Southwest Gas (NYSE:SWX) Given New $70.00 Price Target at JPMorgan Chase & Co.

Southwest Gas (NYSE:SWX) had its target price reduced by JPMorgan Chase & Co. from $78.00 to $70.00 in a research report sent to investors on Thursday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the utilities provider’s stock.

Separately, Wells Fargo & Company cut their target price on Southwest Gas from $77.00 to $74.00 and set an equal weight rating for the company in a research note on Wednesday, August 7th.

Southwest Gas Stock Performance

NYSE:SWX traded up $0.34 during mid-day trading on Thursday, hitting $70.92. 221,437 shares of the company’s stock traded hands, compared to its average volume of 408,396. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 1.38. The firm has a 50 day moving average of $72.68 and a two-hundred day moving average of $71.56. The firm has a market capitalization of $5.09 billion, a price-to-earnings ratio of 26.41, a price-to-earnings-growth ratio of 3.62 and a beta of 0.37. Southwest Gas has a 12 month low of $56.17 and a 12 month high of $78.46.

Southwest Gas (NYSE:SWX) last announced its quarterly earnings data on Tuesday, August 6th. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.17). Southwest Gas had a return on equity of 6.18% and a net margin of 3.44%. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the previous year, the business posted $0.47 EPS. The company’s revenue was down 8.6% on a year-over-year basis. On average, equities analysts forecast that Southwest Gas will post 3.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC boosted its stake in Southwest Gas by 154.8% in the second quarter. GAMMA Investing LLC now owns 428 shares of the utilities provider’s stock valued at $30,000 after acquiring an additional 260 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Southwest Gas by 96.6% in the 2nd quarter. Blue Trust Inc. now owns 574 shares of the utilities provider’s stock valued at $44,000 after buying an additional 282 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Southwest Gas in the 2nd quarter valued at about $49,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Southwest Gas during the 2nd quarter worth about $72,000. Finally, Jones Financial Companies Lllp lifted its stake in Southwest Gas by 461.9% in the 4th quarter. Jones Financial Companies Lllp now owns 1,371 shares of the utilities provider’s stock valued at $87,000 after purchasing an additional 1,127 shares during the last quarter. 92.77% of the stock is owned by institutional investors and hedge funds.

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.