Credit Agricole S A reduced its stake in Southwest Gas Corporation (NYSE:SWX) by 64.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,802 shares of the utilities provider’s stock after selling 6,757 shares during the period. Credit Agricole S A’s holdings in Southwest Gas Corporation were worth $315,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. YorkBridge Wealth Partners LLC increased its position in shares of Southwest Gas Corporation by 14.4% in the first quarter. YorkBridge Wealth Partners LLC now owns 1,268 shares of the utilities provider’s stock worth $106,000 after buying an additional 160 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Southwest Gas Corporation by 6.6% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,575 shares of the utilities provider’s stock worth $120,000 after buying an additional 98 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Southwest Gas Corporation by 17.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 2,350 shares of the utilities provider’s stock worth $180,000 after buying an additional 352 shares in the last quarter. First Republic Investment Management Inc. purchased a new position in Southwest Gas Corporation during the fourth quarter worth about $203,000. Finally, Jaffetilchin Investment Partners LLC purchased a new position in Southwest Gas Corporation during the first quarter worth about $205,000. 78.14% of the stock is owned by institutional investors and hedge funds.
Southwest Gas Corporation (SWX) traded down 1.38% on Friday, hitting $80.31. The stock had a trading volume of 204,164 shares. The company has a 50 day moving average price of $76.74 and a 200-day moving average price of $80.50. The company has a market cap of $3.82 billion, a price-to-earnings ratio of 26.31 and a beta of 0.59. Southwest Gas Corporation has a 52-week low of $64.26 and a 52-week high of $86.65.
Southwest Gas Corporation (NYSE:SWX) last posted its earnings results on Monday, May 8th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.63 by $0.18. Southwest Gas Corporation had a net margin of 6.12% and a return on equity of 8.65%. The company had revenue of $654.74 million during the quarter, compared to analysts’ expectations of $741.80 million. During the same period in the previous year, the company posted $1.58 EPS. Southwest Gas Corporation’s quarterly revenue was down 10.5% compared to the same quarter last year. On average, equities research analysts predict that Southwest Gas Corporation will post $3.38 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 15th will be paid a $0.495 dividend. This represents a $1.98 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date is Friday, August 11th. Southwest Gas Corporation’s payout ratio is currently 64.71%.
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Several brokerages have recently weighed in on SWX. Zacks Investment Research upgraded Southwest Gas Corporation from a “sell” rating to a “hold” rating in a report on Friday, April 14th. Jefferies Group LLC restated a “sell” rating and set a $68.00 price target on shares of Southwest Gas Corporation in a report on Tuesday, May 9th. Finally, BidaskClub cut Southwest Gas Corporation from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 27th. Six equities research analysts have rated the stock with a hold rating, The stock has a consensus rating of “Hold” and a consensus price target of $80.50.
In related news, SVP Eric Debonis sold 350 shares of the company’s stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $80.02, for a total value of $28,007.00. Following the sale, the senior vice president now owns 20,057 shares of the company’s stock, valued at approximately $1,604,961.14. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.34% of the stock is currently owned by corporate insiders.
About Southwest Gas Corporation
Southwest Gas Holdings, Inc, formerly Southwest Gas Corporation, is engaged in the business of purchasing, distributing and transporting natural gas. The Company operates through two segments: natural gas operations and construction services, which includes the operations of the Company’s subsidiary, Centuri Construction Group, Inc (Centuri).
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