CenterBook Partners LP Buys New Position in Southwest Gas Corporation $SWX

CenterBook Partners LP bought a new stake in shares of Southwest Gas Corporation (NYSE:SWX) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 38,330 shares of the utilities provider’s stock, valued at approximately $3,125,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bell Investment Advisors Inc bought a new position in Southwest Gas in the second quarter worth approximately $28,000. Root Financial Partners LLC bought a new stake in shares of Southwest Gas during the 3rd quarter valued at $30,000. EverSource Wealth Advisors LLC grew its position in shares of Southwest Gas by 107.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,099 shares of the utilities provider’s stock valued at $96,000 after acquiring an additional 569 shares during the period. IFP Advisors Inc increased its stake in shares of Southwest Gas by 137.6% in the 2nd quarter. IFP Advisors Inc now owns 1,212 shares of the utilities provider’s stock worth $107,000 after purchasing an additional 702 shares in the last quarter. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in shares of Southwest Gas in the 1st quarter worth $163,000. 92.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SWX shares. Mizuho set a $103.00 target price on Southwest Gas in a report on Wednesday, August 5th. Wall Street Zen raised Southwest Gas from a “sell” rating to a “hold” rating in a report on Saturday. Scotiabank started coverage on Southwest Gas in a research report on Tuesday, September 29th. They issued a “sector outperform” rating and a $95.00 price target for the company. JPMorgan Chase & Co. reduced their price target on Southwest Gas from $102.00 to $101.00 and set an “overweight” rating for the company in a research report on Tuesday, October 20th. Finally, Weiss Ratings downgraded Southwest Gas from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, September 14th. One research analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the stock. According to MarketBeat.com, Southwest Gas has a consensus rating of “Buy” and a consensus price target of $101.25.

Southwest Gas Stock Performance

SWX opened at $91.49 on Friday. The firm has a market cap of $6.63 billion, a P/E ratio of 22.31, a PEG ratio of 1.92 and a beta of 0.55. Southwest Gas Corporation has a 1-year low of $78.37 and a 1-year high of $94.46. The company has a 50 day simple moving average of $87.12 and a two-hundred day simple moving average of $88.35. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.89 and a quick ratio of 0.99.

Southwest Gas (NYSE:SWX) last announced its quarterly earnings data on Wednesday, November 4th. The utilities provider reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. The firm had revenue of $298.18 million during the quarter, compared to analysts’ expectations of $346.50 million. Southwest Gas had a net margin of 17.23% and a return on equity of 6.98%. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period in the prior year, the company posted $3.74 earnings per share. Equities analysts forecast that Southwest Gas Corporation will post 4.27 earnings per share for the current fiscal year.

Southwest Gas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Monday, November 16th will be issued a $0.6450 dividend. The ex-dividend date of this dividend is Monday, November 16th. This represents a $2.58 annualized dividend and a yield of 2.8%. Southwest Gas’s dividend payout ratio is currently 62.93%.

Insiders Place Their Bets

In other Southwest Gas news, SVP Julie Williams sold 2,500 shares of the stock in a transaction on Monday, September 28th. The stock was sold at an average price of $81.81, for a total value of $204,525.00. Following the completion of the sale, the senior vice president owned 26,450 shares in the company, valued at approximately $2,163,874.50. This represents a 8.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.63% of the company’s stock.

Southwest Gas Company Profile

Southwest Gas Corporation (NYSE: SWX) is a regulated natural gas distribution utility serving residential, commercial and industrial customers. The company purchases, transports and delivers natural gas through its distribution networks, while also providing services related to system operations, maintenance, customer support and energy conservation.

Southwest Gas serves communities in Arizona, Nevada and portions of California. Its service territory includes major metropolitan areas such as Las Vegas and Phoenix, as well as numerous smaller communities across the southwestern United States.