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.
On March 8, 2023, Southwest Gas Holdings (NYSE: SWX) announced the pricing of a public offering of 3,576,180 shares of common stock at $60.12 per share, aimed to raise approximately $207.7 million in net proceeds. The offering is set to close on March 10, 2023 and includes a 30-day option for underwriters to purchase an additional 536,427 shares. Proceeds will be used to repay borrowings from its credit facility related to the acquisition of MountainWest Pipelines, as well as for working capital and general corporate purposes.
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