Southwest Gas (NYSE:SWX) Hits New 1-Year High Following Earnings Beat

Southwest Gas Holdings, Inc. (NYSE:SWX) shares reached 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. The stock had previously closed at $73.63.

The utilities provider reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.12 billion. Southwest Gas had a net margin of 3.44% and a return on equity of 6.07%. The business’s revenue was down 7.7% on a year-over-year basis. During the same period last year, the business earned $0.10 EPS.

Southwest Gas Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.48 annualized dividend and a yield of 3.31%. Southwest Gas’s dividend payout ratio is presently 100.00%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. JPMorgan Chase & Co. reduced their target price on Southwest Gas from $78.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Wells Fargo & Company raised their price objective 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.

Insider Transactions at Southwest Gas

In other Southwest Gas news, CFO Robert J. Stefani sold 767 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $73.14, for a total transaction of $56,098.38. Following 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.39% of the company’s stock.

Institutional Trading of Southwest Gas

Large investors have recently added to or reduced their stakes in the business. Texas Permanent School Fund Corp lifted its stake in Southwest Gas by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 52,514 shares of the utilities provider’s stock valued at $3,998,000 after buying an additional 705 shares in the last quarter. SageView Advisory Group LLC acquired a new position in Southwest Gas in the 1st quarter worth approximately $601,000. Acadian Asset Management LLC purchased a new position in Southwest Gas during the 1st quarter worth approximately $936,000. O Shaughnessy Asset Management LLC acquired a new stake in Southwest Gas during the 1st quarter valued at $202,000. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in shares of Southwest Gas by 4.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 79,363 shares of the utilities provider’s stock valued at $6,045,000 after purchasing an additional 3,318 shares in the last quarter. 92.77% of the stock is currently owned by institutional investors.

Southwest Gas Trading Up 2.2 %

The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 1.38. The firm has a market cap of $5.38 billion, a price-to-earnings ratio of 29.59, a PEG ratio of 3.92 and a beta of 0.38. The company has a 50-day moving average price of $73.15 and a 200 day moving average price of $73.54.

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.