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 Natural Gas (NJNG), a subsidiary of New Jersey Resources (NYSE: NJR), filed an annual Basic Gas Supply Service (BGSS) and Conservation Incentive Program (CIP) with the New Jersey Board of Public Utilities. Due to rising market prices, NJNG proposes a 2.1% rate increase for typical residential heating customers, totaling $24.20 annually. The BGSS is set to rise by 0.5%, while a slight decrease in the CIP is proposed. Bill credits amounting to $20.6 million were issued earlier this year, reducing average residential bills by 3.6%. Rates would take effect on October 1, 2021, pending approval.
On May 26, 2021, Adelphia Gateway, LLC received a Notice to Proceed from the Federal Energy Regulatory Commission to initiate Phase 2 construction of its project. This phase involves the installation of crucial pipeline components in Delaware County, Pennsylvania, enhancing natural gas supply to the Philadelphia region. The project converts a 50-mile section of the pipeline from oil to natural gas, supporting demand in constrained markets. Adelphia Gateway anticipates placing several facilities into service this year to better serve customers in the Greater Philadelphia area.
New Jersey Resources (NYSE: NJR) reported a significant increase in second-quarter fiscal 2021 results, with consolidated net income of $149.8 million compared to $73.8 million in Q2 2020. The company's net financial earnings (NFE) rose to $170.6 million, or $1.77 per share, up from $84.3 million or $0.88 per share year-over-year. NJR increased its NFE per share guidance to $2.05 to $2.15 for fiscal 2021, driven by strong market demand and improved performance in its Energy Services sector. Additionally, NJNG filed for a $165.7 million rate increase with the BPU.
The board of directors of New Jersey Resources (NYSE: NJR) declared a quarterly dividend of $.3325 per share, payable on July 1, 2021, to shareholders on record as of June 16, 2021. The company emphasizes its commitment to delivering value to shareholders with a competitive return, having paid dividends consistently since 1952. NJR, a Fortune 1000 company, offers natural gas and clean energy services across its five business segments, aiming to promote energy conservation and efficiency through its various initiatives.
New Jersey Resources (NYSE: NJR) will host a live webcast for its fiscal 2021 Q2 earnings results on May 6, 2021, at 10 a.m. ET. CEO Steve Westhoven and CFO Pat Migliaccio will review the company's financial and operational performance. NJR operates five core businesses, including New Jersey Natural Gas and NJR Clean Energy Ventures, which collectively provide gas and clean energy services to over half a million customers. For further details, visit njresources.com.
New Jersey Natural Gas (NJNG), a subsidiary of New Jersey Resources (NJR), has petitioned the New Jersey Board of Public Utilities for a base rate increase of approximately $165.7 million. Since its last filing in 2019, NJNG has invested nearly $850 million in enhancing safety and reliability. The increase will cover costs associated with infrastructure improvements, including the Southern Reliability Link project to enhance natural gas supply resilience. NJNG emphasizes its commitment to delivering exceptional service while ensuring fair rates for customers.
New Jersey Resources (NJR) has raised its fiscal 2021 net financial earnings (NFE) guidance to $1.85 - $1.95 per share, up from $1.55 - $1.65. This improvement is largely attributed to strong performance in NJR Energy Services amid high natural gas demand due to widespread cold in the U.S. during Q2. The Leaf River storage facility also contributed positively. The updated NFE guidance accounts for reserves for bad debt exposure, reflecting robust operational performance.
New Jersey Resources (NJR) announced the approval of a $259 million expansion of its energy-efficiency program, The SAVEGREEN Project®, by the New Jersey Board of Public Utilities. This initiative aims to enhance sustainability and emissions reduction for residential, multi-family, and commercial customers. Expected benefits include a reduction in natural gas usage by over 125 million therms and the elimination of 663,102 metric tons of carbon dioxide emissions. The program will begin on July 1, 2021, and is designed to make energy efficiency accessible to low- and moderate-income households.
New Jersey Resources (NJR) announced strong first-quarter results for fiscal 2021, reporting consolidated net income of $81.0 million, up from $75.8 million year-over-year. The company achieved net financial earnings (NFE) of $44.7 million, translating to $0.46 per share, compared to $34.9 million or $0.38 per share last year. NJR reaffirmed its NFE per share guidance for fiscal 2021 at $1.55 to $1.65 and increased the guidance for fiscal 2022 by $0.15 to $2.20 to $2.30. Additionally, NJR is set to receive around $500 million from asset management agreements.
New Jersey Resources (NYSE: NJR) will host a live webcast on February 4, 2021, at 10 a.m. ET to discuss its fiscal 2021 first-quarter earnings results. CEO Steve Westhoven and CFO Pat Migliaccio will present an overview of the company's financial and operational performance. NJR operates major subsidiaries providing natural gas and clean energy services across New Jersey, managing over 7,500 miles of infrastructure and investing in solar projects with more than 357 MW capacity. For more details, visit njresources.com.
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