South Jersey Industries (NYSE:SJI) Stock Rating Upgraded by Zacks Investment Research

South Jersey Industries (NYSE:SJI – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The brokerage presently has a $39.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.65% from the stock’s previous close.

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. “

Other research analysts have also issued reports about the stock. StockNews.com raised shares of South Jersey Industries from a “sell” rating to a “hold” rating in a research note on Thursday, May 12th. Maxim Group downgraded South Jersey Industries from a “buy” rating to a “hold” rating in a research note on Friday, February 25th. Finally, Bank of America downgraded South Jersey Industries from a “buy” rating to a “neutral” rating and set a $25.00 price target on the stock. in a research note on Thursday, February 17th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, South Jersey Industries presently has an average rating of “Hold” and an average price target of $28.80.

SJI opened at $34.62 on Wednesday. South Jersey Industries has a twelve month low of $20.75 and a twelve month high of $35.32. The company has a fifty day moving average of $34.33 and a 200-day moving average of $29.83. 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:SJI – Get Rating) last announced its quarterly earnings data on Wednesday, May 4th. The utilities provider reported $1.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.07). South Jersey Industries had a net margin of 4.14% and a return on equity of 9.82%. The business had revenue of $824.58 million during the quarter, compared to analyst estimates of $689.67 million. During the same period in the prior year, the firm earned $1.26 earnings per share. The firm’s revenue for the quarter was up 22.3% compared to the same quarter last year. As a group, analysts forecast that South Jersey Industries will post 1.69 EPS for the current year.

Several institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its holdings in South Jersey Industries by 3.3% during the 3rd quarter. Goldman Sachs Group Inc. now owns 396,050 shares of the utilities provider’s stock worth $8,420,000 after acquiring an additional 12,609 shares during the last quarter. Morgan Stanley grew its position in South Jersey Industries by 11.7% in the 3rd quarter. Morgan Stanley now owns 841,506 shares of the utilities provider’s stock worth $17,891,000 after purchasing an additional 88,036 shares in the last quarter. New York State Teachers Retirement System grew its position in South Jersey Industries by 0.7% in the 4th quarter. New York State Teachers Retirement System now owns 174,767 shares of the utilities provider’s stock worth $4,565,000 after purchasing an additional 1,200 shares in the last quarter. Invesco Ltd. increased its stake in South Jersey Industries by 2.7% in the 3rd quarter. Invesco Ltd. now owns 1,213,654 shares of the utilities provider’s stock valued at $25,803,000 after buying an additional 31,741 shares during the last quarter. Finally, Crossmark Global Holdings Inc. bought a new position in shares of South Jersey Industries during the 4th quarter worth approximately $237,000. 84.30% of the stock is owned by hedge funds and other institutional investors.

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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