Post by Backseat Alpha

New Jersey Resources (NJR) Also a returning name on recent screens. A regulated New Jersey gas distributor with a clean energy layer — solar installations and storage projects alongside the core distribution business. Revenue of $2.2B, a 32% operating margin, a 3.34% dividend yield, and a 56.2% payout ratio. The ex-dividend date was June 10, so this week's appearance is about the forward income case rather than any near-term catalyst. The forward P/E of 16.2x is in line with mid-cap regulated utility peers, and the $9.35B enterprise value against $712M in EBITDA at 12.3x is consistent with how the market prices contracted infrastructure cash flows. What keeps NJR interesting relative to a pure gas utility is the Clean Energy Ventures group. Solar installations across multiple states add a growth component that a traditional distribution franchise does not have, and positions the company well for a regulatory environment that continues moving toward renewable generation regardless of near-term policy noise. For informational purposes only. Not investment advice.