New Jersey Resources NJR strategic investments to expand natural gas transmission and distribution pipelines will allow New Jersey Resources to cater to the demand of the expanding customer base. Stable dividends and strong earnings growth make NJR a solid case for investments in the gas distribution space.Let’s focus on the factors that make this Zacks Rank #2 (Buy) stock a strong investment pick at the moment. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Growth ProjectionsThe Zacks Consensus Estimate for fiscal 2022 earnings indicates an increase of 0.9% in the past 90 days. Fiscal 2022 earnings and sales estimates suggest year-over-year growth of 5.6% and 1.2%, respectively.New Jersey Resources’ long-term (three to five years) earnings growth is currently pegged at 6%.Systematic InvestmentsNew Jersey Resources makes consistent investments to upgrade and maintain the existing infrastructure for providing 24x7 reliable services to the customer base. The company has plans to invest the $1.3-$1.5 billion range in the fiscal 2022-2023 period to strengthen its natural gas infrastructure and make investments in utility-scale solar projects.New Jersey Resources announced its emissions reduction target and aims to cut emissions by 100% by 2050 from 2006 levels for the New Jersey operations.Cash Flow & DividendNew Jersey Resources has been generating strong cash flow, which is supporting regular dividend payments. Cash flow from operations for fiscal 2022 and fiscal 2023 is expected in the range of $365-$385 million and $450-$470 million, respectively.NJR expects to distribute dividends in the range of $127-$132 million in fiscal 2022 and the $135-$140 million range in fiscal 2023, subject to the approval of its Board of Directors. Currently, New Jersey Resources has a dividend yield of 3.2% compared with the industry’s 2.3%.Return on EquityReturn on Equity (ROE) is a measure of a company’s efficiency in utilizing shareholders’ funds. ROE for the trailing 12 months for New Jersey Resources is 13.4% compared with the industry’s 10.3%. This indicates that NJR is utilizing its funds better than its peers.Price PerformanceIn the past six months, the stock has rallied 23.4% compared with the industry’s growth of 15.4%. Image Source: Zacks Investment ResearchOther Stocks to ConsiderSome other similar-ranked stocks from the sector include Entergy Corp. ETR, NiSource Inc. NI and Atmos Energy Corp. ATO.The long-term earnings growth of Entergy, NiSource and Atmos Energy is projected at 1%, 7.2% and 7.3%, respectively.The Zacks Consensus Estimate for 2022 earnings per share of Entergy and NiSource has moved up 5.2% and 5.1% year over year, respectively. Fiscal 2022 earnings estimates for Atmos Energy have moved up by 7.8% year over year.In the past three months, ETR, NI and ATO’s shares have surged 1.2%, 16.5% and 21.8%, respectively. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NiSource, Inc (NI): Free Stock Analysis Report Entergy Corporation (ETR): Free Stock Analysis Report Atmos Energy Corporation (ATO): Free Stock Analysis Report NewJersey Resources Corporation (NJR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research