New Jersey Res Stock Price, News & Analysis

New Jersey Resources (NYSE: NJR) announces executive leadership promotions effective January 1, 2022, to bolster its growth and sustainability strategies. Key appointments include Patrick Migliaccio as Senior Vice President and Chief Operating Officer of NJ Natural Gas, and Roberto Bel as Senior Vice President and Chief Financial Officer. The leadership team aims to enhance operational efficiency, advance decarbonization efforts, and manage approximately $1.5 billion in infrastructure investments. These changes are designed to strengthen NJR's position as a leader in clean energy and secure its future growth.

New Jersey Natural Gas (NJR) has filed a request for a 5% increase in Basic Gas Supply Service (BGSS) rates, effective December 1, 2021, due to an 80% rise in wholesale natural gas prices since May 2021. This adjustment will raise the average residential bill by approximately $5.93 monthly, adding to a recent base rate increase of $13.23. NJR emphasizes that these costs are solely for recovering commodity prices, with no profit margin involved. They previously returned $20.6 million to customers through bill credits, demonstrating their commitment to managing supply and minimizing price volatility.

New Jersey Resources Corporation (NJR) reported a net income of $117.9 million for fiscal 2021, down from $163.0 million in 2020. However, net financial earnings reached $207.7 million, or $2.16 per share, compared to $165.3 million, or $1.74 per share, from the prior year.

The company affirmed its fiscal 2022 earnings guidance of $2.20 to $2.30 per share and narrowed its long-term growth rate to 7-9%. NJR increased its annual dividend by 9% to $1.45 per share and received regulatory approval for a $79 million rate increase.

New Jersey Natural Gas (NJR) has received approval from the New Jersey Board of Public Utilities for a $79.269 million increase to its base rates, aimed at recovering costs associated with operational efficiencies and infrastructure investments, including a green hydrogen project. The rate base is now $2.523 billion, with a 6.84% return rate. Customers will see an average monthly bill increase of $13.23, or 11.3%, despite bills being 23.4% lower than 2008 rates. New rates are effective December 1, 2021.

The board of New Jersey Resources Corporation (NYSE:NJR) has declared a quarterly dividend of $0.3625 per share, payable on January 3, 2022, to shareholders of record as of December 15, 2021. This marks a continuation of the company's commitment to providing shareholder value, having paid dividends since 1952. NJR operates multiple subsidiaries in natural gas and clean energy sectors, including New Jersey Natural Gas and NJR Clean Energy Ventures, managing significant infrastructure and renewable projects across the region.

New Jersey Resources (NYSE: NJR) is set to host a live webcast of its fiscal 2021 year-end earnings results on November 18, 2021, at 10 a.m. ET. The presentation will be led by President and CEO Steve Westhoven and CFO Pat Migliaccio, providing insights into the company's financial and operational performance for the year. NJR operates through several subsidiaries, including New Jersey Natural Gas and NJR Clean Energy Ventures, focusing on natural gas transportation, distribution, and clean energy solutions.

New Jersey Resources (NYSE: NJR) has promoted Richard Reich to Senior Vice President and General Counsel, effective immediately. Reich will lead the company's legal department while continuing to serve as Corporate Secretary until a replacement is found. He joined NJR in 2006 and has held various positions, including Interim General Counsel since May 2021. CEO Steve Westhoven praised Reich's leadership and expertise. NJR operates multiple businesses, providing natural gas and clean energy services across New Jersey, including over 7,500 miles of gas infrastructure and renewable energy projects.

The board of directors of New Jersey Resources (NYSE: NJR) has approved a 9% increase in the quarterly dividend rate to $.3625 per share, up from $.3325. This change will be effective October 1, 2021 for shareholders on record September 20, 2021. With this increase, NJR maintains an annual dividend rate of $1.45 per share, marking the 28th dividend increase in the last 26 years, reflecting strong company performance and confidence in future outlook.

New Jersey Resources (NJR) reported a consolidated net loss of $(111.8) million for Q3 fiscal 2021, reflecting a $72.7 million impairment from the PennEast Project. In contrast, net financial earnings (NFE) fell to $(14.1) million, or $(0.15) per share, down from $2.7 million, or $0.03 per share a year earlier. Despite losses, NJR adjusted its fiscal 2021 NFE per share guidance to $2.10 - $2.20, driven by strong performance in Energy Services. Year-to-date net income was $119.0 million, compared to $130.3 million last year.