
New Jersey Resources (NYSE: NJR) announced that its board of directors has unanimously declared a quarterly dividend of $0.45 per share on its common stock. The dividend will be paid on April 1, 2025, to shareholders of record as of March 11, 2025. The company highlighted its consistent dividend payment history, noting that it has maintained quarterly dividend distributions since its founding in 1952 and has increased its dividend annually for 29 consecutive years.
New Jersey Resources (NYSE: NJR) held its 72nd Annual Shareowners Meeting, where shareholders elected three directors to the board: Gregory E. Aliff, Thomas C. O'Connor, and Michael A. O'Sullivan. Each director will serve a three-year term expiring in 2028.
During the virtual meeting, shareowners also approved a non-binding advisory resolution on executive compensation and ratified Deloitte & Touche LLP as the company's independent registered public accounting firm for the fiscal year ending September 30, 2025.
New Jersey Resources (NYSE: NJR) has announced a $50,000 pledge to launch Rutgers University's first Vibrant Communities Sustainability & Resiliency Project, alongside releasing its 2024 Corporate Sustainability Report. The funding, provided through NJR's Coastal Climate Initiative, will support a sustainable landscape master plan in Manitou Park, South Toms River Borough.
The project will involve Rutgers University's Landscape Architecture Program graduate students creating and implementing environmental improvements, including enhanced green spaces, improved stormwater management, and community engagement initiatives. This builds on NJR's philanthropic history, including over $275,000 in support to Homes for All since 2008.
The 2024 Corporate Sustainability Report highlights include: over 4,200 employee volunteer hours, $2.1 million in nonprofit funding, completion of their first capped landfill community solar facility, $71.3 million investment in SAVEGREEN energy-efficiency program, and recognition as one of America's Most Responsible Companies by Newsweek for the fifth consecutive year.
New Jersey Resources (NYSE: NJR) has announced its upcoming fiscal 2025 first quarter earnings call, scheduled for Tuesday, February 4, 2025, at 10 a.m. ET. The company will release its financial results on Monday, February 3, 2025, after the stock market closes.
Investors, customers, financial community members, and other interested parties are invited to participate in the live webcast. To access the webcast, participants should visit www.njresources.com, navigate to the 'Investor Relations' section, and click the webcast link under 'Latest Events' on the right side of the page.
New Jersey Resources (NYSE: NJR) reported fiscal 2024 results with consolidated net income of $289.8 million, or $2.94 per share, up from $264.7 million in 2023. The company achieved consolidated net financial earnings of $290.8 million, or $2.95 per share, reaching the higher end of its guidance range. Fourth-quarter net income was $91.1 million. Key highlights include BPU approval for a $157.0 million base rate increase and a new $385.6 million energy efficiency program. The company announced the sale of its 91MW residential solar portfolio for $132.5 million and introduced fiscal 2025 NFEPS guidance of $3.05-$3.20.
NJR Clean Energy Ventures (CEV) has sold its 91 megawatt residential solar portfolio to Spruce Power Holding for $132.5 million. The transaction includes approximately 9,800 residential solar systems operated under 'The Sunlight Advantage®' program. Spruce will assume all existing lease agreements with homeowners. NJR plans to use the proceeds to reduce corporate debt and for working capital. Following the sale, CEV will focus on expanding its commercial solar portfolio, supported by a nearly 1 GW pipeline of investment opportunities. Since 2009, CEV has invested over $1.2 billion in solar projects and has become New Jersey's largest commercial solar owner-operator, with assets across multiple states.
Spruce Power (NYSE: SPRU) has acquired a residential solar portfolio from NJR Clean Energy Ventures for $132.5 million. The acquisition includes approximately 9,800 solar systems in New Jersey, expanding Spruce's customer base by ~13% to ~85,000. The Portfolio features long-term lease agreements with homeowners, averaging over 11 years remaining. The deal was funded with $22.7 million cash and a new $109.8 million debt facility from Santander. The Portfolio is expected to generate levered cash flows of approximately $7.0 million for the twelve months ended September 2025, and cumulative levered cash flows of about $22.0 million from 2025 to 2027.
New Jersey Natural Gas (NJNG) has received approval from the New Jersey Board of Public Utilities for a $157 million base rate increase. The settlement reflects a rate base of $3.25 billion, an overall rate of return of 7.08% (including a 9.6% return on equity with 54% equity ratio), and a 3.21% composite depreciation rate. The increase will help recover costs from $850 million in infrastructure investments made since 2021, including system enhancements, looping and reinforcement projects, replacement of 140 miles of vintage distribution mains, modernization of customer service operations, and cybersecurity improvements. The settlement also addresses COVID-19 pandemic-related arrearages.
New Jersey Resources (NYSE: NJR) announced that its board of directors has unanimously declared a quarterly dividend of $0.45 per share, payable on January 2, 2025, to shareholders of record as of December 11, 2024. The company highlighted its consistent dividend payment history, having distributed quarterly dividends continuously since 1952, with annual increases for 29 consecutive years.
New Jersey Natural Gas (NJNG) received BPU approval for its largest energy-efficiency program, SAVEGREEN®, effective January 2025 through June 2027. The company is authorized to invest $385.6 million over 30 months, including $205 million for direct program funding and $160.5 million for 0% financing opportunities. The program aims to help customers reduce energy usage and lower bills through rebates and financing for equipment replacement and energy-efficiency measures. If fully subscribed, SAVEGREEN will save over 109.8 million therms of natural gas, preventing 580,592 metric tons of CO2 emissions. The program includes innovative technologies like hybrid heat systems and gas heat pumps for commercial customers.
FAQ
What is the current stock price of New Jersey Resources (NJR)?
What is the market cap of New Jersey Resources (NJR)?
What services does New Jersey Resources Corp provide?
Who are the customers of New Jersey Natural Gas?
What is NJR Clean Energy Ventures?
How much solar capacity does NJR Clean Energy Ventures have?
What recent partnerships has NJR entered into?
How extensive is NJR's natural gas infrastructure?
What is the Conserve to Preserve® initiative?
What is NJR’s annual revenue?
What types of investments does NJR have in midstream assets?
How many homes and businesses benefit from NJR’s appliance services?
