Nuveen LLC Takes $31.69 Million Position in Southwest Gas Corporation $SWX

Key Points

• Nuveen LLC acquired 441,306 shares of Southwest Gas Corporation, valued at approximately $31.7 million, increasing its ownership to about 0.61% of the company.
• Southwest Gas reported $0.53 earnings per share for the latest quarter, beating estimates, but its revenue decreased by 5.2% year-over-year.
• The stock currently has a consensus rating of Moderate Buy with an average price target of $77.25, following recent upgrades from multiple analysts.

Nuveen LLC purchased a new stake in shares of Southwest Gas Corporation (NYSE:SWX - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 441,306 shares of the utilities provider's stock, valued at approximately $31,686,000. Nuveen LLC owned 0.61% of Southwest Gas at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of SWX. State of Alaska Department of Revenue grew its position in Southwest Gas by 2.8% during the 1st quarter. State of Alaska Department of Revenue now owns 7,061 shares of the utilities provider's stock valued at $506,000 after purchasing an additional 190 shares during the last quarter. State of Michigan Retirement System grew its position in Southwest Gas by 1.4% during the 1st quarter. State of Michigan Retirement System now owns 14,429 shares of the utilities provider's stock valued at $1,036,000 after purchasing an additional 200 shares during the last quarter. Louisiana State Employees Retirement System grew its position in Southwest Gas by 1.2% during the 1st quarter. Louisiana State Employees Retirement System now owns 16,900 shares of the utilities provider's stock valued at $1,213,000 after purchasing an additional 200 shares during the last quarter. Mariner LLC grew its position in Southwest Gas by 2.1% during the 4th quarter. Mariner LLC now owns 10,146 shares of the utilities provider's stock valued at $717,000 after purchasing an additional 207 shares during the last quarter. Finally, UMB Bank n.a. grew its position in Southwest Gas by 41.2% during the 1st quarter. UMB Bank n.a. now owns 833 shares of the utilities provider's stock valued at $60,000 after purchasing an additional 243 shares during the last quarter. 92.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the stock. Wall Street Zen raised shares of Southwest Gas from a "hold" rating to a "buy" rating in a research report on Friday, June 27th. Bank of America raised shares of Southwest Gas from an "underperform" rating to a "neutral" rating and raised their price target for the company from $69.00 to $74.00 in a report on Friday, May 23rd. LADENBURG THALM/SH SH raised shares of Southwest Gas to a "strong-buy" rating in a report on Friday, May 9th. Jefferies Financial Group raised shares of Southwest Gas from a "hold" rating to a "buy" rating and raised their price target for the company from $74.00 to $82.00 in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Southwest Gas from $79.00 to $75.00 and set a "neutral" rating on the stock in a report on Wednesday, May 28th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $77.25.

Southwest Gas Stock Performance

Shares of SWX traded up $1.5950 on Friday, reaching $78.1650. The company's stock had a trading volume of 50,997 shares, compared to its average volume of 426,793. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.94. The stock has a market capitalization of $5.63 billion, a P/E ratio of 29.18, a PEG ratio of 1.95 and a beta of 0.49. The stock's 50 day simple moving average is $76.56 and its two-hundred day simple moving average is $74.30. Southwest Gas Corporation has a 12-month low of $64.69 and a 12-month high of $80.54.

Southwest Gas (NYSE:SWX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $0.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.42 by $0.11. Southwest Gas had a net margin of 4.06% and a return on equity of 6.98%. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the firm posted $0.25 earnings per share. The firm's revenue was down 5.2% compared to the same quarter last year. Research analysts forecast that Southwest Gas Corporation will post 3.03 earnings per share for the current fiscal year.

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.