PNC Financial Services Group Inc. boosted its stake in Southwest Gas Corporation (NYSE:SWX) by 189.2% during the first quarter, Holdings Channel reports. The firm owned 22,301 shares of the utilities provider’s stock after buying an additional 14,591 shares during the period. PNC Financial Services Group Inc.’s holdings in Southwest Gas Corporation were worth $1,849,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. YorkBridge Wealth Partners LLC boosted its stake in 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 valued at $106,000 after buying an additional 160 shares during the period. Flinton Capital Management LLC bought a new stake in shares of Southwest Gas Corporation during the fourth quarter valued at approximately $114,000. Ladenburg Thalmann Financial Services Inc. boosted its stake 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 valued at $120,000 after buying an additional 98 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake 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 valued at $180,000 after buying an additional 352 shares during the last quarter. Finally, First Republic Investment Management Inc. bought a new stake in shares of Southwest Gas Corporation during the fourth quarter valued at approximately $203,000. Institutional investors own 77.87% of the company’s stock.
Shares of Southwest Gas Corporation (NYSE SWX) opened at 73.45 on Friday. The company has a market capitalization of $3.49 billion, a PE ratio of 24.07 and a beta of 0.58. The company has a 50-day moving average price of $79.13 and a 200 day moving average price of $80.48. Southwest Gas Corporation has a one year low of $64.26 and a one year high of $86.65.
Southwest Gas Corporation (NYSE:SWX) last posted its quarterly earnings results on Monday, May 8th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.63 by $0.18. Southwest Gas Corporation had a return on equity of 8.65% and a net margin of 6.12%. The company had revenue of $654.74 million for the quarter, compared to the consensus estimate of $741.80 million. During the same quarter in the previous year, the business earned $1.58 earnings per share. Southwest Gas Corporation’s revenue was down 10.5% compared to the same quarter last year. Equities analysts anticipate that Southwest Gas Corporation will post $3.38 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 15th will be given a dividend of $0.495 per share. The ex-dividend date of this dividend is Friday, August 11th. This represents a $1.98 annualized dividend and a yield of 2.70%. Southwest Gas Corporation’s payout ratio is 64.71%.
Several analysts recently commented on the company. Zacks Investment Research cut Southwest Gas Corporation from a “hold” rating to a “sell” rating in a report on Thursday, March 16th. Jefferies Group LLC reiterated a “sell” rating and issued a $68.00 target price on shares of Southwest Gas Corporation in a report on Tuesday, May 9th. Finally, Bank of America Corporation cut Southwest Gas Corporation from a “buy” rating to a “neutral” rating and set a $88.00 target price on the stock. in a report on Monday, March 6th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $80.75.
In related news, SVP Eric Debonis sold 350 shares of the firm’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 transaction of $28,007.00. Following the transaction, the senior vice president now directly owns 20,057 shares in the company, valued at approximately $1,604,961.14. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.34% of the stock is owned by company insiders.
Southwest Gas Corporation Company Profile
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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