South Jersey Industries (SJI) Upgraded to “Buy” by ValuEngine
ValuEngine upgraded shares of South Jersey Industries (NYSE:SJI) from a hold rating to a buy rating in a research note issued to investors on Tuesday.
Several other equities research analysts have also commented on SJI. Zacks Investment Research lowered shares of South Jersey Industries from a buy rating to a hold rating in a research note on Thursday, October 25th. Williams Capital decreased their price objective on shares of South Jersey Industries from $39.00 to $36.00 and set a buy rating for the company in a research note on Monday, October 29th. Wells Fargo & Co reiterated a market perform rating and issued a $31.00 price objective on shares of South Jersey Industries in a research note on Tuesday, October 30th. Morgan Stanley set a $36.00 price objective on shares of South Jersey Industries and gave the company a hold rating in a research note on Thursday, October 11th. Finally, TheStreet lowered shares of South Jersey Industries from a b+ rating to a c+ rating in a research note on Thursday, August 9th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $34.75.
SJI opened at $31.83 on Tuesday. The company has a current ratio of 0.30, a quick ratio of 0.26 and a debt-to-equity ratio of 1.04. South Jersey Industries has a fifty-two week low of $25.96 and a fifty-two week high of $36.72. The stock has a market capitalization of $2.71 billion, a P/E ratio of 25.88, a price-to-earnings-growth ratio of 1.73 and a beta of 0.70.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 27th. Stockholders of record on Monday, December 10th will be paid a dividend of $0.2875 per share. The ex-dividend date of this dividend is Friday, December 7th. This represents a $1.15 annualized dividend and a dividend yield of 3.61%. This is a positive change from South Jersey Industries’s previous quarterly dividend of $0.28. South Jersey Industries’s dividend payout ratio (DPR) is presently 91.06%.
In related news, Director Sunita Holzer purchased 1,500 shares of the firm’s stock in a transaction dated Monday, August 27th. The stock was bought at an average price of $32.88 per share, for a total transaction of $49,320.00. Following the purchase, the director now directly owns 25,866 shares in the company, valued at approximately $850,474.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Renna purchased 3,220 shares of the firm’s stock in a transaction dated Thursday, November 15th. The shares were bought at an average price of $30.82 per share, with a total value of $99,240.40. The disclosure for this purchase can be found here. Company insiders own 0.64% of the company’s stock.
Several hedge funds have recently modified their holdings of SJI. FMR LLC boosted its holdings in South Jersey Industries by 79.9% in the 2nd quarter. FMR LLC now owns 3,725,457 shares of the utilities provider’s stock worth $124,692,000 after buying an additional 1,655,127 shares during the period. Massachusetts Financial Services Co. MA bought a new position in South Jersey Industries in the 2nd quarter worth approximately $51,568,000. BlackRock Inc. boosted its holdings in South Jersey Industries by 14.7% in the 2nd quarter. BlackRock Inc. now owns 11,859,599 shares of the utilities provider’s stock worth $396,941,000 after buying an additional 1,523,108 shares during the period. William Blair Investment Management LLC bought a new position in South Jersey Industries in the 3rd quarter worth approximately $17,716,000. Finally, Macquarie Group Ltd. boosted its holdings in South Jersey Industries by 24.1% in the 3rd quarter. Macquarie Group Ltd. now owns 2,276,089 shares of the utilities provider’s stock worth $80,278,000 after buying an additional 441,998 shares during the period. Institutional investors own 85.87% of the company’s stock.
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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