Southwest Gas (NYSE:SWX) Reaches New 12-Month High Following Earnings Beat

Southwest Gas Holdings, Inc. (NYSE:SWX)’s share price hit a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $78.94 and last traded at $78.59, with a volume of 4357 shares changing hands. The stock had previously closed at $73.63.

The utilities provider reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.12 billion. Southwest Gas had a net margin of 3.44% and a return on equity of 6.07%. The company’s revenue was down 7.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.10 EPS.

Southwest Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be given a dividend of $0.62 per share. The ex-dividend date is Friday, November 15th. This represents a $2.48 dividend on an annualized basis and a yield of 3.31%. Southwest Gas’s payout ratio is 100.00%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SWX. Wells Fargo & Company raised their price target on Southwest Gas from $74.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. JPMorgan Chase & Co. cut their price objective on shares of Southwest Gas from $78.00 to $70.00 and set a “neutral” rating on the stock in a research report on Thursday, August 15th.

Insider Buying and Selling at Southwest Gas

In related news, CFO Robert J. Stefani sold 767 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $73.14, for a total value of $56,098.38. Following the completion of the sale, the chief financial officer now directly owns 43,438 shares in the company, valued at approximately $3,177,055.32. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.39% of the company’s stock.

Institutional Investors Weigh In On Southwest Gas

A number of hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its stake in Southwest Gas by 9.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 985,566 shares of the utilities provider’s stock valued at $69,370,000 after purchasing an additional 84,987 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Southwest Gas by 6.9% in the second quarter. Bank of New York Mellon Corp now owns 1,053,094 shares of the utilities provider’s stock valued at $74,117,000 after buying an additional 68,254 shares during the period. Victory Capital Management Inc. grew its position in Southwest Gas by 41.9% during the second quarter. Victory Capital Management Inc. now owns 206,114 shares of the utilities provider’s stock worth $14,506,000 after buying an additional 60,856 shares in the last quarter. International Assets Investment Management LLC increased its stake in Southwest Gas by 7,276.0% during the third quarter. International Assets Investment Management LLC now owns 51,042 shares of the utilities provider’s stock valued at $3,765,000 after acquiring an additional 50,350 shares during the period. Finally, Gamco Investors INC. ET AL raised its holdings in Southwest Gas by 3.6% in the 1st quarter. Gamco Investors INC. ET AL now owns 889,426 shares of the utilities provider’s stock valued at $67,712,000 after acquiring an additional 31,063 shares in the last quarter. 92.77% of the stock is currently owned by institutional investors.

Southwest Gas Price Performance

The company has a market cap of $5.38 billion, a P/E ratio of 29.59, a P/E/G ratio of 3.92 and a beta of 0.38. The stock has a 50-day simple moving average of $73.15 and a 200 day simple moving average of $73.54. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.58 and a current ratio of 1.58.

Southwest Gas Company Profile

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.