Wells Fargo & Company Boosts Southwest Gas (NYSE:SWX) Price Target to $78.00

Southwest Gas (NYSE:SWX) had its price objective boosted by Wells Fargo & Company from $74.00 to $78.00 in a research note issued to investors on Wednesday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the utilities provider’s stock.

Separately, JPMorgan Chase & Co. lowered their price objective on Southwest Gas from $78.00 to $70.00 and set a neutral rating on the stock in a report on Thursday, August 15th.

Southwest Gas Stock Up 1.0 %

Shares of NYSE:SWX opened at $74.52 on Wednesday. Southwest Gas has a 52 week low of $56.17 and a 52 week high of $78.46. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.58 and a current ratio of 1.58. The company has a market cap of $5.34 billion, a PE ratio of 27.91, a price-to-earnings-growth ratio of 3.85 and a beta of 0.38. The firm has a 50 day simple moving average of $72.36 and a 200 day simple moving average of $73.46.

Southwest Gas (NYSE:SWX) last issued its earnings results on Tuesday, August 6th. The utilities provider reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.17). The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.20 billion. Southwest Gas had a return on equity of 6.18% and a net margin of 3.44%. The business’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.47 earnings per share. As a group, research analysts expect that Southwest Gas will post 3.2 earnings per share for the current year.

Southwest Gas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.48 annualized dividend and a dividend yield of 3.33%. Southwest Gas’s dividend payout ratio is presently 92.88%.

Insider Activity at Southwest Gas

In other Southwest Gas news, CFO Robert J. Stefani sold 767 shares of Southwest Gas stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $73.14, for a total value of $56,098.38. Following the transaction, the chief financial officer now directly owns 43,438 shares of the company’s stock, valued at approximately $3,177,055.32. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.39% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Southwest Gas

Institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC grew its position in Southwest Gas by 154.8% in the 2nd quarter. GAMMA Investing LLC now owns 428 shares of the utilities provider’s stock worth $30,000 after purchasing an additional 260 shares during the last quarter. Blue Trust Inc. grew its position in Southwest Gas by 96.6% during the second quarter. Blue Trust Inc. now owns 574 shares of the utilities provider’s stock worth $44,000 after buying an additional 282 shares in the last quarter. International Assets Investment Management LLC bought a new position in Southwest Gas during the second quarter valued at about $49,000. Ashton Thomas Private Wealth LLC acquired a new position in Southwest Gas in the 2nd quarter valued at approximately $72,000. Finally, Jones Financial Companies Lllp lifted its position in shares of Southwest Gas by 461.9% in the 4th quarter. Jones Financial Companies Lllp now owns 1,371 shares of the utilities provider’s stock worth $87,000 after acquiring an additional 1,127 shares during the period. Institutional investors 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.