Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
FPA Queens Road Small Cap Value Fund Steve Scruggs | “New Jersey Resources (NJR) is a regulated gas utility serving Morris, Ocean and Monmouth counties in New Jersey. New Jersey has a favorable utility regulation environment – NJR gets a 9.6% allowed ROE and realizes practical cost reimbursement mechanisms that show up in the GAAP financials. The company has a culture of disciplined but ambitious capital allocation at the holding company level and has diversified into clean energy, FERC-regulated storage and pipelines and energy services and trading. NJR earns a mid-double digit ROE, strong for a utility holding company. All in, NJR has a history of high single digit EPS growth on top of its 50%+ dividend payout ratio. Yet its forward P/E multiple has declined from 20x to 15x. We believe this is another case of an overlooked, boring stock and think shares in NJR are attractive. BSD Analysis: New Jersey Resources enters fiscal 2026 with a significant guidance raise, following a standout first quarter where net financial earnings (NFE) reached $1.17 per share, beating the $1.01 estimate. Management has increased its full-year fiscal 2026 net financial EPS guidance to a range of $3.28 to $3.43, citing strong performance in its Energy Services segment fueled by natural gas price volatility. The company has unveiled a massive $5 billion capital plan through 2030, with over 60% allocated to its regulated utility, New Jersey Natural Gas. Key 2026 catalysts include the expansion of storage and transportation assets, such as the Leaf River caverns, and a steady 7% to 9% long-term NFE growth target. Investors view NJR as a resilient defensive play, supported by a 3.6% dividend yield and a diversified platform that smooths out traditional utility seasonality.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
