Carl Icahn Now Owns 14.75% of Southwest Gas
Fintel reports that Icahn Carl C has filed a 13D/A form with the SEC disclosing ownership of 10.52MM shares of Southwest Gas Corp. (SWX). This represents 14.75% of the company.
In their previous filing dated March 17, 2023 they reported 9.69MM shares and 13.58% of the company, an increase in shares of 8.59% and an increase in total ownership of 1.17% (calculated as current – previous percent ownership).
Analyst Price Forecast Suggests 14.68% Upside
As of March 28, 2023, the average one-year price target for Southwest Gas is $70.12. The forecasts range from a low of $62.62 to a high of $88.20. The average price target represents an increase of 14.68% from its latest reported closing price of $61.15.
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The projected annual revenue for Southwest Gas is $4,837MM, a decrease of 2.48%. The projected annual non-GAAP EPS is $4.33.
What is the Fund Sentiment?
There are 704 funds or institutions reporting positions in Southwest Gas. This is an increase of 7 owner(s) or 1.00% in the last quarter. Average portfolio weight of all funds dedicated to SWX is 0.25%, a decrease of 3.58%. Total shares owned by institutions increased in the last three months by 0.93% to 71,408K shares. The put/call ratio of SWX is 0.38, indicating a bullish outlook.
What are Large Shareholders Doing?
Fuller & Thaler Asset Management holds 2,362K shares representing 3.31% ownership of the company. In it’s prior filing, the firm reported owning 2,147K shares, representing an increase of 9.14%. The firm decreased its portfolio allocation in SWX by 13.89% over the last quarter.
Rare Infrastructure holds 2,217K shares representing 3.11% ownership of the company. In it’s prior filing, the firm reported owning 1,256K shares, representing an increase of 43.34%. The firm decreased its portfolio allocation in SWX by 99.85% over the last quarter.
T. Rowe Price Investment Management holds 2,084K shares representing 2.92% ownership of the company. In it’s prior filing, the firm reported owning 2,865K shares, representing a decrease of 37.53%. The firm decreased its portfolio allocation in SWX by 38.04% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 1,931K shares representing 2.71% ownership of the company. In it’s prior filing, the firm reported owning 1,906K shares, representing an increase of 1.31%. The firm decreased its portfolio allocation in SWX by 16.99% over the last quarter.
UBVLX – Undiscovered Managers Behavioral Value Fund Class L holds 1,927K shares representing 2.70% ownership of the company. In it’s prior filing, the firm reported owning 1,753K shares, representing an increase of 9.02%. The firm decreased its portfolio allocation in SWX by 12.81% over the last quarter.
Southwest Gas Declares $0.62 Dividend
On February 23, 2023 the company declared a regular quarterly dividend of $0.62 per share ($2.48 annualized). Shareholders of record as of May 15, 2023 will receive the payment on June 1, 2023. Previously, the company paid $0.62 per share.
At the current share price of $61.15 / share, the stock’s dividend yield is 4.06%. Looking back five years and taking a sample every week, the average dividend yield has been 3.11%, the lowest has been 2.37%, and the highest has been 4.36%. The standard deviation of yields is 0.46 (n=237).
The current dividend yield is 2.05 standard deviations above the historical average.
Additionally, the company’s dividend payout ratio is -0.87. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company’s 3-Year dividend growth rate is 0.09%, demonstrating that it has increased its dividend over time.
Southwest Gas Holdings Background Information
(This description is provided by the company.)
Southwest Gas Holdings, Inc. has two business segments. Southwest Gas Corporation provides safe and reliable natural gas service to over 2 million customers in Arizona, California, and Nevada. Centuri Group, Inc. is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America’s gas and electric providers. Centuri derives revenues from installation, replacement, repair, and maintenance of energy distribution systems, and developing industrial construction solutions.
This article originally appeared on Fintel
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