South Jersey Industries (SJI) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of South Jersey Industries (NYSE:SJI) from a hold rating to a buy rating in a research report sent to investors on Saturday. They currently have $30.00 price objective on the utilities provider’s stock.
According to Zacks, “South Jersey Industries, Inc., an energy services holding company based in Folsom, NJ, delivers energy solutions to its customers through three primary subsidiaries. South Jersey Gas delivers safe, reliable, affordable natural gas and promotes energy efficiency to customers in southern New Jersey. SJI’s non-utility businesses within South Jersey Energy Solutions promote efficiency, clean technology and renewable energy by providing customized wholesale commodity marketing and fuel management services; acquiring and marketing natural gas and electricity for retail customers; and developing, owning and operating on-site energy production facilities. SJI Midstream is also an SJI subsidiary and houses the company’s interest in the PennEast Pipeline Project. “
A number of other equities analysts have also recently issued reports on SJI. Guggenheim reiterated a hold rating and issued a $32.00 price objective on shares of South Jersey Industries in a report on Wednesday, January 3rd. Morgan Stanley cut their price objective on South Jersey Industries from $40.00 to $37.00 and set an equal weight rating for the company in a report on Wednesday, December 13th. Sidoti cut South Jersey Industries from a buy rating to a neutral rating and set a $34.00 price objective for the company. in a report on Monday, January 8th. Hilliard Lyons cut South Jersey Industries from a buy rating to a hold rating in a report on Monday, January 22nd. Finally, JPMorgan Chase & Co. cut their price objective on South Jersey Industries from $35.00 to $31.00 and set a neutral rating for the company in a report on Thursday, January 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $33.43.
South Jersey Industries (NYSE:SJI) last posted its earnings results on Thursday, February 22nd. The utilities provider reported $0.50 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.08. South Jersey Industries had a positive return on equity of 7.84% and a negative net margin of 0.28%. The business had revenue of $345.74 million during the quarter, compared to analysts’ expectations of $336.19 million. During the same period in the previous year, the business earned $0.42 earnings per share. equities research analysts predict that South Jersey Industries will post 1.57 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 3rd. Stockholders of record on Monday, March 19th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date of this dividend is Friday, March 16th. South Jersey Industries’s payout ratio is currently -2,240.00%.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Macquarie Group Ltd. lifted its stake in shares of South Jersey Industries by 30.9% in the 4th quarter. Macquarie Group Ltd. now owns 1,419,647 shares of the utilities provider’s stock valued at $44,336,000 after acquiring an additional 335,372 shares during the last quarter. BlackRock Inc. lifted its stake in shares of South Jersey Industries by 3.0% in the 4th quarter. BlackRock Inc. now owns 10,184,899 shares of the utilities provider’s stock valued at $318,072,000 after acquiring an additional 294,094 shares during the last quarter. Kennedy Capital Management Inc. lifted its stake in shares of South Jersey Industries by 126.6% in the 4th quarter. Kennedy Capital Management Inc. now owns 525,672 shares of the utilities provider’s stock valued at $16,417,000 after acquiring an additional 293,703 shares during the last quarter. Peregrine Capital Management LLC bought a new stake in shares of South Jersey Industries in the 4th quarter valued at about $5,915,000. Finally, Wells Fargo & Company MN lifted its stake in shares of South Jersey Industries by 9.4% in the 3rd quarter. Wells Fargo & Company MN now owns 1,907,795 shares of the utilities provider’s stock valued at $65,876,000 after acquiring an additional 164,517 shares during the last quarter. Hedge funds and other institutional investors own 70.56% of the company’s stock.
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South Jersey Industries Company Profile
South Jersey Industries, Inc (SJI) is an energy services holding company. The Company provides a range of energy-related products and services, primarily through its subsidiaries. Its subsidiaries include South Jersey Gas Company (SJG), South Jersey Energy Company (SJE), South Jersey Resources Group, LLC (SJRG), South Jersey Exploration, LLC (SJEX), Marina Energy, LLC (Marina), South Jersey Energy Service Plus, LLC (SJESP) and SJI Midstream, LLC (Midstream).
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