Strong Earnings Reports and Improved Guidance Pushed New Jersey Resources Corporation (NJR)

Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 0.70% compared to a -0.66% return for the Russell 2000 Value Index. The firm expects the fund to outperform in down markets and trail in speculative markets.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

FPA Queens Road Small Cap Value Fund highlighted stocks like New Jersey Resources Corporation (NYSE:NJR) in the first quarter 2023 investor letter. Based in Wall, New Jersey, New Jersey Resources Corporation (NYSE:NJR) is an energy services holding company. On May 3, 2023, New Jersey Resources Corporation (NYSE:NJR) stock closed at $52.05 per share. One-month return of New Jersey Resources Corporation (NYSE:NJR) was -5.00%, and its shares gained 20.51% of their value over the last 52 weeks. New Jersey Resources Corporation (NYSE:NJR) has a market capitalization of $5.043 billion.

FPA Queens Road Small Cap Value Fund made the following comment about New Jersey Resources Corporation (NYSE:NJR) in its Q1 2023 investor letter:

“New Jersey Resources Corporation (NYSE:NJR) is a regulated gas utility for Southern New Jersey. The company has slowly and prudently diversified into midstream, solar, marketing and services while continuing to grow the core utility. Shares performed well on the back of successive strong earnings reports and improved guidance.”

New Jersey Resources Corporation (NYSE:NJR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held New Jersey Resources Corporation (NYSE:NJR) at the end of the fourth quarter which was 10 in the previous quarter.

We discussed New Jersey Resources Corporation (NYSE:NJR) in another article and shared the list of best mid-cap dividend aristocrats to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.