Hedge Funds Are Crazy About New Jersey Resources Corp (NJR)

Page 1 of 2

Is New Jersey Resources Corp (NYSE:NJR) a bargain? The best stock pickers are getting more bullish. The number of long hedge fund positions inched up by 6 recently.

In today’s marketplace, there are dozens of gauges shareholders can use to analyze their holdings. A pair of the most innovative are hedge fund and insider trading movement. At Insider Monkey, our research analyses have shown that, historically, those who follow the top picks of the best hedge fund managers can outpace the broader indices by a significant amount (see just how much).

CITADEL INVESTMENT GROUP

Equally as integral, positive insider trading sentiment is another way to parse down the investments you’re interested in. There are many reasons for a corporate insider to sell shares of his or her company, but just one, very obvious reason why they would behave bullishly. Plenty of empirical studies have demonstrated the useful potential of this strategy if you know what to do (learn more here).

Keeping this in mind, let’s take a peek at the key action encompassing New Jersey Resources Corp (NYSE:NJR).

Hedge fund activity in New Jersey Resources Corp (NYSE:NJR)

At year’s end, a total of 8 of the hedge funds we track were long in this stock, a change of 300% from one quarter earlier. With hedge funds’ sentiment swirling, there exists a select group of noteworthy hedge fund managers who were boosting their stakes meaningfully.

When looking at the hedgies we track, Ken Griffin’s Citadel Investment Group had the biggest position in New Jersey Resources Corp (NYSE:NJR), worth close to $2.8 million, comprising less than 0.1%% of its total 13F portfolio. On Citadel Investment Group’s heels is Renaissance Technologies, managed by Jim Simons, which held a $2.6 million position; less than 0.1%% of its 13F portfolio is allocated to the company. Other hedge funds that hold long positions include Israel Englander’s Millennium Management, Ken Gray and Steve Walsh’s Bryn Mawr Capital and Cliff Asness’s AQR Capital Management.

As industrywide interest jumped, specific money managers have been driving this bullishness. Renaissance Technologies, managed by Jim Simons, initiated the biggest position in New Jersey Resources Corp (NYSE:NJR). Renaissance Technologies had 2.6 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also made a $1.5 million investment in the stock during the quarter. The following funds were also among the new NJR investors: Ken Gray and Steve Walsh’s Bryn Mawr Capital, Cliff Asness’s AQR Capital Management, and Paul Tudor Jones’s Tudor Investment Corp.

Insider trading activity in New Jersey Resources Corp (NYSE:NJR)

Insider purchases made by high-level executives is most useful when the company in question has experienced transactions within the past half-year. Over the last half-year time frame, New Jersey Resources Corp (NYSE:NJR) has seen zero unique insiders buying, and 3 insider sales (see the details of insider trades here).

Let’s also examine hedge fund and insider activity in other stocks similar to New Jersey Resources Corp (NYSE:NJR). These stocks are Piedmont Natural Gas Company, Inc. (NYSE:PNY), WGL Holdings Inc (NYSE:WGL), Atlas Energy LP (NYSE:ATLS), Southwest Gas Corporation (NYSE:SWX), and South Jersey Industries Inc (NYSE:SJI). This group of stocks are the members of the gas utilities industry and their market caps are similar to NJR’s market cap.

Page 1 of 2
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

The Most Successful Reality TV Stars

Cheapest Cities to Visit in the US

Most Expensive Summer Camps

Most Expensive Animals in the World

Most Expensive Specialty Crops in the World

Movies That Took Ages to Make

The Longest Hollywood Films Ever Made

Most Expensive Concert Stages

The Richest Bands of all Time

10 Most Corrupt Countries 2013 List

10 Countries with the Highest Quality of Life Index

Most Expensive Mattresses in the World

5 Smallest Countries by Land Area

The Ultimate Heartbreak Songs

Richest Teenagers in the World

10 Most Haunted Places in America

10 Best Places to Retire in Florida East Coast

Top 10 Places to See Before You Die

Top 8 Countries in the World Where Justice Prevails

10 Richest States in America

15 Wealthiest Countries in the World

Richest Singers in the World

Most Expensive Tasting Menu in New York City

Most Expensive Baby Items in the World

Most Expensive Hotel Suites in Vegas

Most Expensive Brunch in New York City

Most Expensive Beef Cuts in the World

25 Best Colleges to Get a Job

Top 10 US Supermarkets

The 25 Most Dangerous Cities in the World to Visit

Most Expensive Xbox Games

Top 11 Cities Where Billionaires Live

Top 10 Most Charitable Companies in America

Most Expensive Seafood in the World

The 10 Wildest Conspiracy Theories

The 10 Best Job Markets in the US

Top 10 Accounting Scandals of All Time

The 25 Biggest Cities in the World

Top 10 Best Paying Virtual Jobs

Most Expensive Leather Shoes in the World

Top 6 Things to Buy in March

The 10 Most Stressful Jobs in America – 2014 List

Top 10 Jobs for Introverted People

Top 10 Honeymoon Destinations in the World

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!