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) held a virtual 2020 Analyst Day, outlining ambitious financial targets. The company aims for a 6-10% annual growth in consolidated net financial earnings per share (NFEPS) starting fiscal 2022, and 20% growth in annual Cash Flows from Operations (CFFO) by 2024. NJR forecasts an 11% CAGR in its regulated utility segment, NJNG, from 2019-2024. Additionally, NJR plans to invest $850 million in its Clean Energy Ventures (CEV) to tap into the growing solar market.
New Jersey Resources (NJR) reported net income of $193.9 million for fiscal 2020, up from $169.5 million in 2019. Net financial earnings (NFE) were $196.2 million, or $2.07 per share, surpassing the previous year's $175.0 million, or $1.96 per share. The company increased its annual dividend by 6.4% to $1.33 per share and expanded its energy efficiency offerings. Fourth-quarter results showed net income of $43.3 million, or $0.45 per share, compared to $18.1 million, or $0.20 per share, in Q4 2019. NJR emphasized its commitment to reliability and sustainability amidst the ongoing pandemic.
New Jersey Natural Gas (NJNG), a subsidiary of New Jersey Resources (NYSE: NJR), announced a one-time bill credit of $10 million for residential and small commercial customers, effective from December 1, 2020, to December 31, 2020. This initiative will save an average residential heating customer about $19.31, reflecting an 11.2% decrease on their December bill. The bill credit is facilitated by rate case refunds and lower natural gas prices without impacting NJNG's profitability. This move supports customers during the colder winter months, reinforcing the company's commitment to cost management.
The board of directors of New Jersey Resources (NJR) has declared a quarterly dividend of $.3325 per share, payable on January 4, 2021, to shareholders of record as of December 16, 2020. NJR has maintained continuous quarterly dividends since its inception in 1952, demonstrating its long-term commitment to delivering value to shareholders. The company operates across several segments, including natural gas distribution and clean energy services, and aims to promote energy efficiency.
New Jersey Resources (NYSE: NJR) will host a virtual Analyst Day on November 30, 2020, at 8:30 a.m. EST. The senior leadership team will present the company's strategic value proposition and long-term financial growth plans, along with year-end fiscal 2020 earnings results. Key speakers include CEO Steve Westhoven and CFO Patrick Migliaccio. The event will be accessible via a live webcast and later archived for on-demand viewing.
New Jersey Natural Gas (NJNG), a subsidiary of New Jersey Resources (NJR), has secured approval from the New Jersey Board of Public Utilities to invest $150 million over five years in infrastructure projects aimed at enhancing safety and reliability in its natural gas distribution system. This initiative includes 24 projects such as transmission upgrades and safety device installations. Residential heating customers may incur a 2.4% increase in bills over this period, totaling $28. NJNG plans to file for rate recovery annually and a base rate case within five years.
Adelphia Gateway LLC has received a Partial Notice to Proceed from the Federal Energy Regulatory Commission (FERC) for the first phase of construction on its pipeline project. This phase will convert 50 miles of an 84-mile pipeline from oil to natural gas, aimed at addressing supply constraints in southeastern Pennsylvania. Expected to be operational in 2021, the project is seen as vital for the region’s economy recovery. The necessary environmental permits have been issued, allowing pre-construction mobilization to commence.
NJR Clean Energy Ventures (NJRCEV) and the Borough of Hopatcong celebrate the completion of a 1.5 MW solar project at a former landfill. This project, consisting of nearly 4,000 solar panels, will provide enough energy to power 230 homes annually and reduce emissions by 1,435 tons. NJRCEV will lease 23 acres for 25 years, promoting the state’s clean energy goals by selling generated power to PJM. NJRCEV has invested over $970 million in New Jersey, maintaining more than 350 MW capacity, enough to power nearly 55,000 homes and reduce 322,000 metric tons of emissions annually.
New Jersey Resources (NYSE: NJR) announced a ribbon-cutting ceremony on October 15, 2020, at 10 a.m. to celebrate the completion of a new 1.5 MW solar project at the Hopatcong Municipal Landfill. The project, developed by NJR Clean Energy Ventures, aims to produce clean energy for the wholesale electric market. Key speakers include CEO Steve Westhoven and Mayor Michael Francis of Hopatcong. This initiative aligns with NJR's commitment to sustainability and enhancing local energy solutions.
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?
