Welcome to our dedicated page for Southwest Gas Holdings news (Ticker: SWX), a resource for investors and traders seeking the latest updates and insights on Southwest Gas Holdings stock.
Southwest Gas Holdings, Inc. (NYSE: SWX) is a prominent utility company headquartered in Las Vegas, Nevada. Established in 1931, the company, through its subsidiaries, is engaged in the purchasing, distributing, and transporting of natural gas across Arizona, Nevada, and California. Serving over 2 million residential, commercial, and industrial customers, Southwest Gas Holdings ensures the safe and reliable provision of natural gas.
The company operates through two main segments: Natural Gas Operations and Utility Infrastructure Services. The Natural Gas Operations segment encompasses the core business of distributing natural gas, generating half of the company’s revenue primarily from residential and small commercial customers. The Utility Infrastructure Services segment, managed by the subsidiary Centuri Group Inc., contributes the other half of the revenue by providing underground piping contractor services and industrial construction solutions across North America.
As of December 31, 2019, Southwest Gas Holdings managed 2,081,000 natural gas customers. The company is committed to sustainability and innovation, continuously updating its infrastructure to meet the growing demands for energy in its service areas.
Recent developments highlight the company’s dynamic growth and strategic decisions. In 2024, Centuri Group Inc., a wholly-owned subsidiary, announced the retirement of its CEO Paul M. Daily, and the commencement of a search for a new CEO. The company plans to separate Centuri as an independent entity through an IPO, expected to enhance shareholder value.
Southwest Gas Holdings maintains a robust financial condition, reflected in its consistent payment of quarterly dividends since going public in 1956. In recent earnings reports, the company showcased a strong operational and financial performance, with notable increases in net income and adjusted net income for the fiscal year 2023.
The company's commitment to excellence and strategic growth ensures it remains a significant player in the energy sector, continually adapting to meet the needs of its diverse customer base while delivering shareholder value.
Dominion Energy (NYSE: D) announced the successful closing of the $1.975 billion sale of Questar Pipelines to Southwest Gas Holdings (NYSE: SWX). The deal, finalized on December 31, 2021, includes the assumption of $430 million in debt. Questar Pipelines features FERC-regulated transportation and underground storage assets located in Utah, Wyoming, and Colorado. This sale is part of Dominion Energy's strategy to streamline operations and focus on sustainable energy.
Southwest Gas Holdings (SWX) confirmed that Carl Icahn's affiliate extended its tender offer to acquire shares at $75.00 each. In response, the company's Board rejected the offer, deeming it inadequate and coercive. They urge stockholders to not tender their shares, stating that the offer undervalues the company and is contingent on ambiguous conditions. The Board emphasizes its commitment to long-term value creation and has involved external advisors in the evaluation process.
Southwest Gas Holdings (NYSE: SWX) announced that the Delaware Court of Chancery denied Icahn Partners' motion for a temporary restraining order, allowing the company to proceed with permanent financing for its acquisition of Dominion Energy Questar Pipeline. The Board of Directors recommended that shareholders reject Icahn's tender offer, labeling it as inadequate and coercive. This ruling strengthens Southwest Gas's position in the ongoing acquisition and financing efforts.
Southwest Gas has received approval from the Arizona Corporation Commission for the transition of natural gas service in Graham County from Graham County Utilities Inc. (GCU) to Southwest Gas, effective early January. This move follows GCU's October 2020 decision to sell its gas distribution system to Southwest Gas for modernization, enhanced safety, and regulatory compliance. The company promises safe, reliable, and affordable service to GCU customers, along with access to various assistance programs.
Southwest Gas Holdings, Inc. (NYSE: SWX) has declared a cash dividend of $0.595 per share for the first quarter of 2022, payable on March 1, 2022. Shareholders on record as of February 15, 2022 will receive the dividend. This annualizes to $2.38 per share, reflecting the company's commitment to returning value, having paid quarterly dividends since 1956. The company operates through two segments: Southwest Gas Corporation, serving over two million customers in Arizona, Nevada, and California, and Centuri Group, Inc., offering utility infrastructure services.
Southwest Gas Holdings has announced the expiration of the Hart-Scott-Rodino Antitrust Improvements Act waiting period, which allows the company to proceed with its acquisition of Dominion Energy Questar Pipeline and its affiliates. This acquisition is expected to close on or before December 31, 2021, pending other customary closing conditions. The transaction will enhance Southwest Gas's capabilities in natural gas distribution and infrastructure services across North America, and is anticipated to provide significant operational synergies.
Southwest Gas Holdings, Inc. (NYSE: SWX) confirmed Icahn Enterprises LP's intent to nominate 10 candidates for the Board of Directors at the 2022 Annual Meeting. The Board rejected Icahn's unsolicited tender offer of $75.00 per share, calling it inadequate and self-serving. Southwest Gas emphasizes its commitment to value creation, highlighting the strategic Questar Pipelines acquisition and growth in its Centuri subsidiary. Recently, the Board appointed two new independent directors, enhancing its governance ahead of the upcoming meeting.
Southwest Gas Holdings (NYSE: SWX) announced the appointment of E. Renae Conley and Carlos A. Ruisanchez to its Board of Directors, effective January 1, 2022. This decision follows the retirement of board members Michael J. Melarkey and Stephen C. Comer during the 2022 Annual Meeting. The new appointees bring over 50 years of combined experience in the energy sector, aiming to enhance the company's operational and financial oversight. Robert L. Boughner will assume the Chair position at the upcoming meeting, ensuring a capable leadership transition.
Southwest Gas Holdings (NYSE: SWX) reported a consolidated loss of $0.19 per diluted share for Q3 2021, a decline from earnings of $0.32 per share in Q3 2020. The net loss reached $11.6 million, while adjusted net income was $3.1 million. The natural gas segment saw a net loss of $27.5 million, while utility infrastructure services generated net income of $18.5 million, down from $34.9 million in Q3 2020. The company’s outlook suggests potential growth in earnings for 2022 driven by new acquisitions and market demand in service territories across Arizona, Nevada, and California.
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