New Jersey Resources Board of Directors Increases Dividend by 9 Percent

Rhea-AI Summary

The board of directors of New Jersey Resources (NYSE: NJR) has approved a 9% increase in the quarterly dividend rate to $.3625 per share, up from $.3325. This change will be effective October 1, 2021 for shareholders on record September 20, 2021. With this increase, NJR maintains an annual dividend rate of $1.45 per share, marking the 28th dividend increase in the last 26 years, reflecting strong company performance and confidence in future outlook.

Positive

• 9% increase in quarterly dividend rate reflects strong financial results.
• Continuous dividend payments since 1952 enhance shareholder value.
• Confidence in strategic outlook supports sustainable dividend increases.

Negative

• None.

Increase near top of stated annual growth range of 6 to 10 percent

WALL, N.J.--(BUSINESS WIRE)-- The board of directors of New Jersey Resources (NYSE: NJR) unanimously approved a 9 percent increase in the quarterly dividend rate to $.3625 per share from $.3325 per share. The new quarterly rate will be effective with the dividend payable October 1, 2021 to shareowners of record on September 20, 2021. This dividend replaces the previously announced dividend of $.3325 per share approved on July 14, 2021 for shareowners of record on September 20, 2021.

The new annual dividend rate will be $1.45 per share. NJR has paid quarterly dividends continuously since its inception in 1952, and this marks the 28^th dividend increase over the last 26 years.

“Today’s action by our board of directors reflects our continued commitment to provide value for shareowners,” said Steve Westhoven, President and CEO of New Jersey Resources. “The larger increase in our dividend this year reflects NJR’s strong results and our confidence in our strategic outlook,” Westhoven said.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

• New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties.
• NJR Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 365 megawatts, providing residential and commercial customers with low-carbon energy solutions.
• NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
• Storage & Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility, and our 20% equity interest in the PennEast Pipeline Project.
• NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its nearly 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR: www.njresources.com.

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NJR

View source version on businesswire.com: https://www.businesswire.com/news/home/20210909005258/en/

Media Contact:

Michael Kinney

732-938-1031

mkinney@njresources.com

Investor Contact:

Dennis Puma

732-938-1229

dpuma@njresources.com

Source: New Jersey Resources

FAQ

What is the new dividend amount for NJR stock?

The new quarterly dividend amount for New Jersey Resources (NJR) is $.3625 per share.

When will the new dividend be paid?

The new dividend will be payable on October 1, 2021, to shareholders of record on September 20, 2021.

How many times has NJR increased its dividend?

New Jersey Resources has increased its dividend 28 times over the past 26 years.

What is the annual dividend rate for NJR after the increase?

The annual dividend rate for NJR after the increase is $1.45 per share.

Is the dividend increase sustainable for NJR?

The increase reflects NJR's strong performance and confidence in its strategic outlook, indicating a positive long-term sustainability.