Wedge Capital Management L L P NC Purchases 95,894 Shares of Southwest Gas Corporation $SWX

Key Points

• Wedge Capital Management increased its stake in Southwest Gas Corporation by 58.4% in Q2, holding approximately $19.34 million worth of shares after acquiring an additional 95,894 shares.
• Several other institutional investors have also adjusted their holdings, with 92.77% of the stock owned by such investors, indicating strong institutional confidence in the company.
• Analysts have set a consensus target price of $81.25 for Southwest Gas, with varying ratings from "Strong Buy" to "Hold" based on recent adjustments to price targets from firms like Jefferies and Bank of America.

Wedge Capital Management L L P NC raised its stake in Southwest Gas Corporation (NYSE:SWX - Free Report) by 58.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 259,968 shares of the utilities provider's stock after purchasing an additional 95,894 shares during the period. Wedge Capital Management L L P NC owned 0.36% of Southwest Gas worth $19,339,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Farther Finance Advisors LLC increased its position in shares of Southwest Gas by 1,055.0% during the first quarter. Farther Finance Advisors LLC now owns 462 shares of the utilities provider's stock worth $33,000 after acquiring an additional 422 shares in the last quarter. Headlands Technologies LLC boosted its stake in Southwest Gas by 144.0% in the first quarter. Headlands Technologies LLC now owns 510 shares of the utilities provider's stock valued at $37,000 after acquiring an additional 301 shares during the last quarter. Golden State Wealth Management LLC lifted its stake 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 valued at $44,000 after buying an additional 551 shares in the last quarter. Quarry LP lifted its stake in shares of Southwest Gas by 118.3% during the 1st quarter. Quarry LP now owns 751 shares of the utilities provider's stock valued at $54,000 after buying an additional 407 shares in the last quarter. Finally, UMB Bank n.a. lifted its stake in Southwest Gas by 41.2% in the 1st quarter. UMB Bank n.a. now owns 833 shares of the utilities provider's stock worth $60,000 after purchasing an additional 243 shares in the last quarter. 92.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on SWX shares. Bank of America raised shares of Southwest Gas from a "neutral" rating to a "buy" rating and increased their price target for the stock from $76.00 to $84.00 in a report on Friday, August 29th. Wall Street Zen raised shares of Southwest Gas from a "hold" rating to a "buy" rating in a report on Friday, June 27th. Jefferies Financial Group upped their target price on shares of Southwest Gas from $82.00 to $88.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th. Finally, JPMorgan Chase & Co. dropped 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. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Southwest Gas presently has an average rating of "Moderate Buy" and a consensus target price of $81.25.

Southwest Gas Trading Down 0.7%

Shares of Southwest Gas stock traded down $0.54 during trading on Friday, reaching $78.46. 1,148,070 shares of the company were exchanged, compared to its average volume of 393,194. 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 Corporation has a twelve month low of $64.69 and a twelve month high of $80.54. The business has a 50-day moving average price of $78.33 and a 200-day moving average price of $74.62. The firm has a market capitalization of $5.65 billion, a price-to-earnings ratio of 29.28, a P/E/G ratio of 2.03 and a beta of 0.55.

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

Southwest Gas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be paid a $0.62 dividend. The ex-dividend date is Monday, November 17th. This represents a $2.48 annualized dividend and a dividend yield of 3.2%. Southwest Gas's dividend payout ratio (DPR) is currently 92.54%.

Southwest Gas 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.