Zimmer Partners LP Increases Stock Holdings in Southwest Gas Corporation $SWX

Key Points

• Zimmer Partners LP has increased its stake in Southwest Gas Corporation by 12.2%, owning over 1 million shares valued at approximately $73.4 million, making it the fund's 23rd largest position.
• Multiple hedge funds have also significantly raised their positions in Southwest Gas, with Farther Finance Advisors LLC increasing its holdings by an extraordinary 1,055%.
• Southwest Gas's stock recently opened at $77.46, and while it beat earnings expectations by reporting $0.53 earnings per share, its revenue declined year-over-year by 5.2%.

Zimmer Partners LP raised its stake in Southwest Gas Corporation (NYSE:SWX - Free Report) by 12.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,021,956 shares of the utilities provider's stock after purchasing an additional 111,341 shares during the period. Southwest Gas comprises 1.4% of Zimmer Partners LP's investment portfolio, making the stock its 23rd biggest position. Zimmer Partners LP owned approximately 1.42% of Southwest Gas worth $73,376,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. United Services Automobile Association acquired a new stake in Southwest Gas in the 1st quarter valued at about $276,000. Voleon Capital Management LP acquired a new stake in Southwest Gas in the 1st quarter valued at about $332,000. Dynamic Technology Lab Private Ltd raised its position in Southwest Gas by 27.9% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 15,069 shares of the utilities provider's stock valued at $1,082,000 after purchasing an additional 3,290 shares in the last quarter. Petrus Trust Company LTA acquired a new stake in Southwest Gas in the 1st quarter valued at about $521,000. Finally, Millennium Management LLC raised its position in Southwest Gas by 74.7% in the 1st quarter. Millennium Management LLC now owns 209,934 shares of the utilities provider's stock valued at $15,073,000 after purchasing an additional 89,761 shares in the last quarter. Institutional investors and hedge funds own 92.77% of the company's stock.

Analyst Upgrades and Downgrades

SWX has been the topic of several research analyst reports. Bank of America raised Southwest Gas from a "neutral" rating to a "buy" rating and raised their target price for the stock from $76.00 to $84.00 in a research report on Friday, August 29th. JPMorgan Chase & Co. cut their target price on Southwest Gas from $79.00 to $75.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 28th. Jefferies Financial Group raised their target price on Southwest Gas from $82.00 to $88.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Wall Street Zen raised Southwest Gas from a "hold" rating to a "buy" rating in a research report on Friday, June 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Southwest Gas presently has a consensus rating of "Moderate Buy" and an average price target of $81.25.

Southwest Gas Stock Performance

SWX traded down $0.54 during trading on Friday, hitting $78.56. 369,479 shares of the stock were exchanged, compared to its average volume of 343,733. The firm has a market capitalization of $5.65 billion, a P/E ratio of 29.31, a PEG ratio of 2.03 and a beta of 0.55. Southwest Gas Corporation has a 1-year low of $64.69 and a 1-year high of $80.54. The stock has a fifty day moving average price of $77.99 and a two-hundred day moving average price of $74.46. 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 released its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $0.53 EPS for the quarter, topping the consensus estimate of $0.42 by $0.11. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.17 billion. Southwest Gas had a return on equity of 6.98% and a net margin of 4.06%.The firm's revenue was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 earnings per share. As a group, sell-side analysts predict that Southwest Gas Corporation will post 3.03 earnings per share for the current 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.