Welcome to our dedicated page for New Jersey Res news (Ticker: NJR), a resource for investors and traders seeking the latest updates and insights on New Jersey Res stock.
Overview of New Jersey Resources (NJR)
New Jersey Resources (NJR) is a Fortune 1000 energy services holding company that operates a diverse portfolio of regulated and nonregulated businesses. Headquartered in Wall, New Jersey, NJR is a key player in the energy sector, providing reliable natural gas distribution, energy transportation, and renewable energy solutions. The company serves a wide geographic area, including the Gulf Coast, New England, the Mid-Continent region, the West Coast, and parts of Canada, showcasing its extensive operational reach and infrastructure capabilities.
Core Business Areas
1. Regulated Natural Gas Utility: NJR’s regulated utility, New Jersey Natural Gas (NJNG), is a cornerstone of its operations. NJNG delivers natural gas to nearly 600,000 residential, commercial, and industrial customers in New Jersey. With 6,700 miles of natural gas transportation and distribution infrastructure, NJNG ensures safe and reliable energy delivery, making it a vital energy provider in the region.
2. Renewable Energy Investments: NJR Clean Energy Ventures (CEV), the renewable energy subsidiary of NJR, is a leader in solar energy development and operations. CEV has invested over $1.2 billion in solar projects, maintaining a portfolio of approximately 470 megawatts (MW) of installed solar capacity across six states. These projects generate enough clean energy to power approximately 70,000 homes and businesses annually. CEV focuses on expanding its geographic footprint and fostering partnerships to develop commercial and industrial-scale solar projects, aligning with the growing demand for sustainable energy solutions.
3. Midstream and Asset Management: NJR holds strategic investments in midstream energy assets, including equity partnerships in Steckman Ridge and Iroquois. These investments enhance its natural gas storage and transportation capabilities, with a portfolio of 777,000 dekatherms per day (Dth/d) of transportation capacity and 52 billion cubic feet (Bcf) of storage capacity. This segment supports NJR’s ability to optimize energy delivery and meet fluctuating market demands.
Business Model and Revenue Streams
NJR generates revenue through a combination of regulated utility operations, renewable energy projects, and midstream investments. The regulated utility provides a stable and predictable income stream, while the nonregulated businesses, such as CEV and midstream operations, offer growth opportunities. The company’s appliance services division further diversifies its revenue, providing installation, repair, and maintenance services to approximately 150,000 customers.
Competitive Position and Industry Context
NJR operates in a competitive landscape that includes regional utilities, renewable energy developers, and midstream operators. Its hybrid business model, which combines traditional energy infrastructure with renewable energy investments, sets it apart from competitors. By leveraging its expertise in natural gas distribution and renewable energy, NJR is well-positioned to address the evolving energy needs of its customers while contributing to the broader energy transition.
Key Strengths
- Diversified Operations: NJR’s mix of regulated and nonregulated businesses provides financial stability and growth potential.
- Extensive Infrastructure: The company’s 6,700 miles of natural gas pipelines and significant solar energy assets demonstrate its operational scale and reliability.
- Commitment to Sustainability: Through CEV, NJR is actively investing in renewable energy to meet the increasing demand for low-carbon solutions.
- Strategic Partnerships: Collaborations with developers like CI Renewables enhance NJR’s ability to expand its renewable energy portfolio and geographic reach.
Conclusion
New Jersey Resources (NJR) stands out as a multifaceted energy company with a strong foundation in regulated natural gas distribution and a forward-looking focus on renewable energy. Its strategic investments in infrastructure and clean energy position it as a significant player in the energy sector, capable of meeting both current and future energy demands. By balancing stability with innovation, NJR continues to provide value to its customers and stakeholders while contributing to the energy transition.
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.
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.
FAQ
What is the current stock price of New Jersey Res (NJR)?
What is the market cap of New Jersey Res (NJR)?
What does New Jersey Resources (NJR) do?
What is NJR Clean Energy Ventures?
How does NJR generate revenue?
What is NJR's competitive advantage?
What regions does NJR serve?
What is NJR’s role in renewable energy?
What midstream assets does NJR own?
How large is NJR’s natural gas infrastructure?
