Southwest Gas (NYSE:SWX) Hits New 52-Week High – Here’s Why

Southwest Gas Holdings, Inc. (NYSE:SWX) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $79.20 and last traded at $79.11, with a volume of 307267 shares changing hands. The stock had previously closed at $77.43.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on SWX shares. JPMorgan Chase & Co. decreased their price objective 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 upped their price objective on Southwest Gas from $74.00 to $78.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th.

Southwest Gas Stock Up 2.2 %

The company has a debt-to-equity ratio of 1.21, a current ratio of 0.85 and a quick ratio of 0.85. The business has a 50 day simple moving average of $73.98 and a 200 day simple moving average of $73.61. The company has a market capitalization of $5.68 billion, a price-to-earnings ratio of 31.24, a PEG ratio of 4.07 and a beta of 0.38.

Southwest Gas (NYSE:SWX) last released its quarterly earnings results on Wednesday, November 6th. The utilities provider reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. Southwest Gas had a return on equity of 5.99% and a net margin of 3.44%. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same period in the prior year, the firm earned $0.10 earnings per share. The firm’s revenue was down 7.7% compared to the same quarter last year. As a group, equities analysts predict that Southwest Gas Holdings, Inc. will post 3.13 earnings per share for the current fiscal year.

Southwest Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 3.13%. The ex-dividend date is Friday, November 15th. Southwest Gas’s payout ratio is currently 100.00%.

Insider Activity

In other news, CFO Robert J. Stefani sold 767 shares of the stock in a transaction 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 sale, the chief financial officer now directly owns 43,438 shares in the company, valued at approximately $3,177,055.32. This trade represents a 1.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.39% of the company’s stock.

Institutional Trading of Southwest Gas

Several hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC purchased a new position in Southwest Gas in the first quarter valued at $936,000. O Shaughnessy Asset Management LLC purchased a new position in Southwest Gas in the first quarter valued at $202,000. CANADA LIFE ASSURANCE Co increased its holdings in 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 buying an additional 3,318 shares during the last quarter. Gamco Investors INC. ET AL increased its holdings in Southwest Gas by 3.6% in the first quarter. Gamco Investors INC. ET AL now owns 889,426 shares of the utilities provider’s stock valued at $67,712,000 after buying an additional 31,063 shares during the last quarter. Finally, Keeley Teton Advisors LLC increased its holdings in Southwest Gas by 0.4% in the first quarter. Keeley Teton Advisors LLC now owns 101,115 shares of the utilities provider’s stock valued at $7,698,000 after buying an additional 422 shares during the last quarter. 92.77% of the stock is currently owned by institutional investors and hedge funds.

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.