Maxim Group Remains a Buy on South Jersey Industries (SJI)

By Ryan Adsit

In a report released yesterday, Tate Sullivan from Maxim Group maintained a Buy rating on South Jersey Industries (SJIResearch Report), with a price target of $40. The company’s shares closed yesterday at $33.82.

Sullivan wrote:

“After reviewing our forecasts before SJI’s 2Q19 earnings report on Wed 8/7, we reduce our 2Q19 EPS to ($0.08) from $0.04 and our 2019 EPS to $1.10 (from $1.12), based on higher natural gas utility management costs.”

According to TipRanks.com, Sullivan is a 4-star analyst with an average return of 4.6% and a 61.6% success rate. Sullivan covers the Industrial Goods sector, focusing on stocks such as Envision Solar International Inc, Capstone Turbine Corp, and BioHiTech Global Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for South Jersey Industries with a $35.33 average price target.

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Based on South Jersey Industries’ latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $85.64 million. In comparison, last year the company had a GAAP net loss of $93.82 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.