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 target 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. “
Several other brokerages have also recently issued reports on SJI. Morgan Stanley cut their target price on South Jersey Industries from $35.00 to $30.00 and set an equal weight rating on the stock in a research report on Tuesday, February 13th. JPMorgan Chase & Co. dropped their price target on South Jersey Industries from $35.00 to $31.00 and set a neutral rating on the stock in a report on Thursday, January 25th. Sidoti lowered South Jersey Industries from a buy rating to a neutral rating and set a $34.00 price target on the stock. in a report on Monday, January 8th. Guggenheim reiterated a hold rating and set a $32.00 price target on shares of South Jersey Industries in a report on Wednesday, January 3rd. Finally, TheStreet lowered South Jersey Industries from a b- rating to a c+ rating in a report on Wednesday, January 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $33.43.
South Jersey Industries (NYSE:SJI) last announced its earnings results on Thursday, February 22nd. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.08. The company had revenue of $345.74 million for the quarter, compared to analysts’ expectations of $336.19 million. South Jersey Industries had a positive return on equity of 7.84% and a negative net margin of 0.28%. During the same quarter in the previous year, the firm earned $0.42 earnings per share. research analysts forecast that South Jersey Industries will post 1.57 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 3rd. Investors of record on Monday, March 19th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, March 16th. This represents a $1.12 dividend on an annualized basis and a yield of 4.03%. South Jersey Industries’s dividend payout ratio (DPR) is currently -2,240.00%.
Institutional investors have recently modified their holdings of the stock. OLD Republic International Corp grew its position in South Jersey Industries by 21.6% during the fourth quarter. OLD Republic International Corp now owns 590,000 shares of the utilities provider’s stock worth $18,426,000 after buying an additional 105,000 shares in the last quarter. MetLife Investment Advisors LLC purchased a new position in South Jersey Industries during the fourth quarter worth about $1,174,000. Macquarie Group Ltd. grew its position in South Jersey Industries by 30.9% during the fourth quarter. Macquarie Group Ltd. now owns 1,419,647 shares of the utilities provider’s stock worth $44,336,000 after buying an additional 335,372 shares in the last quarter. Vident Investment Advisory LLC purchased a new position in South Jersey Industries during the fourth quarter worth about $207,000. Finally, Zeke Capital Advisors LLC purchased a new position in South Jersey Industries during the fourth quarter worth about $208,000. Institutional investors and hedge funds own 70.56% of the company’s stock.
About South Jersey Industries
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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for South Jersey Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for South Jersey Industries and related companies with MarketBeat.com's FREE daily email newsletter.