Wells Fargo & Company Increases Southwest Gas (NYSE:SWX) Price Target to $78.00

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

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

Southwest Gas Price Performance

Shares of Southwest Gas stock opened at $74.52 on Wednesday. Southwest Gas has a twelve month low of $56.17 and a twelve month high of $78.46. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.58 and a current ratio of 1.58. The firm has a market cap of $5.34 billion, a P/E ratio of 27.91, a price-to-earnings-growth ratio of 3.85 and a beta of 0.38. The firm’s 50-day simple moving average is $72.36 and its 200-day simple moving average is $73.46.

Southwest Gas (NYSE:SWX) last released its quarterly earnings data 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 net margin of 3.44% and a return on equity of 6.18%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period in the previous year, the firm posted $0.47 earnings per share. The firm’s revenue for the quarter was down 8.6% compared to the same quarter last year. As a group, research analysts expect that Southwest Gas will post 3.2 EPS for the current fiscal year.

Southwest Gas Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders 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 dividend yield of 3.33%. The ex-dividend date of this dividend is Friday, November 15th. Southwest Gas’s payout ratio is presently 92.88%.

Insider Activity

In related news, CFO Robert J. Stefani sold 767 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $73.14, for a total transaction of $56,098.38. Following the transaction, the chief financial officer now owns 43,438 shares in the company, valued at approximately $3,177,055.32. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.39% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Southwest Gas

A number of large investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Southwest Gas in the fourth quarter valued at approximately $36,054,000. Wellington Management Group LLP boosted its position in Southwest Gas by 24.4% in the 4th quarter. Wellington Management Group LLP now owns 1,059,348 shares of the utilities provider’s stock valued at $67,110,000 after buying an additional 207,798 shares during the last quarter. 13D Management LLC increased its stake in shares of Southwest Gas by 1,374.2% in the 4th quarter. 13D Management LLC now owns 113,232 shares of the utilities provider’s stock valued at $7,173,000 after buying an additional 105,551 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Southwest Gas by 9.4% during the second quarter. Dimensional Fund Advisors LP now owns 985,566 shares of the utilities provider’s stock worth $69,370,000 after acquiring an additional 84,987 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Southwest Gas by 6.9% during the second quarter. Bank of New York Mellon Corp now owns 1,053,094 shares of the utilities provider’s stock valued at $74,117,000 after acquiring an additional 68,254 shares during the period. 92.77% of the stock is currently owned by institutional investors and hedge funds.

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.