WALL, N.J.--(BUSINESS WIRE)--Today, the board of directors of New Jersey Resources (NYSE: NJR) unanimously approved a 6.9 percent increase in the quarterly dividend rate to $.2725 per share from $.255 per share. The new quarterly rate will be effective with the dividend payable October 2, 2017 to shareowners of record on September 22, 2017. The new annual dividend rate will be $1.09 per share. This dividend replaces the previously announced dividend of $.255 per share approved on July 11, 2017 for shareowners of record on September 22, 2017. NJR has paid quarterly dividends continuously since its inception in 1952, and this marks the 24th dividend increase over the last 22 years.
“Our shareowners look to us to provide them with a competitive return on their investment,” said Laurence M. Downes, chairman and CEO of New Jersey Resources. “I am pleased the strength of our organization and our solid financial performance this year continues to provide exceptional value for our investors.”
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 six primary businesses:
- New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,300 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex and Burlington counties.
- NJR Clean Energy Ventures invests in, owns and operates solar and onshore wind projects with a total capacity of more than 300 megawatts, providing residential and commercial customers with low-carbon solutions.
- NJR 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.
- NJR Retail Services (NJRRS), provides retail natural gas supply and transportation services to commercial, industrial and municipal customers in New Jersey, Pennsylvania, Maryland and Delaware. In addition, NJRRS offers flexible supply options, competitive pricing and operational services, including pricing, hedging, nominations, balancing and scheduling to meet customer needs.
- NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers through its 50 percent equity ownership in the Steckman Ridge natural gas storage facility and its stake in Dominion Midstream Partners, L.P., as well as its 20 percent equity interest in the PennEast Pipeline Project.
- NJR 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 more than 1,000 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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