Prudential Financial Inc. Lowers Position in Southwest Gas Corp. (SWX)
Prudential Financial Inc. lowered its stake in shares of Southwest Gas Corp. (NYSE:SWX) by 26.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,580 shares of the company’s stock after selling 33,424 shares during the period. Prudential Financial Inc. owned approximately 0.20% of Southwest Gas Corp. worth $7,286,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Ashfield Capital Partners LLC bought a new position in Southwest Gas Corp. during the second quarter valued at $215,000. LS Investment Advisors LLC increased its stake in Southwest Gas Corp. by 75.4% in the second quarter. LS Investment Advisors LLC now owns 2,833 shares of the company’s stock valued at $223,000 after buying an additional 1,218 shares during the period. M&T Bank Corp acquired a new stake in Southwest Gas Corp. during the second quarter valued at approximately $223,000. Intrust Bank NA acquired a new stake in Southwest Gas Corp. during the second quarter valued at approximately $256,000. Finally, Eqis Capital Management Inc. increased its stake in Southwest Gas Corp. by 47.1% in the second quarter. Eqis Capital Management Inc. now owns 4,853 shares of the company’s stock valued at $382,000 after buying an additional 1,555 shares during the period. Institutional investors own 80.16% of the company’s stock.
Shares of Southwest Gas Corp. (NYSE:SWX) opened at 65.13 on Friday. The stock has a market capitalization of $3.09 billion, a P/E ratio of 21.27 and a beta of 0.54. The stock has a 50 day moving average of $70.27 and a 200-day moving average of $70.94. Southwest Gas Corp. has a one year low of $50.53 and a one year high of $79.58.
Southwest Gas Corp. (NYSE:SWX) last posted its quarterly earnings results on Monday, August 8th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.01. The firm earned $547.70 million during the quarter, compared to analyst estimates of $559.21 million. Southwest Gas Corp. had a return on equity of 9.07% and a net margin of 5.90%. Southwest Gas Corp.’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.13 EPS. Equities analysts forecast that Southwest Gas Corp. will post $3.17 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Tuesday, November 15th will be issued a $0.45 dividend. The ex-dividend date is Thursday, November 10th. This represents a $1.80 annualized dividend and a yield of 2.76%. Southwest Gas Corp.’s payout ratio is 59.02%.
Several equities research analysts have commented on the stock. Zacks Investment Research downgraded shares of Southwest Gas Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, September 13th. Argus reaffirmed a “hold” rating on shares of Southwest Gas Corp. in a report on Thursday, September 8th. Citigroup Inc. upped their price objective on shares of Southwest Gas Corp. from $62.00 to $79.00 and gave the company a “neutral” rating in a report on Wednesday, July 27th. Finally, Jefferies Group downgraded shares of Southwest Gas Corp. from a “hold” rating to an “underperform” rating and set a $64.00 price objective on the stock. in a report on Monday, July 25th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company. Southwest Gas Corp. presently has a consensus rating of “Hold” and a consensus target price of $71.25.
In related news, CFO Roy R. Centrella sold 1,000 shares of Southwest Gas Corp. stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $71.54, for a total value of $71,540.00. Following the completion of the sale, the chief financial officer now directly owns 31,618 shares in the company, valued at approximately $2,261,951.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Eric Debonis sold 600 shares of Southwest Gas Corp. stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $72.99, for a total value of $43,794.00. Following the completion of the sale, the senior vice president now owns 19,694 shares of the company’s stock, valued at $1,437,465.06. The disclosure for this sale can be found here. 1.34% of the stock is owned by corporate insiders.
About Southwest Gas Corp.
Southwest Gas Corporation is engaged in the business of purchasing, distributing and transporting natural gas in Arizona, Nevada and California. The Company operates through two segments: natural gas operations and construction services, which includes the operations of the Company’s subsidiary, Centuri Construction Group, Inc, (Centuri).
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