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Southwest Gas (SWX)

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.

Company profile

Ticker
SWX
Exchange
CEO
John P. Hester
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Southwest Gas Utility Group, Inc. • Southwest Gas Corporation • Utility Financial Corp. • Southwest Gas Transmission Company • and Utility Financial Corp. • Great Basin Gas Transmission Company • MountainWest Pipelines Holding Company • Dominion Energy • QPC Holding Company, LLC • Questar Southern Trails Pipeline Company ...

SWX stock data

Analyst ratings and price targets

Last 3 months

Calendar

8 Aug 22
28 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 215.96M 215.96M 215.96M 215.96M 215.96M 215.96M
Cash burn (monthly) 136.23M (no burn) (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 402.39M n/a n/a n/a n/a n/a
Cash remaining -186.43M n/a n/a n/a n/a n/a
Runway (months of cash) -1.4 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
9 Aug 22 Ruby Sharma Common Stock Grant Acquire A No No 70.05 927.909 65K 927.909
3 Aug 22 Conley E Renae Common Stock Grant Acquire A No No 0 659.196 0 2,711.929
2 Aug 22 Andrew Teno Common Stock Grant Acquire A No No 70.05 1,391.863 97.5K 1,391.863
2 Aug 22 Andrew W Evans Common Stock Grant Acquire A No No 70.05 1,391.863 97.5K 1,391.863
2 Aug 22 Conley E Renae Common Stock Grant Acquire A No No 60.75 178.326 10.83K 2,052.733
1 Jun 22 Conley E Renae Common Stock Grant Acquire A No No 93.1 1.198 111.53 1,874.407
1 Mar 22 Conley E Renae Common Stock Grant Acquire A No No 69.59 1.525 106.12 1,873.209
1 Mar 22 Conley E Renae Common Stock Grant Acquire A No No 69.59 15.867 1.1K 1,871.684
1.8% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 289 304 -4.9%
Opened positions 53 60 -11.7%
Closed positions 68 32 +112.5%
Increased positions 87 114 -23.7%
Reduced positions 108 70 +54.3%
13F shares Current Prev Q Change
Total value 5.1B 4.54B +12.3%
Total shares 58.53M 57.94M +1.0%
Total puts 43.1K 78.8K -45.3%
Total calls 16.6K 46.9K -64.6%
Total put/call ratio 2.6 1.7 +54.5%
Largest owners Shares Value Change
BLK Blackrock 9.61M $836.74M -5.2%
Vanguard 6.66M $579.6M +0.1%
Icahn Carl C Et Al 5.1M $444.38M +76.1%
TROW T. Rowe Price 3.04M $264.88M -14.1%
STT State Street 2.14M $186.28M +6.4%
NMR Nomura 1.98M $173.77M +7.0%
Fuller & Thaler Asset Management 1.69M $147.49M -35.1%
BAM Brookfield Asset Management 1.59M $138.08M NEW
Alliancebernstein 1.44M $125.63M -6.0%
Geode Capital Management 1.24M $107.8M +7.1%
Largest transactions Shares Bought/sold Change
Icahn Carl C Et Al 5.1M +2.2M +76.1%
BAM Brookfield Asset Management 1.59M +1.59M NEW
Fuller & Thaler Asset Management 1.69M -916.08K -35.1%
Zimmer Partners 1.1M -904.41K -45.2%
BLK Blackrock 9.61M -531.48K -5.2%
TROW T. Rowe Price 3.04M -499.68K -14.1%
TIG Advisors 496.26K +496.26K NEW
Wellington Management 501.38K +481K +2360.6%
Millennium Management 491.62K +400.8K +441.3%
ORI Old Republic International 0 -395K EXIT

Financial report summary

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Risks
  • Southwest relies on having access to interstate pipelines’ transportation capacity. If these pipelines and related transportation capacity were not available, it could impact Southwest’s ability to meet customers’ full requirements.
  • Failure to attract and retain an appropriately qualified employee workforce could adversely affect our collective operations.
  • Loss of one or more significant customers at Centuri or MountainWest could adversely affect results.
  • Fixed-price contracts at Centuri are subject to potential losses that could adversely affect results of operations.
  • The nature of our operations presents inherent risks of loss that could adversely affect our results of operations.
  • Weather conditions in our operating areas can adversely affect operations, financial position, and cash flows.
  • A cybersecurity incident has the potential to disrupt normal business operations, expose sensitive information, and/or lead to physical damages, and may result in legal claims or damage to our reputation.
  • Reliance on third-party suppliers and subcontractors.
  • Disruptions in labor relations with Centuri’s employees could adversely affect results of operations.
  • Changing and uncertain work environment and conditions at Centuri.
  • We have a substantial amount of indebtedness maturing in the near term, which may expose us to the risk of default, and could adversely affect our financial condition, restrict our operations and our ability to obtain additional capital to fund our operations and limit our ability to react to changes in the economy or our industry.
  • We may be unable to successfully integrate business acquisitions into our business and realize the anticipated benefits of the acquisitions.
  • As a holding company, Southwest Gas Holdings, Inc. depends on operating subsidiaries to meet financial obligations.
  • Utility infrastructure segment clients’ budgetary constraints, regulatory support or decisions, and financial condition could adversely impact work awarded.
  • Southwest’s and MountainWest’s liquidity, and in certain circumstances our earnings, may be reduced from historical amounts or expectations during periods in which natural gas prices are rising significantly or are more volatile.
  • Southwest’s earnings may be materially impacted due to volatility in the cash surrender value of our company-owned life insurance policies during periods in which stock market changes are significant.
  • The cost of providing pension and postretirement benefits is subject to changes in pension asset values, changing demographics, and actuarial assumptions which may have an adverse effect on our financial results.
  • Uncertain economic conditions may affect Southwest’s ability to finance capital expenditures.
  • Our business could be negatively affected as a result of actions of activist shareholders.
  • COVID-19 and the impacts to our business, results of operations, cash flows, and financial condition remains uncertain.
  • The Company is currently subject to, and may in the future be subject to, litigation or threatened litigation, which may result in liability exposure that could have a material adverse effect on its business and results of operations.
  • Governmental policies and regulatory actions can reduce Southwest’s and/or MountainWest’s earnings or cash flows.
  • Southwest may not be able to rely on rate decoupling to maintain stable financial position, results of operations, and cash flows.
  • Southwest and MountainWest may be subject to increased costs related to the operation of natural gas pipelines under recent regulations concerning natural gas pipeline safety, which could have an adverse effect on our results of operations, financial condition, and/or cash flows.
  • Our delivery and related systems require numerous permits and other approvals from various federal, state, and local governmental agencies, and others to operate its business, including for pipeline expansion or infrastructure development; any failure to obtain or maintain required permits or approvals, or other factors that could prevent or delay planned development, could negatively affect our business and results of operations.
  • We may not be able to complete a separation of Centuri from Southwest Gas Holdings on the expected timeline or at all.
  • The Company may pursue acquisitions and other strategic transactions, the success of which may impact our results of operations, cash flows, and financial condition.
  • The Company’s operating results may be adversely impacted by an economic downturn.
  • A significant reduction in Southwest Gas Holdings, Inc. and Southwest’s credit ratings could materially and adversely affect our business, financial condition, and results of operations.
Management Discussion
  • ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • Southwest Gas Holdings, Inc. is a holding company that owns all of the shares of common stock of Southwest Gas Corporation (“Southwest” or the “natural gas distribution” segment), all of the shares of common stock of Centuri Group, Inc. (“Centuri,” or the “utility infrastructure services” segment), as well as all of the common stock of the newly formed MountainWest Pipelines Holding Company (“MountainWest,” or the “pipeline and storage” segment). Southwest Gas Holdings, Inc. and its subsidiaries are collectively referred to as the “Company.”
  • The Company completed the acquisition of Dominion Energy Questar Pipeline, LLC (“Questar Pipelines”) and related entities in December 2021. Following the acquisition, the Company formed MountainWest, which owns all of the membership interests of Questar Pipelines. In April 2022, the Company completed a general rebranding of the Questar Pipelines entities under the MountainWest name. The acquired operations further diversify the Company’s business including an essential Rocky Mountain energy hub with over 2,000 miles of highly contracted, FERC-regulated interstate natural gas pipelines providing transportation and underground storage services in Utah, Wyoming, and Colorado.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
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