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, 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.
New Jersey Resources (NYSE: NJR) has announced a 7.1% increase in its quarterly dividend to $0.45 per share, up from $0.42. The new dividend will be payable on October 1, 2024, to shareholders of record as of September 23, 2024. This increase brings the annual dividend rate to $1.80 per share. NJR has consistently paid quarterly dividends since its inception in 1952 and has raised the dividend for 29 consecutive years. The company's CEO, Steve Westhoven, emphasized that this increase reflects the board's confidence in NJR's financial health and long-term growth strategy, demonstrating a commitment to delivering sustainable returns to stakeholders.
New Jersey Resources (NYSE: NJR) reported a consolidated net loss of $(11.6) million for Q3 fiscal 2024, compared to net income of $1.5 million in Q3 fiscal 2023. The company's net financial loss was $(8.9) million, or $(0.09) per share, compared to net financial earnings of $9.7 million, or $0.10 per share, in the same quarter last year.
Despite the quarterly loss, NJR re-affirmed its fiscal 2024 net financial earnings per share (NFEPS) guidance range of $2.85 to $3.00, which was increased by $0.15 in February 2024 due to strong performance from Energy Services. The company also maintained its long-term projected NFEPS growth rate of 7 to 9 percent.
New Jersey Natural Gas filed a rate case seeking a $219.6 million increase in base rates. Year-to-date net income for fiscal 2024 totaled $198.6 million, or $2.02 per share, compared to $227.7 million, or $2.35 per share, for the same period in fiscal 2023.
New Jersey Resources (NYSE: NJR) has announced a live webcast scheduled for Tuesday, August 6, 2024, at 10 a.m. ET, to discuss its fiscal 2024 third quarter financial results. The presentation will be led by President and CEO Steve Westhoven, along with Senior VP and CFO Roberto Bel, covering NJR's financial and operational performance. Interested parties can access the webcast via the Investor Relations section on NJR's website.
New Jersey Resources (NYSE: NJR) has committed $500,000 over five years to support the Monmouth Conservation Foundation's (MCF) restoration and improvement of Scudder Preserve in Monmouth County, NJ. This funding is part of NJR's Coastal Climate Initiative (CCI) that pledges up to $2 million for environmental stewardship in New Jersey. The project targets forest restoration, biodiversity enhancement, climate resilience, and public access expansion. NJR's support will help MCF conduct natural resource inventories, devise restoration and management plans, improve site facilities, and launch educational programs. This aligns with NJR's broader sustainability goals, demonstrated by their recent $560,000 environmental funding and significant investments in energy efficiency and carbon reduction technologies.
New Jersey Natural Gas (NJNG), a subsidiary of New Jersey Resources (NYSE: NJR), has filed its annual rate adjustments with the New Jersey Board of Public Utilities (BPU). The filings include the Basic Gas Supply Service (BGSS) and Conservation Incentive Program (CIP) rates, along with costs for energy-efficiency (EE) programs. The overall impact will be a 0.5% increase for typical residential heating customers, equating to $0.71 more per month. NJNG aims to reduce the BGSS rate while increasing the Balancing Charge.
The warmer-than-normal winter led to a minimal CIP-related decrease of 0.1%. NJNG also seeks a 0.6% increase to recover costs from its SAVEGREEN energy-efficiency programs. Pending BPU approval, these changes will take effect on October 1, 2024.
New Jersey Natural Gas (NJNG), a subsidiary of New Jersey Resources (NYSE: NJR), has installed two CarbinX carbon-capture units at its Wall, NJ headquarters, marking the first such installations in the state. Developed by CleanO2, the CarbinX technology captures carbon emissions from HVAC systems and converts them into pearl ash, which has various commercial applications. The units improve the efficiency of the facility’s water heater, reducing emissions and energy costs. NJNG aims to use data from this project to inform customers and policymakers about the benefits of carbon-capture technology. This initiative is part of NJNG's broader strategy to support New Jersey's climate goals and enhance energy efficiency.
New Jersey Resources (NYSE: NJR) reported strong second-quarter results for fiscal 2024, with consolidated net income reaching $120.8 million and net financial earnings of $138.6 million. The company re-affirmed its fiscal 2024 net financial earnings per share guidance range of $2.85 to $3.00. NJNG filed a rate case seeking a $222.6 million increase in delivery rates. Despite lower year-to-date earnings compared to the previous fiscal year, NJR's performance reflects its commitment to shareholder value and organic growth initiatives.
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