Southwest Gas (NYSE:SWX) PT Raised to $78.00 at Wells Fargo & Company

Southwest Gas (NYSE:SWX) had its price objective lifted by equities research analysts at Wells Fargo & Company from $74.00 to $78.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 5.72% from the company’s current price.

Separately, JPMorgan Chase & Co. reduced their price objective on shares of Southwest Gas from $78.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday, August 15th.

Southwest Gas Price Performance

Shares of NYSE SWX opened at $73.78 on Wednesday. The firm has a market cap of $5.29 billion, a PE ratio of 27.63, a PEG ratio of 3.89 and a beta of 0.38. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 1.38. Southwest Gas has a 1-year low of $56.17 and a 1-year high of $78.46. The company has a fifty day moving average price of $72.35 and a 200 day moving average price of $73.46.

Southwest Gas (NYSE:SWX) last announced its earnings results on Tuesday, August 6th. The utilities provider reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.17). The company 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%. Southwest Gas’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 posted $0.47 earnings per share. Research analysts predict that Southwest Gas will post 3.2 earnings per share for the current fiscal year.

Insider Transactions at Southwest Gas

In related news, CFO Robert J. Stefani sold 767 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $73.14, for a total value of $56,098.38. Following the completion of the sale, the chief financial officer now directly owns 43,438 shares in the company, valued at approximately $3,177,055.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.39% of the company’s stock.

Institutional Investors Weigh In On Southwest Gas

Several hedge funds have recently bought and sold shares of the company. Creative Planning lifted its stake in Southwest Gas by 4.2% in the 2nd quarter. Creative Planning now owns 14,484 shares of the utilities provider’s stock valued at $1,019,000 after purchasing an additional 589 shares during the last quarter. Algert Global LLC bought a new position in Southwest Gas in the 2nd quarter valued at about $406,000. Susquehanna Fundamental Investments LLC bought a new position in Southwest Gas in the 2nd quarter valued at about $347,000. Millennium Management LLC raised its holdings in Southwest Gas by 266.0% in the 2nd quarter. Millennium Management LLC now owns 37,595 shares of the utilities provider’s stock valued at $2,646,000 after acquiring an additional 27,323 shares during the period. Finally, Dark Forest Capital Management LP bought a new position in Southwest Gas in the 2nd quarter valued at about $226,000. 92.77% of the stock is currently owned by institutional investors and hedge funds.

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.