New Jersey Resources Co. (NYSE:NJR) Announces $0.42 Quarterly Dividend

New Jersey Resources Co. (NYSE:NJR - Get Free Report) announced a quarterly dividend on Thursday, April 18th, Zacks reports. Stockholders of record on Wednesday, June 12th will be given a dividend of 0.42 per share by the utilities provider on Monday, July 1st. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date of this dividend is Wednesday, June 12th.

New Jersey Resources has increased its dividend by an average of 7.9% per year over the last three years and has raised its dividend every year for the last 28 years. New Jersey Resources has a payout ratio of 58.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect New Jersey Resources to earn $2.88 per share next year, which means the company should continue to be able to cover its $1.68 annual dividend with an expected future payout ratio of 58.3%.

New Jersey Resources Stock Up 2.8 %

Shares of NJR traded up $1.17 during midday trading on Friday, reaching $43.36. 450,300 shares of the stock were exchanged, compared to its average volume of 370,049. New Jersey Resources has a 12-month low of $38.92 and a 12-month high of $53.90. The firm has a 50 day simple moving average of $42.12 and a 200-day simple moving average of $42.48. The company has a quick ratio of 0.47, a current ratio of 0.70 and a debt-to-equity ratio of 1.33. The company has a market cap of $4.26 billion, a price-to-earnings ratio of 17.77 and a beta of 0.64.

New Jersey Resources (NYSE:NJR - Get Free Report) last posted its quarterly earnings results on Tuesday, February 6th. The utilities provider reported $0.74 earnings per share for the quarter, missing analysts' consensus estimates of $0.89 by ($0.15). New Jersey Resources had a return on equity of 11.13% and a net margin of 13.96%. The firm had revenue of $467.20 million for the quarter, compared to analysts' expectations of $812.66 million. During the same period last year, the business earned $1.14 earnings per share. The firm's revenue for the quarter was down 35.4% on a year-over-year basis. Research analysts forecast that New Jersey Resources will post 2.94 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on NJR shares. StockNews.com raised New Jersey Resources from a "sell" rating to a "hold" rating in a research note on Wednesday, February 7th. Mizuho cut their price objective on New Jersey Resources from $47.00 to $45.00 and set a "neutral" rating on the stock in a research note on Monday, February 5th.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Quarry LP bought a new position in New Jersey Resources in the 2nd quarter worth approximately $38,000. Northwestern Mutual Wealth Management Co. increased its position in New Jersey Resources by 71.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 914 shares of the utilities provider's stock worth $45,000 after buying an additional 380 shares during the period. PCA Investment Advisory Services Inc. bought a new position in New Jersey Resources in the 2nd quarter worth approximately $73,000. IFP Advisors Inc increased its position in New Jersey Resources by 264.7% in the 2nd quarter. IFP Advisors Inc now owns 1,641 shares of the utilities provider's stock worth $77,000 after buying an additional 1,191 shares during the period. Finally, Gotham Asset Management LLC acquired a new stake in shares of New Jersey Resources during the 3rd quarter worth approximately $201,000. 70.98% of the stock is owned by institutional investors.

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.