Southwest Gas (NYSE:SWX) Announces Quarterly Earnings Results

Southwest Gas (NYSE:SWX) posted its quarterly earnings results on Wednesday. The utilities provider reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03), Zacks reports. Southwest Gas had a return on equity of 6.98% and a net margin of 4.06%.The firm had revenue of $316.91 million for the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the company posted $0.09 EPS. Southwest Gas’s quarterly revenue was down 11.8% compared to the same quarter last year.

Southwest Gas Stock Down 0.3%

Southwest Gas stock traded down $0.22 during midday trading on Thursday, reaching $78.77. The company’s stock had a trading volume of 411,213 shares, compared to its average volume of 416,943. The stock’s 50-day simple moving average is $79.04 and its 200-day simple moving average is $76.19. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.94. Southwest Gas has a 52-week low of $64.69 and a 52-week high of $82.51. The stock has a market capitalization of $5.67 billion, a P/E ratio of 29.39, a PEG ratio of 2.28 and a beta of 0.57.

Southwest Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be paid a $0.62 dividend. The ex-dividend date is Monday, November 17th. This represents a $2.48 dividend on an annualized basis and a yield of 3.1%. Southwest Gas’s dividend payout ratio (DPR) is 38.63%.

Analyst Ratings Changes

SWX has been the topic of a number of recent research reports. Bank of America raised Southwest Gas from a “neutral” rating to a “buy” rating and increased their price target for the stock from $76.00 to $84.00 in a research report on Friday, August 29th. Weiss Ratings reissued a “hold (c)” rating on shares of Southwest Gas in a research report on Wednesday, October 8th. Jefferies Financial Group increased their price target on Southwest Gas from $82.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, September 10th. Mizuho began coverage on Southwest Gas in a research report on Wednesday, October 29th. They set an “outperform” rating and a $91.00 price target on the stock. Finally, Zacks Research raised Southwest Gas from a “strong sell” rating to a “hold” rating in a research report on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $84.50.

Insider Buying and Selling

In other Southwest Gas news, major shareholder Carl C. Icahn sold 1,500,000 shares of the stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $77.91, for a total value of $116,865,000.00. Following the completion of the sale, the insider directly owned 6,032,604 shares in the company, valued at approximately $470,000,177.64. This trade represents a 19.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.39% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its holdings in Southwest Gas by 223.5% during the second quarter. EverSource Wealth Advisors LLC now owns 440 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 304 shares during the period. Daiwa Securities Group Inc. boosted its stake in Southwest Gas by 21.3% during the second quarter. Daiwa Securities Group Inc. now owns 939 shares of the utilities provider’s stock worth $70,000 after buying an additional 165 shares during the last quarter. M&T Bank Corp purchased a new stake in Southwest Gas in the second quarter valued at $213,000. Quantinno Capital Management LP raised its position in Southwest Gas by 37.4% in the second quarter. Quantinno Capital Management LP now owns 4,496 shares of the utilities provider’s stock valued at $334,000 after purchasing an additional 1,223 shares during the period. Finally, Captrust Financial Advisors lifted its stake in Southwest Gas by 42.0% during the 2nd quarter. Captrust Financial Advisors now owns 4,509 shares of the utilities provider’s stock worth $335,000 after acquiring an additional 1,334 shares in the last quarter. 92.77% of the stock is currently owned by hedge funds and other institutional investors.

About Southwest Gas

Southwest Gas Holdings, Inc, through its subsidiaries, distributes and transports natural gas in Arizona, Nevada, and California. The company operates through Natural Gas Distribution, Utility Infrastructure Services, and Pipeline and Storage segments. It also provides trenching, installation, and replacement of underground pipes, as well as maintenance services for energy distribution systems.