New Jersey Resources Board Elevates Dividend for Shareholders

New Jersey Resources Announces Dividend Increase

The board of directors of New Jersey Resources Corporation (NYSE: NJR) has made a significant decision by raising the quarterly dividend by 7.1%, bringing it to $0.45 per share. This adjustment marks an important milestone in the company’s financial strategy and stands as a testament to its commitment to shareholders.

Effective Date and Historical Context

This new dividend rate will be put into effect with the payment scheduled for October 1 to shareowners of record on September 23. This increase signifies not only a continuous effort to provide returns to its investors but also highlights the company’s strong financial performance over the years. New Jersey Resources has consistently paid dividends since 1952 and has a commendable track record of annual increases for 29 consecutive years.

Leadership Comments on Dividend Growth

President and CEO Steve Westhoven emphasized the board’s confidence in the company’s financial health and strategic direction in a recent statement. He remarked that the raised dividend reflects the Board's belief in the company's long-term growth strategy and their commitment to delivering value to stakeholders. This indicates a firm dedication to sustainable profitability while also enhancing shareholder value.

NJR's Business Structure

New Jersey Resources operates multiple businesses that work synergistically to bolster the company’s market position. The main subsidiary, New Jersey Natural Gas, plays a crucial role in serving approximately 582,000 customers across various counties by maintaining and operating natural gas infrastructure.

Core Operations of New Jersey Resources

New Jersey Resources comprises five primary business segments that are designed to cater to the energy needs of their customers effectively:

Natural Gas Distribution

New Jersey Natural Gas is pivotal in ensuring safe and reliable natural gas delivery, which underscores the company's essential role in energy distribution within the community. This robust service framework has helped NJR build lasting relationships with its customer base.

Renewable Energy Initiatives

The company also spans into renewable energy through its Clean Energy Ventures segment, which invests in solar projects with captivating results, boasting approximately 477 megawatts of operational capacity. These initiatives reflect NJR’s commitment to environmental sustainability and low-carbon energy solutions.

Diverse Energy Services

NJR's Energy Services division manages a wide-ranging portfolio that includes transportation and storage of natural gas assets, contributing to the development of customized energy solutions tailored for clients across North America.

Strategic Storage and Transportation Solutions

Through its Storage and Transportation segment, NJR facilitates crucial energy services for electric generators and wholesale marketers, further leveraging its strategic assets, which includes key pipeline operational control.

Comprehensive Home Services

The Home Services division enhances consumer comfort by providing heating, air conditioning, and water heater services, supporting households throughout New Jersey. This reflects NJR's holistic approach to energy and customer service.

Commitment to Sustainability and Community

New Jersey Resources employs over 1,300 staff members who are dedicated to encouraging energy conservation practices and efficiency through proactive initiatives like Conserve to Preserve®. Programs like The SAVEGREEN Project® and The Sunlight Advantage® further illustrate their commitment to sustainability.

Looking Ahead

The recent increase in the dividend further strengthens NJR's position in the market as a reliable investment choice. Stakeholders can look forward to the company continuing its trajectory of growth and improvement, promising opportunities for both community engagement and environmental contributions.

Frequently Asked Questions

What is the new dividend amount announced by NJR?

The new quarterly dividend rate is $0.45 per share, reflecting a 7.1% increase from the previous rate.

When will the new dividend rate take effect?

The new dividend rate will be effective on October 1, as payable to those shareholders on record as of September 23.

How long has NJR been paying dividends?

NJR has been paying quarterly dividends continuously since its inception in 1952.

What strategic goals does NJR have moving forward?

NJR aims to drive sustainable returns and bolster its long-term growth strategy, consistently providing value to stakeholders.

How does NJR contribute to sustainability?

NJR supports sustainability through its diverse energy services, commitment to renewable energy projects, and initiatives promoting energy efficiency.

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