New Jersey Resource Corporation (NJR, Financial) is a regulated gas utility for Southern New Jersey. The companyhas slowly and we believe prudently diversified into midstream, marketing and services while continuing to grow the core utility. In our view, the current mid-teen earnings multiple and 4% dividend yield are reasonable for NJR’s consistent and growing earnings and dividend stream.
From Steven Scruggs (Trades, Portfolio)' FPA Queens Road Small Cap Value Fund third-quarter 2022 letter.
