Southwest Gas (NYSE:SWX) PT Raised to $78.00 at Wells Fargo & Company

Southwest Gas (NYSE:SWX) had its target price hoisted by Wells Fargo & Company from $74.00 to $78.00 in a research report report published on Wednesday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the utilities provider’s stock.

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

Southwest Gas Trading Up 1.0 %

SWX opened at $74.52 on Wednesday. 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 $5.34 billion, a P/E ratio of 27.91, a P/E/G ratio of 3.85 and a beta of 0.38. Southwest Gas has a 52 week low of $56.17 and a 52 week high of $78.46. The business has a fifty day simple moving average of $72.36 and a 200-day simple moving average of $73.46.

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

Southwest Gas Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend is Friday, November 15th. Southwest Gas’s dividend payout ratio (DPR) is presently 92.88%.

Insider Buying and Selling at Southwest Gas

In related news, CFO Robert J. Stefani sold 767 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $73.14, for a total transaction of $56,098.38. Following the completion of the transaction, the chief financial officer now owns 43,438 shares in the company, valued at $3,177,055.32. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.39% of the company’s stock.

Institutional Investors Weigh In On Southwest Gas

Several hedge funds and other institutional investors have recently made changes to their positions in SWX. GAMMA Investing LLC increased 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 purchasing an additional 260 shares during the last quarter. Blue Trust Inc. grew its position 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 acquired a new stake in Southwest Gas during the 2nd quarter worth $49,000. Ashton Thomas Private Wealth LLC purchased a new stake in Southwest Gas in the second quarter valued at $72,000. Finally, Jones Financial Companies Lllp boosted its stake in Southwest Gas by 461.9% in the fourth 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. 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.