Southwest Gas Corporation $SWX Shares Sold by Channing Capital Management LLC

Key Points

• Channing Capital Management LLC reduced its stake in Southwest Gas Corporation by 18.5%, owning 1,035,616 shares after selling 234,456 shares in the first quarter.
• Despite a 0.3% drop in stock price, Southwest Gas reported a profit of $0.53 EPS, surpassing analysts' expectations of $0.42 for the quarter.
• Current consensus ratings show the stock as a Moderate Buy, with an average target price of $77.25 from analysts.

Channing Capital Management LLC trimmed its stake in Southwest Gas Corporation (NYSE:SWX - Free Report) by 18.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,035,616 shares of the utilities provider's stock after selling 234,456 shares during the quarter. Southwest Gas comprises 2.2% of Channing Capital Management LLC's portfolio, making the stock its 13th largest position. Channing Capital Management LLC owned about 1.44% of Southwest Gas worth $74,357,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC grew its holdings in Southwest Gas by 1,001.8% in the first quarter. Golden State Wealth Management LLC now owns 606 shares of the utilities provider's stock valued at $44,000 after purchasing an additional 551 shares during the period. Atria Wealth Solutions Inc. grew its holdings in Southwest Gas by 99.5% in the first quarter. Atria Wealth Solutions Inc. now owns 7,219 shares of the utilities provider's stock valued at $518,000 after purchasing an additional 3,600 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Southwest Gas by 4.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,680 shares of the utilities provider's stock valued at $2,452,000 after purchasing an additional 1,345 shares during the period. SG Americas Securities LLC purchased a new stake in Southwest Gas in the first quarter valued at approximately $952,000. Finally, State of Alaska Department of Revenue raised its stake in shares of Southwest Gas by 2.8% in 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 acquiring an additional 190 shares during the period. 92.77% of the stock is currently owned by hedge funds and other institutional investors.

Southwest Gas Stock Performance

Shares of NYSE:SWX traded up $1.7210 on Friday, reaching $78.2910. 391,500 shares of the company's stock were exchanged, compared to its average volume of 371,865. The firm has a market capitalization of $5.64 billion, a price-to-earnings ratio of 29.21, a PEG ratio of 2.00 and a beta of 0.49. Southwest Gas Corporation has a fifty-two week low of $64.69 and a fifty-two week high of $80.54. The business's 50-day moving average is $76.69 and its two-hundred day moving average is $74.30. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on SWX. JPMorgan Chase & Co. reduced their target price 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. LADENBURG THALM/SH SH upgraded shares of Southwest Gas to a "strong-buy" rating in a report on Friday, May 9th. Bank of America upgraded shares of Southwest Gas from an "underperform" rating to a "neutral" rating and lifted their target price for the company from $69.00 to $74.00 in a report on Friday, May 23rd. Wall Street Zen upgraded shares of Southwest Gas from a "hold" rating to a "buy" rating in a report on Friday, June 27th. Finally, Jefferies Financial Group upgraded shares of Southwest Gas from a "hold" rating to a "buy" rating and lifted their target price for the company from $74.00 to $82.00 in a report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Southwest Gas has a consensus rating of "Moderate Buy" and an average target price of $77.25.

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.