New Jersey Resources Announces 1 Mln Share Increase To Stock Buyback Program

(RTTNews) - New Jersey Resources Corp. (NJR) said Wednesday that its Board of Directors has authorized an increase of one million shares under the company's share repurchase program.

The company's share repurchase program has been in place since September 1996. The number of authorized shares has been increased a total of seven times, including the latest announcement, to a current level of 9.75 million shares. To date, eight million shares have been repurchased under the share repurchase program. "This increase to our Share Repurchase Program will give us continued financial flexibility to prudently reduce our cost of capital and provide shareowner value through the utilization of our strong financial profile," said Laurence Downes, chairman and CEO of New Jersey Resources.