Southwest Gas (NYSE:SWX) Given New $78.00 Price Target at Wells Fargo & Company

Southwest Gas (NYSE:SWX) had its price objective upped by equities researchers at Wells Fargo & Company from $74.00 to $78.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 4.45% from the stock’s previous close.

Separately, JPMorgan Chase & Co. reduced their price target on Southwest Gas from $78.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday, August 15th.

Southwest Gas Stock Performance

Shares of SWX stock traded up $0.81 on Wednesday, hitting $74.68. 41,762 shares of the stock traded hands, compared to its average volume of 399,104. The company’s fifty day moving average is $72.32 and its 200 day moving average is $73.45. Southwest Gas has a 1-year low of $56.17 and a 1-year high of $78.46. The company has a market capitalization of $5.36 billion, a PE ratio of 27.97, a PEG ratio of 3.89 and a beta of 0.38. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.58 and a quick ratio of 1.58.

Southwest Gas (NYSE:SWX) last issued its earnings results on Tuesday, August 6th. The utilities provider reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.17). Southwest Gas had a return on equity of 6.18% and a net margin of 3.44%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period last year, the company posted $0.47 earnings per share. The firm’s revenue for the quarter was down 8.6% on a year-over-year basis. On average, equities research analysts predict that Southwest Gas will post 3.2 earnings per share for the current fiscal year.

Insider Activity at Southwest Gas

In related news, CFO Robert J. Stefani sold 767 shares of Southwest Gas 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 transaction, the chief financial officer now directly owns 43,438 shares in the company, valued at approximately $3,177,055.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.39% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in Southwest Gas during the 4th quarter valued at $36,054,000. UBS Group AG raised its position in Southwest Gas by 4.9% during the fourth quarter. UBS Group AG now owns 113,281 shares of the utilities provider’s stock valued at $7,176,000 after buying an additional 5,249 shares during the period. Assetmark Inc. boosted its position in Southwest Gas by 22.6% during the 4th quarter. Assetmark Inc. now owns 3,152 shares of the utilities provider’s stock worth $200,000 after acquiring an additional 581 shares during the period. Capstone Investment Advisors LLC acquired a new stake in Southwest Gas during the 4th quarter worth about $542,000. Finally, Jones Financial Companies Lllp grew its stake in Southwest Gas by 461.9% during the 4th quarter. Jones Financial Companies Lllp now owns 1,371 shares of the utilities provider’s stock valued at $87,000 after acquiring an additional 1,127 shares in the last quarter. 92.77% of the stock is owned by hedge funds and other institutional investors.

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.