South Jersey Industries (NYSE:SJI) Given New $31.00 Price Target at Morgan Stanley

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South Jersey Industries (NYSE:SJI) had its target price dropped by Morgan Stanley from $32.00 to $31.00 in a research report issued to clients and investors on Friday, AnalystRatings.com reports. The brokerage presently has an “equal weight” rating on the utilities provider’s stock. Morgan Stanley’s price objective suggests a potential upside of 2.48% from the stock’s previous close.

A number of other equities research analysts have also weighed in on SJI. Maxim Group set a $40.00 target price on shares of South Jersey Industries and gave the company a “buy” rating in a research note on Friday, September 13th. ValuEngine lowered shares of South Jersey Industries from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. TheStreet lowered shares of South Jersey Industries from a “b-” rating to a “c+” rating in a research note on Friday, August 23rd. Zacks Investment Research lowered shares of South Jersey Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Finally, JPMorgan Chase & Co. lowered shares of South Jersey Industries from an “overweight” rating to a “neutral” rating and set a $32.00 target price on the stock. in a research note on Monday, August 5th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $35.00.

Shares of SJI stock traded down $0.42 during mid-day trading on Friday, reaching $30.25. The stock had a trading volume of 472,745 shares, compared to its average volume of 558,022. The stock’s 50-day moving average price is $32.13 and its two-hundred day moving average price is $32.53. South Jersey Industries has a 52-week low of $26.06 and a 52-week high of $34.48. The firm has a market capitalization of $2.88 billion, a PE ratio of 21.92, a price-to-earnings-growth ratio of 3.36 and a beta of 0.66. The company has a current ratio of 0.26, a quick ratio of 0.23 and a debt-to-equity ratio of 1.22.

South Jersey Industries (NYSE:SJI) last released its quarterly earnings data on Wednesday, November 6th. The utilities provider reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.03). The firm had revenue of $261.20 million during the quarter, compared to analysts’ expectations of $253.87 million. South Jersey Industries had a net margin of 7.97% and a return on equity of 7.10%. South Jersey Industries’s revenue was down 13.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.27) EPS. On average, equities research analysts forecast that South Jersey Industries will post 1.09 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Catalyst Capital Advisors LLC bought a new stake in shares of South Jersey Industries during the 3rd quarter valued at about $497,000. Mason Street Advisors LLC boosted its stake in South Jersey Industries by 1.7% during the third quarter. Mason Street Advisors LLC now owns 31,371 shares of the utilities provider’s stock worth $1,032,000 after acquiring an additional 532 shares in the last quarter. First Trust Advisors LP boosted its stake in South Jersey Industries by 23.1% during the third quarter. First Trust Advisors LP now owns 1,238,788 shares of the utilities provider’s stock worth $40,769,000 after acquiring an additional 232,679 shares in the last quarter. First Mercantile Trust Co. boosted its stake in South Jersey Industries by 11.6% during the third quarter. First Mercantile Trust Co. now owns 4,908 shares of the utilities provider’s stock worth $162,000 after acquiring an additional 510 shares in the last quarter. Finally, Clear Harbor Asset Management LLC boosted its stake in South Jersey Industries by 8.1% during the third quarter. Clear Harbor Asset Management LLC now owns 107,222 shares of the utilities provider’s stock worth $3,529,000 after acquiring an additional 8,033 shares in the last quarter. 81.69% of the stock is currently owned by hedge funds and other 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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