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 its 68th Annual Shareowners Meeting virtually due to COVID-19, where shareowners elected M. William Howard for a one-year term and re-elected Donald L. Correll, James H. DeGraffenreidt Jr., M. Susan Hardwick, and George R. Zoffinger for three-year terms. CEO Steve Westhoven emphasized the board's expertise and NJR's commitment to a clean energy future. Shareowners also approved an advisory resolution on executive compensation and ratified Deloitte & Touche LLP as the accounting firm for FY 2021.
The board of directors of New Jersey Resources (NYSE:NJR) has declared a quarterly dividend of $0.3325 per share, payable on April 1, 2021, to shareholders on record as of March 17, 2021. The company has maintained a commitment to delivering value to its shareholders, having paid quarterly dividends since its inception in 1952. NJR operates through several subsidiaries, providing natural gas and clean energy services, including New Jersey Natural Gas, NJR Clean Energy Ventures, and more, serving over half a million customers across New Jersey.
New Jersey Natural Gas (NJNG), a subsidiary of New Jersey Resources (NYSE: NJR), announced a $12.5 million bill credit for January, on top of a $10 million credit for December. This totals $22.5 million in savings for customers over two months. The average residential heating customer will save $24.03 in January, resulting in a cumulative savings of $43.34. The additional credit is made possible due to lower natural gas prices and does not impact NJNG's profitability.
NJNG continues to assist customers facing economic challenges by providing access to energy assistance programs.
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.
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