South Jersey Industries (NYSE:SJI) Earns Buy Rating from Maxim Group

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Maxim Group reiterated their buy rating on shares of South Jersey Industries (NYSE:SJI) in a report released on Friday, AnalystRatings.com reports. The firm currently has a $40.00 price target on the utilities provider’s stock.

“After reviewing our forecasts before SJI’s 2Q19 earnings report on Wed 8/7, we reduce our 2Q19 EPS to ($0.08) from $0.04 and our 2019 EPS to $1.10 (from $1.12), based on higher natural gas utility management costs.”,” the firm’s analyst wrote.

Several other research analysts have also recently issued reports on the stock. Morgan Stanley set a $31.00 price target on shares of South Jersey Industries and gave the stock a hold rating in a report on Thursday, May 16th. Guggenheim raised shares of South Jersey Industries from a neutral rating to a buy rating and increased their target price for the company from $32.00 to $35.00 in a report on Thursday, June 13th. Zacks Investment Research cut shares of South Jersey Industries from a buy rating to a hold rating in a report on Tuesday, July 30th. TheStreet raised shares of South Jersey Industries from a c+ rating to a b- rating in a report on Tuesday, July 9th. Finally, ValuEngine raised shares of South Jersey Industries from a hold rating to a buy rating in a report on Monday, May 13th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $34.57.

NYSE SJI opened at $32.04 on Friday. The company has a quick ratio of 0.41, a current ratio of 0.43 and a debt-to-equity ratio of 1.40. South Jersey Industries has a 1 year low of $26.06 and a 1 year high of $36.72. The firm has a market capitalization of $3.13 billion, a P/E ratio of 23.22, a PEG ratio of 4.41 and a beta of 0.71. The company has a fifty day moving average of $33.60.

South Jersey Industries (NYSE:SJI) last released its quarterly earnings data on Wednesday, May 8th. The utilities provider reported $1.09 earnings per share (EPS) for the quarter, beating the 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 during the quarter, compared to the consensus estimate of $571.00 million. As a group, sell-side analysts anticipate that South Jersey Industries will post 1.1 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 10th will be paid a dividend of $0.287 per share. The ex-dividend date is Monday, September 9th. This represents a $1.15 dividend on an annualized basis and a dividend yield of 3.58%. South Jersey Industries’s dividend payout ratio (DPR) is 83.33%.

Several institutional investors and hedge funds have recently modified their holdings of SJI. BlackRock Inc. increased its stake in shares of South Jersey Industries by 7.9% during the 1st quarter. BlackRock Inc. now owns 13,772,758 shares of the utilities provider’s stock worth $441,692,000 after purchasing an additional 1,007,120 shares in the last quarter. FMR LLC increased its stake in shares of South Jersey Industries by 28.4% during the 1st quarter. FMR LLC now owns 4,543,958 shares of the utilities provider’s stock worth $145,724,000 after purchasing an additional 1,003,949 shares in the last quarter. Westwood Holdings Group Inc. increased its stake in shares of South Jersey Industries by 200.3% during the 1st quarter. Westwood Holdings Group Inc. now owns 1,388,747 shares of the utilities provider’s stock worth $44,537,000 after purchasing an additional 926,264 shares in the last quarter. Diamond Hill Capital Management Inc. increased its stake in shares of South Jersey Industries by 150.5% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,088,849 shares of the utilities provider’s stock worth $36,727,000 after purchasing an additional 654,195 shares in the last quarter. Finally, OppenheimerFunds Inc. increased its stake in shares of South Jersey Industries by 90.8% during the 1st quarter. OppenheimerFunds Inc. now owns 1,230,582 shares of the utilities provider’s stock worth $39,464,000 after purchasing an additional 585,779 shares in the last quarter. 82.99% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for South Jersey Industries (NYSE:SJI)

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