WALL, N.J.–(BUSINESS WIRE)–The board of directors (the “Board”) of New Jersey Resources Corporation (NYSE: NJR) unanimously approved a 7.6 percent increase in the quarterly dividend rate to $0.39 per share from $0.3625 per share. The new quarterly rate will be effective with the dividend payable October 3, 2022 to shareowners of record on September 26, 2022. This dividend replaces the previously announced dividend of $0.3625 per share approved on July 14, 2022 for shareowners of record on September 26, 2022.
The new annual dividend rate will be $1.56 per share. NJR has paid quarterly dividends continuously since its inception in 1952, and this marks the 29th dividend increase over the last 27 years.
Steve Westhoven, President and CEO of NJR, stated, “This quarterly dividend increase reflects the Board’s confidence in our long-term business strategy and financial position. A growing dividend is an important component of our commitment to provide strong long-term returns to shareholders.”
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
- New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,600 miles of natural gas transportation and distribution infrastructure to serve over 560,000 customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex, Sussex and Burlington counties.
- Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of over 380 megawatts, providing residential and commercial customers with low-carbon solutions.
- Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
- Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline Project, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
- Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.
NJR and its over 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.
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