Southwest Gas' (SWX) "Underperform" Rating Reiterated at Bank of America

Southwest Gas (NYSE:SWX - Get Free Report)'s stock had its "underperform" rating reissued by analysts at Bank of America in a note issued to investors on Friday, Marketbeat Ratings reports. They presently have a $73.00 price target on the utilities provider's stock. Bank of America's target price indicates a potential upside of 0.21% from the company's current price.

Other equities research analysts have also issued research reports about the stock. JPMorgan Chase & Co. lowered their target price on shares of Southwest Gas from $78.00 to $70.00 and set a "neutral" rating on the stock in a report on Thursday, August 15th. Wells Fargo & Company increased their price objective on Southwest Gas from $74.00 to $78.00 and gave the stock an "equal weight" rating in a research note on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat.com, Southwest Gas has an average rating of "Hold" and an average price target of $73.50.

Southwest Gas Stock Down 1.8 %

Southwest Gas stock traded down $1.33 during mid-day trading on Friday, reaching $72.85. The stock had a trading volume of 277,081 shares, compared to its average volume of 372,546. The firm has a market capitalization of $5.23 billion, a PE ratio of 29.91, a price-to-earnings-growth ratio of 3.96 and a beta of 0.41. Southwest Gas has a fifty-two week low of $57.55 and a fifty-two week high of $80.29. The stock's 50-day simple moving average is $75.40 and its 200-day simple moving average is $73.72. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.85 and a current ratio of 0.85.

Southwest Gas (NYSE:SWX - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The utilities provider reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.02. Southwest Gas had a net margin of 3.44% and a return on equity of 5.99%. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter last year, the firm posted $0.10 EPS. Southwest Gas's revenue was down 7.7% compared to the same quarter last year. On average, sell-side analysts forecast that Southwest Gas will post 3.16 EPS for the current fiscal year.

Insider Buying and Selling at Southwest Gas

In related news, major shareholder Carl C. Icahn sold 1,390,000 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $76.74, for a total transaction of $106,668,600.00. Following the completion of the sale, the insider now directly owns 9,632,604 shares of the company's stock, valued at approximately $739,206,030.96. This trade represents a 12.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.39% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. raised its stake in shares of Southwest Gas by 96.6% during the 2nd quarter. Blue Trust Inc. now owns 574 shares of the utilities provider's stock worth $44,000 after purchasing an additional 282 shares during the period. Hennessy Advisors Inc. increased its holdings in Southwest Gas by 19.2% during the second quarter. Hennessy Advisors Inc. now owns 87,717 shares of the utilities provider's stock worth $6,174,000 after buying an additional 14,100 shares during the last quarter. Clear Creek Financial Management LLC raised its position in Southwest Gas by 12.2% in the second quarter. Clear Creek Financial Management LLC now owns 3,293 shares of the utilities provider's stock worth $232,000 after acquiring an additional 357 shares during the period. Bank of New York Mellon Corp boosted its stake in Southwest Gas by 6.9% in the second quarter. Bank of New York Mellon Corp now owns 1,053,094 shares of the utilities provider's stock valued at $74,117,000 after acquiring an additional 68,254 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Southwest Gas by 99.8% in the second quarter. Allspring Global Investments Holdings LLC now owns 7,442 shares of the utilities provider's stock valued at $524,000 after acquiring an additional 3,718 shares during the last quarter. Hedge funds and other institutional investors own 92.77% of the company's stock.

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.