Wells Fargo & Company Cuts Southwest Gas (NYSE:SWX) Price Target to $74.00

Southwest Gas (NYSE:SWX) had its price objective trimmed by Wells Fargo & Company from $77.00 to $74.00 in a report published on Wednesday morning, Benzinga reports. The firm currently has an equal weight rating on the utilities provider’s stock.

Southwest Gas Stock Performance

Southwest Gas stock traded up $0.24 during midday trading on Wednesday, reaching $71.47. 254,104 shares of the stock traded hands, compared to its average volume of 413,340. Southwest Gas has a fifty-two week low of $56.17 and a fifty-two week high of $78.46. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.39. The firm has a market cap of $5.12 billion, a price-to-earnings ratio of 26.77, a PEG ratio of 3.56 and a beta of 0.37. The firm has a fifty day moving average price of $73.06 and a two-hundred day moving average price of $71.31.

Southwest Gas (NYSE:SWX) last issued its quarterly earnings data on Tuesday, August 6th. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.17). Southwest Gas had a return on equity of 6.35% and a net margin of 3.44%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period last year, the company earned $0.47 earnings per share. The business’s quarterly revenue was down 8.6% compared to the same quarter last year. On average, equities research analysts forecast that Southwest Gas will post 3.28 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Justin L. Brown sold 2,625 shares of Southwest Gas stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $76.50, for a total transaction of $200,812.50. Following the transaction, the insider now directly owns 23,830 shares of the company’s stock, valued at $1,822,995. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.39% of the stock is currently owned by insiders.

Institutional Trading of Southwest Gas

Large investors have recently added to or reduced their stakes in the business. Kapitalo Investimentos Ltda increased its holdings in shares of Southwest Gas by 4.2% in the fourth quarter. Kapitalo Investimentos Ltda now owns 4,234 shares of the utilities provider’s stock valued at $268,000 after buying an additional 171 shares in the last quarter. Retirement Systems of Alabama grew its holdings in shares of Southwest Gas by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 75,442 shares of the utilities provider’s stock worth $5,743,000 after acquiring an additional 199 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Southwest Gas by 154.8% during the second quarter. GAMMA Investing LLC now owns 428 shares of the utilities provider’s stock worth $30,000 after purchasing an additional 260 shares during the period. Blue Trust Inc. lifted its holdings in shares of Southwest Gas by 96.6% during the second quarter. Blue Trust Inc. now owns 574 shares of the utilities provider’s stock valued at $44,000 after purchasing an additional 282 shares during the last quarter. Finally, State of Michigan Retirement System boosted its position in shares of Southwest Gas by 2.1% in the 1st quarter. State of Michigan Retirement System now owns 14,729 shares of the utilities provider’s stock valued at $1,121,000 after purchasing an additional 300 shares during the period. 92.77% of the stock is currently owned by 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.