New Jersey Resources Corporation (NYSE:NJR), a leading distribution company, announced Monday an update to its bylaws and a change in its fiscal year-end date. The amendments, approved by the company’s board of directors on Thursday, July 11, 2024, include changes to the advance notice provisions for director nominations by shareholders and the role of the chairman at shareholder meetings.
The amendments to the Articles of Association aim to improve the process by which shareholders nominate directors and to specify the information required for such nominations. Furthermore, the Articles of Association now clearly state that, if the Chairman of the Board is present, he or she will preside over shareholder meetings. These changes are part of a series of compliance, technical and non-material updates aimed at streamlining the Company’s governance practices.
The amended regulations took effect the same day they were approved, ensuring immediate implementation of the new provisions. The company, headquartered in Wall, New Jersey, has made the amended and revised bylaws available in their entirety as an appendix to its SEC filing, allowing shareholders and interested parties to review the details of the changes.
New Jersey Resources did not disclose any changes to its fiscal year-end in this filing. The company’s fiscal year will continue to end on September 30, as previously stated.
Information regarding these company updates is based on a press release.
In other recent news, New Jersey Resources (NJR) reported strong growth in the second quarter of fiscal 2024, with net income of $1.41 per share. The company affirmed its full-year earnings guidance of $2.85 to $3 per share, reflecting its stable financial performance. NJR also highlighted strong customer growth and utility margin improvements, while filing a base rate lawsuit to recover nearly $850 million in capital investments.
The company’s clean energy projects have growth potential, with 34 MW of projects under construction and a solar pipeline exceeding 870 MW. CEO Steve Westhoven expressed optimism about future expansion opportunities, particularly in Live River, and the importance of developing infrastructure to meet growing energy demand.
These are the latest developments for NJR, which maintains a stable long-term debt profile and ample liquidity. The company’s adjusted funds from operations (FFO) to adjusted debt ratio is expected to be between 17% and 18% this year.
InvestingPro Insights
In light of New Jersey Resources Corporation’s (NYSE:NJR) recent corporate governance updates and strong financial performance, a closer look at the company’s financial metrics and analysts’ views reveals additional insights. With a market cap of $4.42 billion and a price-to-earnings ratio of 17.55, NJR’s financial stability is evident in its consistent dividend history, including a remarkable streak of dividend growth over the past 54 years. This dedication to shareholder returns is a testament to the company’s financial health and strategic planning.
InvestingPro tips indicate that analysts have lowered their earnings forecasts for NJR going forward, with two analysts revising their earnings down. However, NJR stock has shown low price volatility, which could appeal to investors looking for stability in their portfolios. Furthermore, the company is expected to maintain profitability this year, a forecast that is in line with NJR’s positive performance over the past 12 months.
For investors interested in delving deeper into NJR’s financials and future prospects, InvestingPro offers additional tips that can provide a more comprehensive understanding of the company’s position and potential. With a total of 7 InvestingPro tips available at https://www.investing.com/pro/NJR, users have access to a wealth of information to guide their investment decisions. To further enhance the value of this resource, users can take advantage of a special offer using the coupon code Pro News 24 Get up to 10% off your Pro annual subscription and Pro+ annual or semi-annual subscription.
As NJR continues to navigate the complexities of the energy market, these insights from InvestingPro and additional tips provide a clearer picture of the company’s financial landscape and help investors make informed decisions.
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