South Jersey Industries (NYSE:SJI) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of South Jersey Industries (NYSE:SJIGet Rating) from a buy rating to a hold rating in a report released on Tuesday, Zacks.com reports.

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. “

Other equities research analysts have also recently issued reports about the company. Bank of America cut South Jersey Industries from a buy rating to a neutral rating and set a $25.00 price objective for the company. in a research note on Thursday, February 17th. StockNews.com began coverage on South Jersey Industries in a research note on Thursday, March 31st. They issued a sell rating for the company. Guggenheim cut South Jersey Industries from a buy rating to a neutral rating in a research note on Thursday, January 20th. Finally, Maxim Group cut South Jersey Industries from a buy rating to a hold rating in a research note on Friday, February 25th. Eight investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $28.17.

Shares of South Jersey Industries stock opened at $33.40 on Tuesday. The company has a quick ratio of 0.81, a current ratio of 0.84 and a debt-to-equity ratio of 1.45. South Jersey Industries has a 12 month low of $20.75 and a 12 month high of $35.32. The business has a fifty day simple moving average of $34.35 and a 200 day simple moving average of $28.41. The stock has a market cap of $4.09 billion, a PE ratio of 19.30 and a beta of 0.71.

South Jersey Industries (NYSE:SJIGet Rating) last announced its quarterly earnings data on Wednesday, May 4th. The utilities provider reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.12. South Jersey Industries had a return on equity of 9.82% and a net margin of 4.14%. The business had revenue of $824.58 million during the quarter, compared to analysts’ expectations of $689.67 million. During the same period in the previous year, the firm earned $1.26 earnings per share. The firm’s quarterly revenue was up 22.3% compared to the same quarter last year. Analysts expect that South Jersey Industries will post 1.69 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 5th. Stockholders of record on Friday, June 10th will be issued a $0.31 dividend. The ex-dividend date is Thursday, June 9th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.71%.

Institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its holdings in shares of South Jersey Industries by 3.3% in the third quarter. Goldman Sachs Group Inc. now owns 396,050 shares of the utilities provider’s stock valued at $8,420,000 after purchasing an additional 12,609 shares in the last quarter. Morgan Stanley lifted its holdings in shares of South Jersey Industries by 11.7% in the third quarter. Morgan Stanley now owns 841,506 shares of the utilities provider’s stock valued at $17,891,000 after purchasing an additional 88,036 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in South Jersey Industries by 4.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,564,460 shares of the utilities provider’s stock worth $54,520,000 after acquiring an additional 105,521 shares in the last quarter. New York State Teachers Retirement System raised its holdings in South Jersey Industries by 0.7% during the fourth quarter. New York State Teachers Retirement System now owns 174,767 shares of the utilities provider’s stock worth $4,565,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in South Jersey Industries by 2.7% during the third quarter. Invesco Ltd. now owns 1,213,654 shares of the utilities provider’s stock worth $25,803,000 after acquiring an additional 31,741 shares in the last quarter. Institutional investors own 84.30% of the company’s stock.

South Jersey Industries Company Profile (Get Rating)

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 purchased directly from producers or suppliers to customers.

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