Zacks Investment Research lowered shares of South Jersey Industries Inc. (NYSE:SJI) from a hold rating to a sell rating in a research note released 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. “
SJI has been the subject of several other research reports. Morgan Stanley initiated coverage on South Jersey Industries in a report on Thursday, September 8th. They set an equal weight rating and a $32.00 price objective for the company. Janney Montgomery Scott downgraded South Jersey Industries from a buy rating to a neutral rating in a report on Tuesday, June 28th. Finally, JPMorgan Chase & Co. initiated coverage on South Jersey Industries in a report on Tuesday, June 14th. They set a neutral rating and a $31.00 price objective for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $32.50.
South Jersey Industries (NYSE:SJI) traded up 1.36% during midday trading on Wednesday, reaching $28.28. The company had a trading volume of 42,917 shares. The stock’s 50 day moving average is $29.36 and its 200 day moving average is $29.53. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of 19.96 and a beta of 0.70. South Jersey Industries has a 12-month low of $21.24 and a 12-month high of $32.03.
South Jersey Industries (NYSE:SJI) last issued its earnings results on Friday, August 5th. The company reported $0.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.14 by $0.02. The business earned $154.40 million during the quarter, compared to the consensus estimate of $177.83 million. South Jersey Industries had a return on equity of 9.56% and a net margin of 11.45%. During the same quarter in the previous year, the firm posted $0.03 earnings per share. Equities research analysts expect that South Jersey Industries will post $1.30 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 4th. Investors of record on Friday, September 9th were given a dividend of $0.2638 per share. The ex-dividend date was Wednesday, September 7th. This represents a $1.06 annualized dividend and a dividend yield of 3.78%. South Jersey Industries’s payout ratio is 72.92%.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio boosted its position in South Jersey Industries by 3.2% in the second quarter. Public Employees Retirement System of Ohio now owns 4,054 shares of the company’s stock valued at $128,000 after buying an additional 127 shares in the last quarter. Tower Research Capital LLC TRC acquired a new position in South Jersey Industries during the second quarter valued at $154,000. BlackRock Japan Co. Ltd acquired a new position in South Jersey Industries during the second quarter valued at $159,000. Sei Investments Co. acquired a new position in South Jersey Industries during the second quarter valued at $167,000. Finally, TD Asset Management Inc. acquired a new position in South Jersey Industries during the second quarter valued at $211,000. 69.67% of the stock is currently 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.