New Jersey Resources Corporation (NYSE:NJR), a natural gas distributor with a market capitalization of $4.66 billion and a InvestingPro Financial Health score of FAIR, announced the results of its Annual Meeting held on January 21, 2025. The company's shareholders re-elected three directors to the board for another three-year term ending in 2028. The directors, Gregory E. Aliff, Thomas C. O’Connor, and Michael A. O’Sullivan, were re-elected with a substantial majority, as detailed in the company's 8-K filing with the SEC.
The shareholders also passed a non-binding advisory resolution approving the compensation of the company’s named executive officers. The resolution was approved with over 70 million votes in favor, against 1.8 million, and 363,048 abstentions.
Additionally, the appointment of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the fiscal year ending September 30, 2025, was ratified by the shareholders. The approval saw a significant majority of over 83 million votes for, 1.4 million against, and 128,772 abstentions.
The meeting saw a strong turnout with 85,248,976 shares represented, out of the 99,769,083 shares outstanding and entitled to vote, ensuring a quorum for the proceedings.
The terms of office for the remaining board members, including Donald L. Correll, James H. DeGraffenreidt, Jr., M. Susan Hardwick, Peter C. Harvey, Jane M. Kenny, Sharon C. Taylor, and Stephen D. Westhoven, continued after the Annual Meeting. Trading at a P/E ratio of 15.85x, NJR is scheduled to report its next earnings on February 3, 2025. For deeper insights into NJR's valuation and financial metrics, investors can access the comprehensive Pro Research Report available on InvestingPro.
This information is based on a press release statement filed by New Jersey Resources Corporation with the Securities and Exchange Commission.
In other recent news, New Jersey Resources (NJR) has reported surpassing its Net Financial Earnings Per Share (NFEPS) guidance for the fourth consecutive year, ending fiscal year 2024 with an NFEPS of $2.95, an increase from $2.70 in the previous year. The company has set a growth target of 7-9% for NFEPS. In a strategic move, NJR announced the divestiture of its residential solar portfolio, Sunlight Advantage, for $132.5 million, aimed at simplifying the Clean Energy Ventures (CEV) business and concentrating on the expansion of commercial solar initiatives. Mizuho (NYSE:MFG) Securities and Guggenheim have updated their evaluations of NJR's shares, increasing the price target while maintaining a neutral stance on the stock. This follows the favorable outcome of New Jersey Natural Gas's (NJNG) rate case, which was recently settled and surpassed expectations. NJR's plans for future capital expenditures range from $1.3 to $1.6 billion over the next two years, focusing on utility infrastructure and clean energy. The company's initial guidance for fiscal year 2025 is set between $3.05 and $3.20 per share.
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