Southwest Gas (NYSE:SWX) Releases Earnings Results, Misses Estimates By $0.02 EPS

Southwest Gas (NYSE:SWX) issued its quarterly earnings results on Tuesday. The utilities provider reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.02), Bloomberg Earnings reports. Southwest Gas had a net margin of 6.69% and a return on equity of 9.34%. The business had revenue of $713.01 million for the quarter, compared to analysts’ expectations of $289.70 million. During the same quarter in the prior year, the firm posted $0.44 EPS. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. Southwest Gas updated its FY 2019 guidance to $3.75-4.00 EPS and its FY19 guidance to $3.75-4.00 EPS.

SWX opened at $88.33 on Wednesday. The firm has a market capitalization of $4.76 billion, a PE ratio of 24.00, a price-to-earnings-growth ratio of 3.68 and a beta of 0.33. Southwest Gas has a 1 year low of $72.68 and a 1 year high of $91.93. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.90. The company’s fifty day moving average price is $89.83.

SWX has been the topic of a number of research analyst reports. JPMorgan Chase & Co. initiated coverage on Southwest Gas in a report on Wednesday, July 17th. They set an “overweight” rating and a $93.00 price target on the stock. Wells Fargo & Co reissued a “hold” rating on shares of Southwest Gas in a research report on Monday, June 10th. Zacks Investment Research raised Southwest Gas from a “hold” rating to a “buy” rating and set a $100.00 price objective for the company in a research report on Wednesday, July 17th. ValuEngine cut Southwest Gas from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, UBS Group set a $91.00 price objective on Southwest Gas and gave the company a “hold” rating in a research report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $89.00.

In other Southwest Gas news, CEO John P. Hester sold 2,000 shares of the business’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $85.46, for a total value of $170,920.00. Following the completion of the sale, the chief executive officer now owns 66,694 shares of the company’s stock, valued at $5,699,669.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Justin L. Brown purchased 418 shares of Southwest Gas stock in a transaction on Tuesday, June 11th. The stock was bought at an average cost of $86.20 per share, with a total value of $36,031.60. Following the transaction, the senior vice president now directly owns 5,720 shares of the company’s stock, valued at $493,064. The disclosure for this purchase can be found here. In the last three months, insiders have sold 6,350 shares of company stock valued at $555,637. Insiders own 0.83% of the company’s stock.

Several large investors have recently made changes to their positions in SWX. Public Employees Retirement System of Ohio lifted its position in shares of Southwest Gas by 33.4% during the 4th quarter. Public Employees Retirement System of Ohio now owns 39,144 shares of the utilities provider’s stock valued at $2,995,000 after buying an additional 9,793 shares in the last quarter. FMR LLC lifted its position in shares of Southwest Gas by 124.5% during the 4th quarter. FMR LLC now owns 1,059,753 shares of the utilities provider’s stock valued at $81,072,000 after buying an additional 587,738 shares in the last quarter. Norges Bank purchased a new position in shares of Southwest Gas during the 4th quarter valued at approximately $33,953,000. Geode Capital Management LLC lifted its position in shares of Southwest Gas by 15.4% during the 4th quarter. Geode Capital Management LLC now owns 591,797 shares of the utilities provider’s stock valued at $45,272,000 after buying an additional 79,083 shares in the last quarter. Finally, Dalton Greiner Hartman Maher & Co. purchased a new position in shares of Southwest Gas during the 1st quarter valued at approximately $17,267,000. 83.32% of the stock is owned by institutional investors.

About Southwest Gas

Southwest Gas Holdings, Inc, through its subsidiaries, purchases, distributes, and transports natural gas in Arizona, Nevada, and California. The company operates through two segments, Natural Gas Operations and Utility Infrastructure Services. As of December 31, 2018, it had 2,047,000 residential, commercial, industrial, and other natural gas customers.

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Earnings History for Southwest Gas (NYSE:SWX)

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