South Jersey Industries (NYSE: SJI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note released on Saturday, Zacks.com reports. The brokerage currently has a price target of $ 29.00 on shares of the utility provider. Zacks Investment Research’s price target suggests a potential rise of 13.46% from the company’s previous close.
According to Zacks, “South Jersey Industries, Inc., an energy services holding company based in Folsom, New Jersey, provides energy solutions to its customers through three main subsidiaries. South Jersey Gas provides safe, reliable and affordable natural gas and promotes energy efficiency to southern New Jersey. SJI’s non-utility activities within South Jersey Energy Solutions promote efficiency, clean technology and renewable energy by providing personalized wholesale product marketing and fuel management services; the acquisition and marketing of natural gas and electricity for retail customers; and the development, ownership and operation of on-site power generation facilities. SJI Midstream is also a subsidiary of SJI and is home to the company’s interest in the PennEast pipeline project. “
Several other equity research analysts also recently published reports on SJI. Williams Capital reaffirmed a “buy” note on shares of South Jersey Industries in a report released on Friday, April 23. Mizuho raised his South Jersey Industries price target from $ 24.00 to $ 26.00 and rated the stock “neutral” in a report released Thursday, May 27. They noted that the move was an appraisal call. Bank of America upgraded South Jersey Industries from a “neutral” rating to a “buy” rating and set a price target of $ 27.00 on the stock in a report released on Wednesday, April 28. JPMorgan Chase & Co. upgraded South Jersey Industries from an “underweight” to a “neutral” rating and raised its target price for the share from $ 25.00 to $ 27.00 in a report released on Tuesday 11 May. Finally, Morgan Stanley upgraded South Jersey Industries from an “underweight” rating to an “equal weight” rating and increased its price target for the share from $ 23.00 to $ 26.00 in a note. research on Friday May 28. Five investment analysts rated the stock with a conservation rating and four issued a buy rating for the company’s stock. South Jersey Industries has an average “Hold” rating and an average target price of $ 27.75.
NYSE SJI opened at $ 25.56 on Friday. The stock has a market cap of $ 2.87 billion, a P / E ratio of 14.04, a PEG ratio of 2.94 and a beta of 0.85. The company has a quick ratio of 0.62, a current ratio of 0.65 and a debt ratio of 1.76. The company’s fifty-day moving average is $ 26.48. South Jersey Industries has a 52 week minimum of $ 18.24 and a 52 week maximum of $ 29.24.
South Jersey Industries (NYSE: SJI) last released its quarterly results on Wednesday, May 5. The utility provider reported EPS of $ 1.26 for the quarter, beating the Zacks’ consensus estimate of $ 1.19 by $ 0.07. The company posted revenue of $ 674.30 million for the quarter, compared to analysts’ expectations of $ 557.25 million. South Jersey Industries reported a return on equity of 11.03% and a net margin of 10.98%. Sell-side analysts expect South Jersey Industries to post earnings per share of 1.62 for the current fiscal year.
In other South Jersey Industries news, director Sheila Hartnett-Devlin sold 2,444 shares of the company in a trade that took place on Friday, May 21. The stock was sold at an average price of $ 26.00, for a total trade of $ 63,544.00. Following the completion of the transaction, the director now owns 23,779 shares of the company, valued at $ 618,254. The sale was disclosed in a document filed with the Securities & Exchange Commission, accessible through this link. 0.53% of the shares are held by insiders.
Several large investors have recently changed their positions in the company. Versant Capital Management Inc strengthened its position in South Jersey Industries shares by 53.3% in the first quarter. Versant Capital Management Inc now owns 1,479 shares of the utility provider valued at $ 33,000 after purchasing 514 additional shares during the period. Price T Rowe Associates Inc. MD increased its holdings of South Jersey Industries shares by 1.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 49,219 shares of the utility company valued at $ 1,111,000 after purchasing an additional 723 shares during the period. The Oregon Public Employees Retirement Fund increased its holdings of South Jersey Industries shares by 2.0% in the first quarter. The Oregon Public Employees Retirement Fund now owns 41,377 shares of the utility provider valued at $ 934,000 after purchasing an additional 800 shares during the period. Mutual of America Capital Management LLC increased its stake in shares of South Jersey Industries by 7.2% in the first quarter. Mutual of America Capital Management LLC now owns 13,437 shares of the utility provider valued at $ 303,000 after purchasing an additional 908 shares during the period. Finally, Bank of Montreal Can increased its holdings of South Jersey Industries shares by 3.8% in the first quarter. Bank of Montreal Can now owns 27,030 shares of the utility provider valued at $ 666,000 after purchasing an additional 982 shares during the period. Institutional investors and hedge funds hold 90.87% of the company’s shares.
South Jersey Industries Company Profile
South Jersey Industries, Inc., through its subsidiaries, provides energy-related products and services. The company is engaged in the purchase, transportation and sale of natural gas. It also sells natural gas and pipeline transportation capacity wholesale to residential, commercial and industrial customers on the interstate pipeline system, as well as the transportation of natural gas purchased directly from producers or suppliers to customers.
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