New Jersey Resources said on January 25, 2023 that its board of directors declared a regular quarterly dividend of $0.39 per share ($1.56 annualized). Shareholders of record as of March 14, 2023 will receive the payment on April 3, 2023. Previously, the company paid $0.39 per share.
At the most recent share price of $49.44 / share, the stock’s dividend yield was 3.16%. Additionally, the company’s dividend payout ratio is 0.55, indicating it is retaining a high percentage of its earnings to reinvest in growth opportunities.
The company’s 3-Year dividend growth rate is 0.25%, demonstrating that it consistently increased its dividends over time.
Analyst Price Forecast Suggests 1.44% Upside
As of January 30, 2023, the average one-year price target for New Jersey Resources is $50.15. The forecasts range from a low of $40.40 to a high of $61.95. The average price target represents an increase of 1.44% from its latest reported closing price of $49.44.
The projected annual revenue for New Jersey Resources is $2,554MM, a decrease of 12.11%. The projected annual EPS is $2.49, a decrease of 12.99%.
Fund Sentiment
There are 652 funds or institutions reporting positions in New Jersey Resources. This is an increase of 6 owner(s) or 0.93%.
Average portfolio weight of all funds dedicated to US:NJR is 0.1873%, a decrease of 1.8724%. Total shares owned by institutions increased in the last three months by 1.03% to 82,478K shares.
What are large shareholders doing?
SDY – SPDR Dividend ETF holds 5,866,969 shares representing 6.08% ownership of the company. In it’s prior filing, the firm reported owning 5,553,470 shares, representing an increase of 5.34%. The firm decreased its portfolio allocation in NJR by 6.28% over the last quarter.
Wellington Management Group Llp holds 2,895,786 shares representing 3.00% ownership of the company. In it’s prior filing, the firm reported owning 2,681,318 shares, representing an increase of 7.41%. The firm decreased its portfolio allocation in NJR by 86.20% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 2,874,596 shares representing 2.98% ownership of the company. In it’s prior filing, the firm reported owning 2,850,907 shares, representing an increase of 0.82%. The firm decreased its portfolio allocation in NJR by 8.66% over the last quarter.
IJH – iShares Core S&P Mid-Cap ETF holds 2,811,995 shares representing 2.92% ownership of the company. In it’s prior filing, the firm reported owning 2,764,950 shares, representing an increase of 1.67%. The firm decreased its portfolio allocation in NJR by 11.17% over the last quarter.
Wells Fargo holds 2,612,998 shares representing 2.71% ownership of the company. In it’s prior filing, the firm reported owning 2,561,773 shares, representing an increase of 1.96%. The firm decreased its portfolio allocation in NJR by 6.63% over the last quarter.
New Jersey Resources Background Information
(This description is provided by the company.)
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. Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 350 megawatts, providing residential and commercial customers with low-carbon solutions. 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 percent equity ownership in the Steckman Ridge natural gas storage facility, and our 20 percent equity interest in the PennEast Pipeline Project. 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 more than 1,100 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®.
This article originally appeared on Fintel
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