New Jersey Resources Co. Plans Quarterly Dividend of $0.45 (NYSE:NJR)

New Jersey Resources Co. (NYSE:NJR - Get Free Report) announced a quarterly dividend on Wednesday, April 16th, RTT News reports. Shareholders of record on Tuesday, June 10th will be given a dividend of 0.45 per share by the utilities provider on Tuesday, July 1st. This represents a $1.80 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date of this dividend is Tuesday, June 10th.

New Jersey Resources has increased its dividend payment by an average of 7.8% per year over the last three years and has raised its dividend annually for the last 29 consecutive years. New Jersey Resources has a dividend payout ratio of 57.9% meaning its dividend is sufficiently covered by earnings. Analysts expect New Jersey Resources to earn $3.12 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 57.7%.

New Jersey Resources Stock Down 1.1 %

Shares of NJR traded down $0.57 during trading hours on Monday, hitting $49.17. 331,167 shares of the company were exchanged, compared to its average volume of 526,575. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.61 and a current ratio of 0.89. New Jersey Resources has a 52 week low of $41.58 and a 52 week high of $51.95. The firm's 50 day moving average is $48.05 and its 200-day moving average is $47.54. The company has a market cap of $4.93 billion, a PE ratio of 14.81 and a beta of 0.58.

New Jersey Resources (NYSE:NJR - Get Free Report) last issued its quarterly earnings data on Monday, February 3rd. The utilities provider reported $1.29 EPS for the quarter, topping analysts' consensus estimates of $1.14 by $0.15. New Jersey Resources had a net margin of 18.25% and a return on equity of 15.72%. During the same quarter last year, the company posted $0.74 EPS. On average, equities research analysts forecast that New Jersey Resources will post 3.15 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Roberto Bel sold 2,346 shares of New Jersey Resources stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $48.58, for a total value of $113,968.68. Following the completion of the transaction, the chief financial officer now owns 23,822 shares in the company, valued at approximately $1,157,272.76. The trade was a 8.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.72% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on NJR shares. JPMorgan Chase & Co. cut their price objective on shares of New Jersey Resources from $54.00 to $52.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 28th. Jefferies Financial Group initiated coverage on shares of New Jersey Resources in a report on Tuesday, April 1st. They set a "hold" rating and a $51.00 price target on the stock. StockNews.com raised New Jersey Resources from a "sell" rating to a "hold" rating in a research note on Tuesday, February 4th. Guggenheim raised their price objective on New Jersey Resources from $53.00 to $54.00 and gave the company a "neutral" rating in a research report on Wednesday, February 5th. Finally, New Street Research set a $51.00 price target on shares of New Jersey Resources in a research note on Tuesday, April 1st. Five research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $51.50.

About New Jersey Resources

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.