Southwest Gas Corporation Declares Quarterly Dividend of $0.62 (NYSE:SWX)

Southwest Gas Corporation (NYSE:SWX) announced a quarterly dividend on Wednesday, November 19th. Investors of record on Tuesday, February 17th will be given a dividend of 0.62 per share by the utilities provider on Monday, March 2nd. This represents a c) dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, February 17th.

Southwest Gas has raised its dividend payment by an average of 0.0%per year over the last three years. Southwest Gas has a dividend payout ratio of 60.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Southwest Gas to earn $3.69 per share next year, which means the company should continue to be able to cover its $2.48 annual dividend with an expected future payout ratio of 67.2%.

Southwest Gas Stock Performance

Southwest Gas stock traded up $1.26 during mid-day trading on Thursday, reaching $80.29. 14,507 shares of the company traded hands, compared to its average volume of 413,846. The firm’s fifty day moving average is $79.34 and its two-hundred day moving average is $76.70. The company has a market capitalization of $5.80 billion, a price-to-earnings ratio of 29.96, a price-to-earnings-growth ratio of 2.28 and a beta of 0.57. Southwest Gas has a fifty-two week low of $64.69 and a fifty-two week high of $82.51. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.94.

Southwest Gas (NYSE:SWX) last announced its quarterly earnings data on Wednesday, November 5th. The utilities provider reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). The company had revenue of $316.91 million for the quarter, compared to analysts’ expectations of $1.08 billion. Southwest Gas had a net margin of 4.06% and a return on equity of 6.98%. Southwest Gas’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same period last year, the firm earned $0.09 earnings per share. On average, equities research analysts expect that Southwest Gas will post 3.03 earnings per share for the current fiscal year.

Insider Activity

In other Southwest Gas news, major shareholder Carl C. Icahn sold 1,500,000 shares of the stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $77.91, for a total transaction of $116,865,000.00. Following the transaction, the insider owned 6,032,604 shares in the company, valued at approximately $470,000,177.64. This represents a 19.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Southwest Gas

A number of institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Southwest Gas during the second quarter valued at approximately $422,000. Farther Finance Advisors LLC raised its stake in Southwest Gas by 1,015.2% in the 2nd quarter. Farther Finance Advisors LLC now owns 5,152 shares of the utilities provider’s stock valued at $383,000 after purchasing an additional 4,690 shares during the last quarter. First Citizens Bank & Trust Co. purchased a new position in Southwest Gas in the 2nd quarter valued at $779,000. US Bancorp DE boosted its holdings in shares of Southwest Gas by 8.0% during the 2nd quarter. US Bancorp DE now owns 10,494 shares of the utilities provider’s stock worth $781,000 after purchasing an additional 779 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Southwest Gas by 2.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 763,318 shares of the utilities provider’s stock worth $56,783,000 after acquiring an additional 14,875 shares during the last quarter. Institutional investors and hedge funds 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.