Q1 2024 EPS Estimates for Southwest Gas Holdings, Inc. Reduced by Zacks Research (NYSE:SWX)

Southwest Gas Holdings, Inc. (NYSE:SWX – Get Rating) – Zacks Research reduced their Q1 2024 EPS estimates for shares of Southwest Gas in a research report issued to clients and investors on Tuesday, May 23rd. Zacks Research analyst J. Saha now anticipates that the utilities provider will post earnings per share of $1.57 for the quarter, down from their previous estimate of $1.59. The consensus estimate for Southwest Gas’ current full-year earnings is $3.50 per share. Zacks Research also issued estimates for Southwest Gas’ Q2 2024 earnings at $0.69 EPS and Q1 2025 earnings at $1.67 EPS.

A number of other equities analysts have also recently issued reports on SWX. Wells Fargo & Company decreased their price objective on shares of Southwest Gas from $71.00 to $63.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 2nd. JPMorgan Chase & Co. cut their target price on shares of Southwest Gas from $78.00 to $75.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 7th. Royal Bank of Canada reaffirmed an “underweight” rating and set a $95.00 target price (down previously from $100.00) on shares of Southwest Gas in a research note on Monday, March 6th. Finally, StockNews.com initiated coverage on shares of Southwest Gas in a research note on Thursday, May 18th. They set a “sell” rating on the stock. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Southwest Gas currently has a consensus rating of “Hold” and an average target price of $79.60.

Southwest Gas Price Performance

Shares of NYSE:SWX opened at $58.33 on Friday. The company’s fifty day moving average is $58.33 and its 200 day moving average is $62.76. Southwest Gas has a 52 week low of $53.79 and a 52 week high of $95.62. The stock has a market cap of $4.16 billion, a PE ratio of -15.39, a PEG ratio of 4.15 and a beta of 0.27. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 1.39.

Southwest Gas (NYSE:SWX – Get Rating) last issued its earnings results on Tuesday, February 28th. The utilities provider reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.41). The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Southwest Gas had a positive return on equity of 6.24% and a negative net margin of 4.79%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Channing Capital Management LLC boosted its position in shares of Southwest Gas by 660.0% in the first quarter. Channing Capital Management LLC now owns 1,322,800 shares of the utilities provider’s stock worth $82,609,000 after purchasing an additional 1,148,750 shares during the period. River Road Asset Management LLC boosted its position in shares of Southwest Gas by 631.1% in the fourth quarter. River Road Asset Management LLC now owns 850,500 shares of the utilities provider’s stock worth $52,629,000 after purchasing an additional 734,161 shares during the period. Vanguard Group Inc. boosted its position in shares of Southwest Gas by 11.6% during the first quarter. Vanguard Group Inc. now owns 6,646,936 shares of the utilities provider’s stock worth $520,388,000 after acquiring an additional 690,696 shares during the last quarter. Norges Bank bought a new position in shares of Southwest Gas during the fourth quarter worth $39,176,000. Finally, Morgan Stanley boosted its position in shares of Southwest Gas by 146.8% during the fourth quarter. Morgan Stanley now owns 882,058 shares of the utilities provider’s stock worth $54,582,000 after acquiring an additional 524,625 shares during the last quarter. 87.59% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Southwest Gas

In other news, major shareholder Carl C. Icahn bought 27,803 shares of the company’s stock in a transaction dated Friday, May 26th. The shares were purchased at an average price of $57.87 per share, for a total transaction of $1,608,959.61. Following the completion of the purchase, the insider now owns 10,835,029 shares in the company, valued at approximately $627,023,128.23. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, major shareholder Carl C. Icahn acquired 238,785 shares of the firm’s stock in a transaction dated Monday, March 13th. The stock was purchased at an average cost of $59.89 per share, with a total value of $14,300,833.65. Following the completion of the acquisition, the insider now directly owns 9,483,250 shares of the company’s stock, valued at $567,951,842.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Carl C. Icahn acquired 27,803 shares of the firm’s stock in a transaction dated Friday, May 26th. The shares were bought at an average cost of $57.87 per share, with a total value of $1,608,959.61. Following the completion of the acquisition, the insider now directly owns 10,835,029 shares of the company’s stock, valued at $627,023,128.23. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 3,350,789 shares of company stock worth $201,194,382. Corporate insiders own 0.32% of the company’s stock.

Southwest Gas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Monday, August 14th. This represents a $2.48 annualized dividend and a dividend yield of 4.25%. Southwest Gas’s dividend payout ratio is presently -65.44%.

Southwest Gas Company Profile

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Southwest Gas Holdings, Inc engages in the energy business. It operates through the following business segments: Natural Gas Operations and Utility Infrastructure Services. The Natural Gas Operations segment focuses on purchasing, distribution, and transportation of natural gas in Arizona, California, and Nevada.