Morgan Stanley Cuts South Jersey Industries (SJI) Price Target to $37.00

South Jersey Industries (NYSE:SJI) had its price objective decreased by investment analysts at Morgan Stanley from $40.00 to $37.00 in a report released on Wednesday. The brokerage currently has an “equal weight” rating on the utilities provider’s stock. Morgan Stanley’s price objective indicates a potential upside of 15.12% from the stock’s current price.

SJI has been the subject of several other reports. Janney Montgomery Scott restated a “buy” rating on shares of South Jersey Industries in a research note on Tuesday, October 17th. BidaskClub downgraded shares of South Jersey Industries from a “sell” rating to a “strong sell” rating in a research note on Friday, August 18th. Zacks Investment Research downgraded shares of South Jersey Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Williams Capital upgraded shares of South Jersey Industries from a “hold” rating to a “buy” rating and upped their target price for the company from $36.00 to $37.00 in a research note on Tuesday, October 17th. Finally, J P Morgan Chase & Co increased their price objective on shares of South Jersey Industries from $32.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $37.25.

Shares of South Jersey Industries (NYSE SJI) traded down $0.85 during mid-day trading on Wednesday, hitting $32.14. 227,100 shares of the stock traded hands, compared to its average volume of 333,014. The stock has a market capitalization of $2,624.32, a P/E ratio of 28.69, a PEG ratio of 3.75 and a beta of 0.71. The company has a quick ratio of 0.38, a current ratio of 0.47 and a debt-to-equity ratio of 0.97. South Jersey Industries has a fifty-two week low of $31.39 and a fifty-two week high of $38.40.

South Jersey Industries (NYSE:SJI) last announced its earnings results on Thursday, November 2nd. The utilities provider reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The firm had revenue of $227.13 million during the quarter, compared to analysts’ expectations of $222.92 million. South Jersey Industries had a net margin of 3.13% and a return on equity of 7.16%. research analysts forecast that South Jersey Industries will post 1.17 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of SJI. Victory Capital Management Inc. boosted its stake in South Jersey Industries by 49.6% during the 3rd quarter. Victory Capital Management Inc. now owns 1,059,927 shares of the utilities provider’s stock valued at $36,599,000 after acquiring an additional 351,628 shares during the last quarter. Macquarie Group Ltd. boosted its stake in South Jersey Industries by 41.5% during the 2nd quarter. Macquarie Group Ltd. now owns 974,820 shares of the utilities provider’s stock valued at $33,310,000 after acquiring an additional 286,007 shares during the last quarter. Wells Fargo & Company MN boosted its stake in South Jersey Industries by 9.4% during the 3rd quarter. Wells Fargo & Company MN now owns 1,907,795 shares of the utilities provider’s stock valued at $65,876,000 after acquiring an additional 164,517 shares during the last quarter. Northern Trust Corp boosted its stake in South Jersey Industries by 8.7% during the 2nd quarter. Northern Trust Corp now owns 1,665,298 shares of the utilities provider’s stock valued at $56,904,000 after acquiring an additional 133,720 shares during the last quarter. Finally, Phocas Financial Corp. lifted its position in shares of South Jersey Industries by 80.8% in the 2nd quarter. Phocas Financial Corp. now owns 272,684 shares of the utilities provider’s stock worth $9,318,000 after buying an additional 121,858 shares during the last quarter. Hedge funds and other institutional investors own 70.38% of the company’s stock.

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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 (Midstream).

Analyst Recommendations for South Jersey Industries (NYSE:SJI)

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