South Jersey Industries Inc. (SJI) Rating Lowered to Sell at Zacks Investment Research
South Jersey Industries Inc. (NYSE:SJI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
According to Zacks, “South Jersey Inds Inc. is engaged in the business of operating, through subsidiaries, various business enterprises. The company’s most significant subsidiary is South Jersey Gas Company (SJG). SJG is a public utility company engaged in the purchase, transmission and sale of natural gas for residential, commercial and industrial use. SJG also makes off-system sales of natural gas on a wholesale basis to various customers on the interstate pipeline system and transports natural gas. “
A number of other brokerages have also recently issued reports on SJI. JPMorgan Chase & Co. started coverage on South Jersey Industries in a report on Tuesday, June 14th. They issued a “neutral” rating and a $31.00 target price for the company. Janney Montgomery Scott cut South Jersey Industries from a “buy” rating to a “neutral” rating in a report on Tuesday, June 28th. Finally, Morgan Stanley started coverage on South Jersey Industries in a report on Thursday, September 8th. They issued an “equal weight” rating and a $32.00 target price for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $32.50.
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Shares of South Jersey Industries (NYSE:SJI) opened at 27.52 on Wednesday. The company has a 50-day moving average price of $29.43 and a 200-day moving average price of $29.54. South Jersey Industries has a 12 month low of $21.24 and a 12 month high of $32.03. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 19.42 and a beta of 0.70.
South Jersey Industries (NYSE:SJI) last issued its earnings results on Friday, August 5th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by $0.02. South Jersey Industries had a return on equity of 9.56% and a net margin of 11.45%. The firm earned $154.40 million during the quarter, compared to analyst estimates of $177.83 million. During the same period in the previous year, the company earned $0.03 EPS. Analysts forecast that South Jersey Industries will post $1.30 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 4th. Stockholders of record on Friday, September 9th were paid a $0.2638 dividend. The ex-dividend date was Wednesday, September 7th. This represents a $1.06 annualized dividend and a dividend yield of 3.83%. South Jersey Industries’s payout ratio is 72.92%.
Several large investors have recently modified their holdings of the stock. State Street Corp raised its stake in shares of South Jersey Industries by 0.7% in the first quarter. State Street Corp now owns 1,448,741 shares of the company’s stock valued at $41,215,000 after buying an additional 9,618 shares during the last quarter. Deprince Race & Zollo Inc. acquired a new stake in shares of South Jersey Industries during the second quarter valued at approximately $20,293,000. Moody Aldrich Partners LLC raised its stake in shares of South Jersey Industries by 200.1% in the second quarter. Moody Aldrich Partners LLC now owns 56,450 shares of the company’s stock valued at $1,785,000 after buying an additional 37,640 shares during the last quarter. Franklin Resources Inc. acquired a new stake in shares of South Jersey Industries during the first quarter valued at approximately $235,000. Finally, BlackRock Fund Advisors raised its stake in shares of South Jersey Industries by 2.0% in the first quarter. BlackRock Fund Advisors now owns 4,472,960 shares of the company’s stock valued at $127,256,000 after buying an additional 89,776 shares during the last quarter. 69.67% of the stock is owned by institutional investors.
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.
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