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

South Jersey Industries (NYSE:SJIGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Saturday, 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. “

Several other analysts have also recently issued reports on the stock. Maxim Group cut shares of South Jersey Industries from a “buy” rating to a “hold” rating in a research note on Friday, February 25th. StockNews.com upgraded shares of South Jersey Industries from a “sell” rating to a “hold” rating in a research note on Thursday, May 12th. Finally, Bank of America cut shares of South Jersey Industries from a “buy” rating to a “neutral” rating and set a $25.00 target price on the stock. in a research note on Thursday, February 17th. Seven investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $28.80.

SJI opened at $34.60 on Friday. The company has a 50 day moving average of $34.25 and a 200 day moving average of $29.28. The company has a market cap of $4.24 billion, a PE ratio of 19.69 and a beta of 0.71. South Jersey Industries has a 12 month low of $20.75 and a 12 month high of $35.32. The company has a current ratio of 0.84, a quick ratio of 0.81 and a debt-to-equity ratio of 1.45.

South Jersey Industries (NYSE:SJIGet Rating) last posted its earnings results on Wednesday, May 4th. The utilities provider reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.07). South Jersey Industries had a return on equity of 9.82% and a net margin of 4.14%. The firm had revenue of $824.58 million during the quarter, compared to analysts’ expectations of $689.67 million. During the same quarter in the prior year, the company earned $1.26 earnings per share. The business’s revenue for the quarter was up 22.3% compared to the same quarter last year. Research analysts forecast that South Jersey Industries will post 1.69 earnings per share for the current fiscal year.

A number of large investors have recently modified their holdings of SJI. San Luis Wealth Advisors LLC purchased a new position in South Jersey Industries in the 1st quarter worth $26,000. C M Bidwell & Associates Ltd. purchased a new position in South Jersey Industries in the 1st quarter worth $42,000. Signaturefd LLC raised its position in South Jersey Industries by 49.3% in the 1st quarter. Signaturefd LLC now owns 1,302 shares of the utilities provider’s stock worth $45,000 after purchasing an additional 430 shares during the period. Meeder Asset Management Inc. purchased a new position in South Jersey Industries in the 1st quarter worth $63,000. Finally, KBC Group NV purchased a new position in South Jersey Industries in the 4th quarter worth $72,000. Institutional investors own 84.30% of the company’s stock.

About South Jersey Industries (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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