Southwest Gas Corporation (NYSE:SWX) Stake Raised by Ontario Teachers Pension Plan Board

Key Points

• Ontario Teachers Pension Plan Board increased its stake in Southwest Gas Corporation by 9.0%, now owning approximately $5.06 million worth of shares.
• Southwest Gas reported an earnings per share (EPS) of $1.65, exceeding analysts' estimates of $1.61, although its revenue of $1.30 billion fell short of the predicted $1.50 billion.
• Analysts have mixed views on Southwest Gas, with upgrades from Jefferies Financial Group and Bank of America, while JPMorgan Chase lowered its price target, indicating a diverse outlook for the company's stock.

Ontario Teachers Pension Plan Board lifted its holdings in shares of Southwest Gas Corporation (NYSE:SWX - Free Report) by 9.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 70,496 shares of the utilities provider's stock after buying an additional 5,810 shares during the period. Ontario Teachers Pension Plan Board owned approximately 0.10% of Southwest Gas worth $5,062,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SWX. Golden State Wealth Management LLC raised its position in shares of Southwest Gas by 1,001.8% during the 1st quarter. Golden State Wealth Management LLC now owns 606 shares of the utilities provider's stock worth $44,000 after buying an additional 551 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Southwest Gas by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,680 shares of the utilities provider's stock worth $2,452,000 after purchasing an additional 1,345 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Southwest Gas in the first quarter worth approximately $952,000. State of Alaska Department of Revenue boosted its stake 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 in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Southwest Gas by 78.8% during the 1st quarter. GAMMA Investing LLC now owns 869 shares of the utilities provider's stock valued at $62,000 after purchasing an additional 383 shares in the last quarter. 92.77% of the stock is owned by institutional investors.

Southwest Gas Trading Down 1.8%

NYSE:SWX opened at $78.11 on Thursday. The stock has a fifty day simple moving average of $75.20 and a 200 day simple moving average of $73.96. The firm has a market capitalization of $5.62 billion, a price-to-earnings ratio of 25.12, a price-to-earnings-growth ratio of 2.03 and a beta of 0.49. Southwest Gas Corporation has a 1-year low of $64.69 and a 1-year high of $80.29. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.15.

Southwest Gas (NYSE:SWX - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The utilities provider reported $1.65 EPS for the quarter, beating analysts' consensus estimates of $1.61 by $0.04. The company had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.50 billion. Southwest Gas had a net margin of 4.66% and a return on equity of 6.76%. The business's quarterly revenue was down 18.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.37 earnings per share. Sell-side analysts forecast that Southwest Gas Corporation will post 3.03 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Jefferies Financial Group upgraded Southwest Gas from a "hold" rating to a "buy" rating and upped their price objective for the company from $74.00 to $82.00 in a report on Tuesday, July 8th. JPMorgan Chase & Co. cut their price target on shares of Southwest Gas from $79.00 to $75.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. LADENBURG THALM/SH SH upgraded shares of Southwest Gas to a "strong-buy" rating in a research report on Friday, May 9th. Bank of America upgraded shares of Southwest Gas from an "underperform" rating to a "neutral" rating and boosted their target price for the stock from $69.00 to $74.00 in a report on Friday, May 23rd. Finally, Wall Street Zen raised shares of Southwest Gas from a "hold" rating to a "buy" rating in a research note on Friday, June 27th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $77.25.

About Southwest Gas

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.

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