New Jersey Res - NJR STOCK NEWS

NJR Clean Energy Ventures (CEV) has sold its 91 megawatt residential solar portfolio to Spruce Power Holding for $132.5 million. The transaction includes approximately 9,800 residential solar systems operated under 'The Sunlight Advantage®' program. Spruce will assume all existing lease agreements with homeowners. NJR plans to use the proceeds to reduce corporate debt and for working capital. Following the sale, CEV will focus on expanding its commercial solar portfolio, supported by a nearly 1 GW pipeline of investment opportunities. Since 2009, CEV has invested over $1.2 billion in solar projects and has become New Jersey's largest commercial solar owner-operator, with assets across multiple states.

Spruce Power (NYSE: SPRU) has acquired a residential solar portfolio from NJR Clean Energy Ventures for $132.5 million. The acquisition includes approximately 9,800 solar systems in New Jersey, expanding Spruce's customer base by ~13% to ~85,000. The Portfolio features long-term lease agreements with homeowners, averaging over 11 years remaining. The deal was funded with $22.7 million cash and a new $109.8 million debt facility from Santander. The Portfolio is expected to generate levered cash flows of approximately $7.0 million for the twelve months ended September 2025, and cumulative levered cash flows of about $22.0 million from 2025 to 2027.

New Jersey Natural Gas (NJNG) has received approval from the New Jersey Board of Public Utilities for a $157 million base rate increase. The settlement reflects a rate base of $3.25 billion, an overall rate of return of 7.08% (including a 9.6% return on equity with 54% equity ratio), and a 3.21% composite depreciation rate. The increase will help recover costs from $850 million in infrastructure investments made since 2021, including system enhancements, looping and reinforcement projects, replacement of 140 miles of vintage distribution mains, modernization of customer service operations, and cybersecurity improvements. The settlement also addresses COVID-19 pandemic-related arrearages.

New Jersey Resources (NYSE: NJR) announced that its board of directors has unanimously declared a quarterly dividend of $0.45 per share, payable on January 2, 2025, to shareholders of record as of December 11, 2024. The company highlighted its consistent dividend payment history, having distributed quarterly dividends continuously since 1952, with annual increases for 29 consecutive years.

New Jersey Natural Gas (NJNG) received BPU approval for its largest energy-efficiency program, SAVEGREEN®, effective January 2025 through June 2027. The company is authorized to invest $385.6 million over 30 months, including $205 million for direct program funding and $160.5 million for 0% financing opportunities. The program aims to help customers reduce energy usage and lower bills through rebates and financing for equipment replacement and energy-efficiency measures. If fully subscribed, SAVEGREEN will save over 109.8 million therms of natural gas, preventing 580,592 metric tons of CO2 emissions. The program includes innovative technologies like hybrid heat systems and gas heat pumps for commercial customers.

New Jersey Resources (NYSE: NJR) has announced a 7.1% increase in its quarterly dividend to $0.45 per share, up from $0.42. The new dividend will be payable on October 1, 2024, to shareholders of record as of September 23, 2024. This increase brings the annual dividend rate to $1.80 per share. NJR has consistently paid quarterly dividends since its inception in 1952 and has raised the dividend for 29 consecutive years. The company's CEO, Steve Westhoven, emphasized that this increase reflects the board's confidence in NJR's financial health and long-term growth strategy, demonstrating a commitment to delivering sustainable returns to stakeholders.

New Jersey Resources (NYSE: NJR) reported a consolidated net loss of $(11.6) million for Q3 fiscal 2024, compared to net income of $1.5 million in Q3 fiscal 2023. The company's net financial loss was $(8.9) million, or $(0.09) per share, compared to net financial earnings of $9.7 million, or $0.10 per share, in the same quarter last year.

Despite the quarterly loss, NJR re-affirmed its fiscal 2024 net financial earnings per share (NFEPS) guidance range of $2.85 to $3.00, which was increased by $0.15 in February 2024 due to strong performance from Energy Services. The company also maintained its long-term projected NFEPS growth rate of 7 to 9 percent.

New Jersey Natural Gas filed a rate case seeking a $219.6 million increase in base rates. Year-to-date net income for fiscal 2024 totaled $198.6 million, or $2.02 per share, compared to $227.7 million, or $2.35 per share, for the same period in fiscal 2023.

New Jersey Resources (NYSE: NJR) has announced a live webcast scheduled for Tuesday, August 6, 2024, at 10 a.m. ET, to discuss its fiscal 2024 third quarter financial results. The presentation will be led by President and CEO Steve Westhoven, along with Senior VP and CFO Roberto Bel, covering NJR's financial and operational performance. Interested parties can access the webcast via the Investor Relations section on NJR's website.

New Jersey Resources (NYSE: NJR) has committed $500,000 over five years to support the Monmouth Conservation Foundation's (MCF) restoration and improvement of Scudder Preserve in Monmouth County, NJ. This funding is part of NJR's Coastal Climate Initiative (CCI) that pledges up to $2 million for environmental stewardship in New Jersey. The project targets forest restoration, biodiversity enhancement, climate resilience, and public access expansion. NJR's support will help MCF conduct natural resource inventories, devise restoration and management plans, improve site facilities, and launch educational programs. This aligns with NJR's broader sustainability goals, demonstrated by their recent $560,000 environmental funding and significant investments in energy efficiency and carbon reduction technologies.