NewJersey Resources Corporation (NYSE:NJR) Shareholders Set to Receive $0.50 Quarterly Dividend

NewJersey Resources Corporation (NYSE:NJR) declared a quarterly dividend on Wednesday, November 11th. Investors of record on Monday, December 14th will be given a dividend of $0.50 per share by the utilities provider on Monday, January 4th. This represents a $2.00 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Monday, December 14th.

NewJersey Resources has raised its dividend payment by an average of 0.1% per year over the last three years and has raised its dividend every year for the last 29 years. NewJersey Resources has a payout ratio of 64.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect NewJersey Resources to earn $3.43 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 58.3%.

NewJersey Resources Stock Performance

Shares of NJR opened at $54.83 on Thursday. NewJersey Resources has a 1 year low of $44.51 and a 1 year high of $60.86. The company has a market cap of $5.56 billion, a price-to-earnings ratio of 15.15, a price-to-earnings-growth ratio of 3.19 and a beta of 0.45. The firm has a fifty day moving average of $52.68 and a 200-day moving average of $54.65. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.45 and a current ratio of 0.66.

Analysts Set New Price Targets

NJR has been the topic of a number of recent research reports. JPMorgan Chase & Co. decreased their target price on NewJersey Resources from $64.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, September 11th. Wells Fargo & Company lowered NewJersey Resources from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $63.00 to $61.00 in a report on Wednesday, August 5th. Raymond James Financial set a $61.00 price objective on NewJersey Resources in a research report on Thursday, October 15th. Huntington initiated coverage on shares of NewJersey Resources in a report on Monday, September 14th. They issued an “outperform” rating and a $68.00 price target on the stock. Finally, Weiss Ratings cut shares of NewJersey Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $62.50.

NewJersey Resources Company Profile

New Jersey Resources Corporation is an energy services holding company headquartered in Wall, New Jersey. Through its subsidiaries, it distributes natural gas, provides energy-related services, and develops and operates clean energy and infrastructure assets. Its utility subsidiary, New Jersey Natural Gas, delivers natural gas to residential, commercial, and industrial customers in New Jersey. The company also provides natural gas supply and energy management services, operates natural gas storage and transportation assets, and offers home services such as heating, cooling, plumbing, and appliance repair.