South Jersey Industries Inc (NYSE:SJI) has earned an average recommendation of “Buy” from the nine ratings firms that are covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $35.00.
SJI has been the topic of several recent research reports. ValuEngine raised shares of South Jersey Industries from a “hold” rating to a “buy” rating in a report on Tuesday, January 22nd. Maxim Group initiated coverage on shares of South Jersey Industries in a report on Tuesday, April 16th. They set a “buy” rating and a $40.00 target price on the stock. Zacks Investment Research raised shares of South Jersey Industries from a “strong sell” rating to a “hold” rating in a report on Thursday, March 14th. Finally, Morgan Stanley set a $31.00 price target on shares of South Jersey Industries and gave the stock a “hold” rating in a research report on Thursday.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its position in South Jersey Industries by 3.8% in the third quarter. Bank of New York Mellon Corp now owns 1,532,340 shares of the utilities provider’s stock valued at $54,045,000 after buying an additional 55,543 shares in the last quarter. JPMorgan Chase & Co. boosted its position in South Jersey Industries by 104.5% in the third quarter. JPMorgan Chase & Co. now owns 74,357 shares of the utilities provider’s stock valued at $2,623,000 after buying an additional 37,993 shares in the last quarter. Legal & General Group Plc boosted its position in South Jersey Industries by 8.9% in the third quarter. Legal & General Group Plc now owns 221,179 shares of the utilities provider’s stock valued at $7,754,000 after buying an additional 18,113 shares in the last quarter. Vanguard Group Inc. boosted its position in South Jersey Industries by 1.3% in the third quarter. Vanguard Group Inc. now owns 8,968,032 shares of the utilities provider’s stock valued at $316,303,000 after buying an additional 113,591 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its position in South Jersey Industries by 1.6% in the fourth quarter. State of Alaska Department of Revenue now owns 28,620 shares of the utilities provider’s stock valued at $795,000 after buying an additional 450 shares in the last quarter. Institutional investors and hedge funds own 80.20% of the company’s stock.
South Jersey Industries (NYSE:SJI) last announced its earnings results on Wednesday, May 8th. The utilities provider reported $1.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.14. South Jersey Industries had a net margin of 3.40% and a return on equity of 8.66%. The company had revenue of $637.30 million for the quarter, compared to analysts’ expectations of $571.00 million. Equities research analysts predict that South Jersey Industries will post 1.1 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Investors of record on Monday, June 10th will be given a dividend of $0.2875 per share. The ex-dividend date is Friday, June 7th. This represents a $1.15 annualized dividend and a dividend yield of 3.43%. South Jersey Industries’s dividend payout ratio is 83.33%.
About South Jersey Industries
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, which is purchased directly from producers or suppliers to their customers.
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