Welcome to our dedicated page for SJI news (Ticker: SJI), a resource for investors and traders seeking the latest updates and insights on SJI stock.
SJI is a prominent energy services holding company based in Folsom, New Jersey, dedicated to delivering essential energy services through its three primary subsidiaries. SJI Utilities, the regulated natural gas utility arm of the company, ensures the provision of safe, reliable, and affordable natural gas to approximately 700,000 customers in New Jersey through South Jersey Gas and Elizabethtown Gas.
Beyond its utility operations, SJI's non-utility businesses, grouped under South Jersey Energy Solutions, focus on promoting efficiency, clean technology, and renewable energy. This includes customized wholesale commodity marketing, fuel management services, and the development, ownership, and operation of on-site energy production facilities. SJI Midstream manages the company's interests in the PennEast Pipeline Project, further enhancing its strategic infrastructure capabilities.
With a clear commitment to advancing clean energy, SJI has embarked on several innovative projects. A notable recent achievement is the partnership with Captona and RNG Energy Solutions to develop the Linden Renewable Energy Project, one of the largest food waste-to-renewable natural gas (RNG) projects in the United States. This project aims to convert organic waste into pipeline-quality RNG, thereby contributing significantly to New Jersey's decarbonization goals and providing a sustainable energy source for Elizabethtown Gas customers.
The Linden project, expected to be completed by Q1 2026, will process up to 1,475 tons of waste daily, producing energy equivalent to 30,200 gallons of gasoline per day. This effort not only supports waste management but also aligns with stringent organic waste diversion regulations in the NYC and NJ regions.
SJI continues to collaborate with top-tier partners like Phoenix Power Group and prominent waste haulers to ensure the project's success. The City of Linden, NJ, has shown strong support, anticipating economic benefits and hundreds of new construction jobs.
Overall, SJI's dedication to clean energy and sustainability positions it as a significant player in the energy sector, continually driving forward with innovative solutions and robust partnerships.
SJI celebrates Women's History Month by appointing two women as presidents of its utility subsidiaries, South Jersey Gas and Elizabethtown Gas. Melissa Orsen was named president and COO of South Jersey Gas in July 2020, while Christie McMullen took the role for Elizabethtown Gas in December 2018. Since 2019, 49% of new hires at SJI are women, and they hold 39% of leadership positions. The company continues to promote career advancement for female employees through initiatives like the Women's Leadership Initiative.
SJI reports strong 2020 financial results with GAAP earnings of $157.3 million ($1.62/share) compared to $77.2 million ($0.84/share) in 2019. Economic earnings rose to $163.0 million ($1.68/share), up from $103.0 million ($1.12/share). The company faced challenges from COVID-19 but achieved significant profitability improvements through utility operations. A dividend increase to $1.21 per share marks 22 years of consecutive growth. SJI also invests in renewable gas with a $39.8 million acquisition of REV LNG, supporting decarbonization goals.
SJI (NYSE: SJI) declared a regular quarterly dividend of $0.3025 per share for Q1 2021, reflecting its commitment to a sustainable dividend policy. This marks the 70th consecutive year of dividend payments, highlighting SJI's stability and reliability in the energy sector. The dividend will be payable on April 5, 2021 to shareholders of record by March 17, 2021.
SJI announced it will host its fourth quarter 2020 earnings conference call on February 25, 2021, at 11:00 A.M. ET. The financial results will be released on February 24, 2021, after market close. The call will feature CEO Michael J. Renna and the senior management team, who will review the company's performance and financials. Participants can join via toll-free and international numbers or through the company’s website. SJI serves approximately 700,000 customers in New Jersey through its utility and energy services divisions.
South Jersey Industries (SJI) announced that two veterans from its team, Cristina Fernandez and Rich DeRose, were featured on the show "Military Makeover: Operation Career" hosted by Montel Williams. The episode aired on January 29 and showcases veterans transitioning into civilian careers. The show emphasizes the company's commitment to supporting veterans, with Fernandez and DeRose advocating for veteran initiatives at SJI. The segment highlights their military backgrounds and the co-founding of the Veterans Engagement Team of SJI (VETS) to assist veteran employees.
On January 13, 2021, SJI (NYSE: SJI) highlighted its community support initiatives in 2020 amid the COVID-19 pandemic. The company donated over $500,000 to local communities, focusing on healthcare, social services, and economic relief. Notable contributions include $50,000 to the New Jersey Pandemic Relief Fund and nearly $40,000 in grants to first responder departments. SJI also provided educational scholarships, supported food security initiatives, and engaged in economic development efforts, ensuring ongoing assistance to vulnerable populations. The company aims to expand its support further in 2021.
SJI announced a partnership with Atlantic Shores Offshore Wind on December 15, 2020, aimed at launching a green hydrogen pilot program in New Jersey. The initiative will explore the use of excess electricity from offshore wind to create renewable green hydrogen, which can be blended with natural gas to reduce carbon emissions. SJI will leverage its expertise and infrastructure to support the project, which is expected to enhance clean energy initiatives in the state and expand opportunities for research collaborations.
SJI (NYSE: SJI) has announced a 2.54% increase in its quarterly dividend, raising it from $0.2950 to $0.3025 per share. This marks the 22nd consecutive year of dividend increases, reflecting the company's commitment to returning value to shareholders. The new annualized dividend is $1.21. The dividend will be payable on December 29, 2020 to shareholders of record as of December 10, 2020, with an ex-dividend date of December 9, 2020.
South Jersey Gas, a subsidiary of SJI (NYSE:SJI), has filed a petition for an Infrastructure Investment Program with the New Jersey Board of Public Utilities. The proposed five-year initiative aims to invest approximately $742.5 million to replace 825 miles of aging steel pipelines and install Excess Flow Valves for enhanced safety. The program is designed to bolster economic growth without raising customer rates. This follows previous investments of $320 million under existing programs aimed at modernizing gas systems and improving reliability.
SJI reported its Q3 2020 results, showing a GAAP loss of $10.3 million, a notable improvement from a $34.7 million loss in Q3 2019. Economic earnings for the quarter were a loss of $6.0 million, compared to a loss of $27.5 million the previous year. Key factors included contributions of $0.12 per share from clean energy investments. SJI updated its 2020 economic earnings guidance to the upper end of $1.50-$1.60 per diluted share, supported by a $600 million capital expenditure plan, with $500 million allocated for utility growth and safety enhancements.
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