South Jersey Industries Inc. (NYSE:SJI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage presently has a $38.00 target price on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 15.68% from the company’s previous close.
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 equities analysts have also weighed in on the stock. Williams Capital lowered shares of South Jersey Industries from a “buy” rating to a “hold” rating and increased their target price for the stock from $33.00 to $34.00 in a research report on Wednesday, November 23rd. Morgan Stanley initiated coverage on shares of South Jersey Industries in a research report on Thursday, September 8th. They set an “equal weight” rating and a $32.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $33.67.
South Jersey Industries (NYSE:SJI) opened at 33.61 on Tuesday. The company’s 50-day moving average is $29.87 and its 200-day moving average is $30.07. The firm has a market capitalization of $2.66 billion, a PE ratio of 20.14 and a beta of 0.58. South Jersey Industries has a 52-week low of $21.24 and a 52-week high of $33.61.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Friday, December 9th will be given a $0.273 dividend. This is a positive change from South Jersey Industries’s previous quarterly dividend of $0.26. This represents a $1.09 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend is Wednesday, December 7th. South Jersey Industries’s dividend payout ratio (DPR) is 60.34%.
Institutional investors have recently added to or reduced their stakes in the stock. BLB&B Advisors LLC raised its position in South Jersey Industries by 3.0% in the second quarter. BLB&B Advisors LLC now owns 25,570 shares of the company’s stock worth $809,000 after buying an additional 740 shares during the period. Roffman Miller Associates Inc. PA raised its stake in shares of South Jersey Industries by 3.6% in the second quarter. Roffman Miller Associates Inc. PA now owns 456,016 shares of the company’s stock valued at $14,419,000 after buying an additional 15,651 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of South Jersey Industries by 0.3% in the second quarter. Nisa Investment Advisors LLC now owns 57,550 shares of the company’s stock valued at $1,820,000 after buying an additional 150 shares during the last quarter. Eqis Capital Management Inc. bought a new stake in shares of South Jersey Industries during the second quarter valued at about $240,000. Finally, Gierl Augustine Investment Management Inc raised its stake in shares of South Jersey Industries by 1.2% in the second quarter. Gierl Augustine Investment Management Inc now owns 81,365 shares of the company’s stock valued at $2,573,000 after buying an additional 927 shares during the last quarter. Institutional investors own 70.04% 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.