Southwest Gas (NYSE:SWX – Get Free Report) had its price objective decreased by equities research analysts at JPMorgan Chase & Co. from $76.00 to $72.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the utilities provider’s stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 1.44% from the stock’s previous close.
Other equities research analysts have also issued reports about the stock. LADENBURG THALM/SH SH upgraded shares of Southwest Gas to a “strong-buy” rating in a report on Friday, January 24th. Bank of America reaffirmed an “underperform” rating and issued a $73.00 price target on shares of Southwest Gas in a report on Friday, December 13th. Finally, Jefferies Financial Group assumed coverage on shares of Southwest Gas in a research report on Tuesday, January 14th. They issued a “hold” rating and a $73.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $73.80.
Southwest Gas Stock Down 1.1 %
Southwest Gas (NYSE:SWX – Get Free Report) last released its earnings results on Wednesday, November 6th. The utilities provider reported $0.09 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the previous year, the company posted $0.10 EPS. Southwest Gas’s revenue was down 7.7% compared to the same quarter last year. Sell-side analysts expect that Southwest Gas will post 3.12 EPS for the current year.
Insider Buying and Selling at Southwest Gas
In other news, major shareholder Carl C. Icahn sold 1,390,000 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $76.74, for a total value of $106,668,600.00. Following the completion of the sale, the insider now owns 9,632,604 shares in the company, valued at approximately $739,206,030.96. This trade represents a 12.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.39% of the stock is owned by company insiders.
Institutional Investors Weigh In On Southwest Gas
A number of hedge funds have recently added to or reduced their stakes in SWX. Maverick Capital Ltd. raised its stake in shares of Southwest Gas by 18.5% during the 3rd quarter. Maverick Capital Ltd. now owns 1,765,148 shares of the utilities provider’s stock worth $130,197,000 after buying an additional 275,992 shares in the last quarter. Zimmer Partners LP purchased a new stake in shares of Southwest Gas during the 3rd quarter worth $6,823,000. Barclays PLC grew its stake in shares of Southwest Gas by 192.7% during the 3rd quarter. Barclays PLC now owns 105,134 shares of the utilities provider’s stock worth $7,755,000 after purchasing an additional 69,212 shares during the period. International Assets Investment Management LLC increased its holdings in shares of Southwest Gas by 7,276.0% in the 3rd quarter. International Assets Investment Management LLC now owns 51,042 shares of the utilities provider’s stock valued at $3,765,000 after purchasing an additional 50,350 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in shares of Southwest Gas by 107.4% in the third quarter. Jacobs Levy Equity Management Inc. now owns 83,306 shares of the utilities provider’s stock valued at $6,145,000 after purchasing an additional 43,131 shares during the period. Institutional investors and hedge funds own 92.77% of the company’s stock.
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.
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