Zacks Investment Research lowered shares of South Jersey Industries (NYSE:SJI) from a hold rating to a sell rating in a research report report published on Thursday, September 13th.
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 research analysts have also recently weighed in on the stock. Morgan Stanley boosted their price target on shares of South Jersey Industries from $32.00 to $33.00 and gave the stock a hold rating in a report on Tuesday, September 11th. JPMorgan Chase & Co. upgraded shares of South Jersey Industries from a neutral rating to an overweight rating and boosted their target price for the company from $34.00 to $38.00 in a research note on Tuesday, September 11th. TheStreet cut shares of South Jersey Industries from a b+ rating to a c+ rating in a research note on Thursday, August 9th. Bank of America assumed coverage on shares of South Jersey Industries in a research note on Monday, July 30th. They issued a neutral rating and a $34.00 target price on the stock. Finally, ValuEngine cut shares of South Jersey Industries from a hold rating to a sell rating in a research note on Wednesday, June 6th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has an average rating of Hold and an average price target of $35.71.
Shares of NYSE:SJI traded up $0.80 during midday trading on Thursday, hitting $36.13. 387,100 shares of the company’s stock were exchanged, compared to its average volume of 716,966. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.15 and a quick ratio of 1.12. The company has a market cap of $3.02 billion, a PE ratio of 29.37, a PEG ratio of 1.80 and a beta of 0.49. South Jersey Industries has a 12 month low of $25.96 and a 12 month high of $36.39.
South Jersey Industries (NYSE:SJI) last released its quarterly earnings results on Wednesday, August 8th. The utilities provider reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.03. South Jersey Industries had a negative net margin of 1.22% and a positive return on equity of 11.36%. The business had revenue of $227.33 million for the quarter, compared to analysts’ expectations of $254.54 million. During the same period in the previous year, the company earned $0.06 earnings per share. The firm’s revenue for the quarter was down 7.0% compared to the same quarter last year. On average, equities research analysts expect that South Jersey Industries will post 1.6 earnings per share for the current fiscal year.
In other news, Director Sunita Holzer bought 1,500 shares of the firm’s stock in a transaction that occurred on Monday, August 27th. The shares were acquired at an average price of $32.88 per share, with a total value of $49,320.00. Following the acquisition, the director now owns 25,866 shares of the company’s stock, valued at approximately $850,474.08. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.64% of the company’s stock.
Several large investors have recently modified their holdings of the company. BlackRock Inc. increased its holdings in shares of South Jersey Industries by 14.7% in the 2nd quarter. BlackRock Inc. now owns 11,859,599 shares of the utilities provider’s stock worth $396,941,000 after buying an additional 1,523,108 shares during the last quarter. FMR LLC increased its holdings in shares of South Jersey Industries by 79.9% in the 2nd quarter. FMR LLC now owns 3,725,457 shares of the utilities provider’s stock worth $124,692,000 after buying an additional 1,655,127 shares during the last quarter. Earnest Partners LLC increased its holdings in shares of South Jersey Industries by 2.1% in the 1st quarter. Earnest Partners LLC now owns 2,195,310 shares of the utilities provider’s stock worth $61,820,000 after buying an additional 45,784 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of South Jersey Industries by 6.7% during the 1st quarter. Wells Fargo & Company MN now owns 1,998,641 shares of the utilities provider’s stock valued at $56,281,000 after purchasing an additional 124,624 shares during the last quarter. Finally, Macquarie Group Ltd. grew its holdings in shares of South Jersey Industries by 10.5% during the 2nd quarter. Macquarie Group Ltd. now owns 1,834,091 shares of the utilities provider’s stock valued at $61,387,000 after purchasing an additional 173,883 shares during the last quarter. 85.10% of the stock is currently owned by hedge funds and other institutional investors.
About South Jersey Industries
South Jersey Industries, Inc, through its subsidiaries, provides energy-related products and services. The company engages in the purchase, transmission, and sale of natural gas. It also sells natural gas and pipeline transportation capacity on a wholesale basis to residential, commercial, and industrial customers on the interstate pipeline system, as well as transports natural gas, which is purchased directly from producers or suppliers to their customers.
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