Southwest Gas (NYSE:SWX) Upgraded at Bank of America

Southwest Gas (NYSE:SWX - Get Free Report) was upgraded by research analysts at Bank of America from an "underperform" rating to a "neutral" rating in a research note issued on Friday, Marketbeat Ratings reports. The brokerage currently has a $74.00 price objective on the utilities provider's stock. Bank of America's target price would indicate a potential upside of 6.95% from the company's previous close.

A number of other equities research analysts also recently weighed in on SWX. Wall Street Zen downgraded Southwest Gas from a "buy" rating to a "hold" rating in a research note on Tuesday, May 13th. LADENBURG THALM/SH SH upgraded Southwest Gas to a "strong-buy" rating in a report on Friday, May 9th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Southwest Gas from $76.00 to $72.00 and set a "neutral" rating for the company in a research note on Tuesday, January 28th. Five research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $74.25.

Southwest Gas Trading Up 0.2%

Shares of NYSE SWX opened at $69.19 on Friday. The firm has a market capitalization of $4.98 billion, a PE ratio of 27.90, a PEG ratio of 3.16 and a beta of 0.48. Southwest Gas has a one year low of $64.31 and a one year high of $80.29. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.21. The business has a 50-day moving average price of $72.02 and a two-hundred day moving average price of $73.47.

Southwest Gas (NYSE:SWX - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The utilities provider reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.04. The firm had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.50 billion. Southwest Gas had a net margin of 3.44% and a return on equity of 5.99%. The company's revenue for the quarter was down 18.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.37 EPS. As a group, analysts predict that Southwest Gas will post 3.03 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Carl C. Icahn sold 2,100,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.60, for a total value of $156,660,000.00. Following the completion of the sale, the insider now directly owns 7,532,604 shares in the company, valued at approximately $561,932,258.40. The trade was a 21.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.39% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Southwest Gas

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Zimmer Partners LP boosted its holdings in shares of Southwest Gas by 884.4% during the 4th quarter. Zimmer Partners LP now owns 910,615 shares of the utilities provider's stock worth $64,390,000 after buying an additional 818,115 shares during the period. Norges Bank acquired a new position in Southwest Gas during the 4th quarter worth $51,011,000. Adage Capital Partners GP L.L.C. boosted its holdings in Southwest Gas by 72.2% during the first quarter. Adage Capital Partners GP L.L.C. now owns 1,550,000 shares of the utilities provider's stock valued at $111,290,000 after acquiring an additional 650,000 shares during the period. Nuveen LLC acquired a new stake in shares of Southwest Gas in the first quarter valued at about $31,686,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Southwest Gas by 83.3% in the fourth quarter. JPMorgan Chase & Co. now owns 505,555 shares of the utilities provider's stock worth $35,748,000 after purchasing an additional 229,739 shares during the period. Institutional investors and hedge funds own 92.77% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.