In a report released today, Tate Sullivan from Maxim Group maintained a Buy rating on South Jersey Industries (SJI), with a price target of $40. The company’s shares opened today at $31.98.
Sullivan said:
“We believe SJI’s consistent strategy to grow its regulated natural gas businesses based on both sustainable customer growth and new infrastructure projects will lead to earnings growth and lower leverage.”
According to TipRanks.com, Sullivan is a 3-star analyst with an average return of 4.6% and a 66.1% success rate. Sullivan covers the Basic Materials sector, focusing on stocks such as Natural Gas Services Group, Emcor Group, and Tetra Tech.
Currently, the analyst consensus on South Jersey Industries is a Moderate Buy with an average price target of $35.
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Based on South Jersey Industries’ latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $45.93 million. In comparison, last year the company had a net profit of $111 million.
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South Jersey Industries, Inc. is a holding company, which engages in the provision of energy-related products and services through its wholly-owned subsidiaries. It operates through the following segments: Gas Utility Operations; Wholesale Energy Operations; Retail Gas and Other Operations; Retail Electric Operations; On-Site Energy Production; Appliance Service Operations; and Corporate & Services. The Gas Utility Operations segment consists of natural gas distribution to residential, commercial, and industrial customers. The Wholesale Energy Operations segment includes the activities of South Jersey Resources Group and South Jersey Exploration. The Retail Gas and Other Operations segment is involved in the natural gas acquisition and transportation service business lines. The Retail Electric Operations segment refers to electricity acquisition and transportation to commercial, industrial, and residential customers. The On-Site Energy Production segment refers to Marina’s thermal energy facility and other energy-related projects. The Appliance Service Operations segment comprises of South Jersey Energy Service Plus, which serviced residential and small commercial HVAC systems, installed small commercial HVAC systems, provided plumbing services, and serviced appliances under warranty via a subcontractor arrangement as well as on a time and materials basis. The Corporate & Services segment refers to the costs incurred related to the agreement to Elizabethtown Gas and Elkton Gas. The company was founded in 1969 and is headquartered in Folsom, NJ.
