South Jersey Industries Inc. (SJI) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of South Jersey Industries Inc. (NYSE:SJI) from a hold rating to a buy rating in a research report report published on Tuesday. Zacks Investment Research currently has $38.00 price target on the stock.
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. “
Several other research analysts also recently issued reports on SJI. Morgan Stanley started coverage on South Jersey Industries in a research note on Thursday, September 8th. They set an equal weight rating and a $32.00 price target for the company. Williams Capital downgraded shares of South Jersey Industries from a buy rating to a hold rating and boosted their target price for the company from $33.00 to $34.00 in a research note on Wednesday, November 23rd. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. South Jersey Industries currently has a consensus rating of Hold and a consensus target price of $33.67.
Shares of South Jersey Industries (NYSE:SJI) opened at 33.85 on Tuesday. The stock’s 50 day moving average is $29.87 and its 200 day moving average is $30.07. South Jersey Industries has a 12 month low of $21.24 and a 12 month high of $34.08. The firm has a market cap of $2.68 billion, a PE ratio of 20.28 and a beta of 0.58.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Friday, December 9th will be paid a $0.273 dividend. This is an increase from South Jersey Industries’s previous quarterly dividend of $0.26. The ex-dividend date is Wednesday, December 7th. This represents a $1.09 annualized dividend and a yield of 3.23%. South Jersey Industries’s payout ratio is presently 60.34%.
A number of hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio boosted its stake 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 during the period. NEXT Financial Group Inc boosted its stake in South Jersey Industries by 214.9% in the third quarter. NEXT Financial Group Inc now owns 4,330 shares of the company’s stock valued at $128,000 after buying an additional 2,955 shares during the period. Integrated Investment Consultants LLC boosted its stake in South Jersey Industries by 21.8% in the third quarter. Integrated Investment Consultants LLC now owns 5,260 shares of the company’s stock valued at $150,000 after buying an additional 942 shares during the period. Tower Research Capital LLC TRC acquired a new stake in South Jersey Industries during the second quarter valued at approximately $154,000. Finally, BlackRock Japan Co. Ltd acquired a new stake in South Jersey Industries during the second quarter valued at approximately $159,000. 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.
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