Morgan Stanley Reiterates “$31.00” Price Target for South Jersey Industries (SJI)

Morgan Stanley set a $31.00 target price on South Jersey Industries (NYSE:SJI) in a research report report published on Thursday morning, TipRanks reports. The brokerage currently has a hold rating on the utilities provider’s stock.

Other equities analysts have also issued research reports about the stock. ValuEngine raised shares of South Jersey Industries from a hold rating to a buy rating in a report on Monday, May 13th. Zacks Investment Research raised shares of South Jersey Industries from a strong sell rating to a hold rating in a report on Thursday, May 2nd. Finally, Maxim Group assumed coverage on shares of South Jersey Industries in a report on Tuesday, April 16th. They issued a buy rating and a $40.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $34.43.

SJI opened at $33.49 on Thursday. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.43 and a quick ratio of 0.41. South Jersey Industries has a 52 week low of $26.06 and a 52 week high of $36.72. The firm has a market cap of $3.10 billion, a price-to-earnings ratio of 24.27, a price-to-earnings-growth ratio of 4.25 and a beta of 0.76.

South Jersey Industries (NYSE:SJI) last released its earnings results on Wednesday, May 8th. The utilities provider reported $1.09 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $637.30 million during the quarter, compared to analyst estimates of $571.00 million. Equities analysts expect that South Jersey Industries will post 1.1 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Stockholders of record on Monday, June 10th will be issued a $0.2875 dividend. This represents a $1.15 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend is Friday, June 7th. South Jersey Industries’s dividend payout ratio (DPR) is 83.33%.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. grew its holdings in shares of South Jersey Industries by 7.9% in the 1st quarter. BlackRock Inc. now owns 13,772,758 shares of the utilities provider’s stock valued at $441,692,000 after buying an additional 1,007,120 shares during the period. FMR LLC boosted its stake in South Jersey Industries by 28.4% in 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 during the period. Macquarie Group Ltd. boosted its stake in South Jersey Industries by 10.6% in the 1st quarter. Macquarie Group Ltd. now owns 2,916,968 shares of the utilities provider’s stock worth $93,547,000 after purchasing an additional 280,559 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in South Jersey Industries by 4.9% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,882,346 shares of the utilities provider’s stock worth $52,330,000 after purchasing an additional 88,381 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in South Jersey Industries by 1.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,757,233 shares of the utilities provider’s stock worth $48,850,000 after purchasing an additional 17,338 shares during the period. 80.20% of the stock is owned by institutional investors.

South Jersey Industries Company Profile

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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