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.
Southwest Gas Holdings, Inc. (SWX) is urging stockholders to vote "FOR ALL" of its director nominees on the WHITE proxy card ahead of the Annual Meeting on May 12, 2022. The Board argues that their strategy focuses on long-term value creation, particularly through the recent acquisition of MountainWest, which is expected to enhance earnings significantly in 2022. The acquisition is framed as a unique and strategically valuable asset. The letter counters claims from Carl Icahn, who proposes to acquire shares at $82.50, suggesting that the company’s true value exceeds this offer.
Southwest Gas Holdings, Inc. (NYSE: SWX) announced that the Delaware Court of Chancery granted summary judgment in favor of the Company, rejecting Carl Icahn's proposal for a Special Meeting related to director elections. The court deemed the proposal unlawful and inconsistent with the Company’s organizational documents. As a result, the Annual Meeting scheduled for May 12, 2022, will be the official venue for stockholder elections. This legal victory is positioned as a significant step for corporate governance and shareholder rights.
Southwest Gas Holdings (NYSE: SWX) responded to an open letter from Carl Icahn, disputing his claims about the company's recent equity offering. The company raised approximately $400 million through a public offering at $74 per share, aimed at funding the MountainWest acquisition. Southwest Gas clarified that the equity offering was completed with full knowledge of voting restrictions due to a record date. It also highlighted that Icahn's allegations concerning the financing process were misleading and legally flawed. The board emphasized its commitment to enhancing shareholder value.
Southwest Gas Holdings, Inc. (NYSE: SWX) has officially rebranded its Dominion Energy Questar Pipeline subsidiaries as MountainWest Pipelines, effective April 1, 2022. This includes renaming subsidiaries to reflect the MountainWest identity. The rebranding signifies a commitment to delivering essential natural gas services across Utah, Wyoming, and Colorado, with over 2,000 miles of FERC-regulated pipelines. This strategic move aims to underscore the company's regional pride and commitment to clean energy and reliability, with a planned physical transition to the new brand over several months.
Southwest Gas emphasizes the importance of safety in digging projects, urging homeowners to call 811 before beginning any digging to mark underground utilities. With April marking the start of the dig season and recognized as Safe Digging Month, the company highlights that 32% of pipeline damages in its service areas in 2021 resulted from not calling 811. The national cost of damages due to underground utility strikes exceeds $30 billion. Residents should report any suspected pipeline damage immediately.
Southwest Gas Holdings, Inc. (NYSE: SWX) has announced a public offering of 5,500,000 shares of common stock at $74.00 per share, targeting net proceeds of approximately $392.5 million. The offering is set to close on March 31, 2022, and underwriters have a 30-day option to purchase an additional 825,000 shares. Proceeds will primarily be used to repay borrowings related to the acquisition of Questar Pipelines. J.P. Morgan and BofA Securities lead the offering, with other firms acting as co-managers.
Southwest Gas Holdings, Inc. (NYSE: SWX) announced a public offering of $400 million in common stock, with a potential $60 million additional option for underwriters. Proceeds will be utilized to repay borrowings related to the acquisition of Questar Pipelines. The offering is managed by J.P. Morgan and BofA Securities, with a prospectus available via the SEC. This offering follows a shelf registration statement filed on December 2, 2020.
Southwest Gas Holdings, Inc. (NYSE: SWX) is urging stockholders to vote for its board nominees in light of Carl Icahn's attempts to gain control without providing a fair premium. The company emphasizes the value unlocked by the upcoming spin-off of Centuri, which has nearly doubled its revenue in the past four years. Following the spin-off, Southwest Gas will operate as a fully regulated natural gas business, maintaining its dividend and enhancing growth prospects. The board asserts that Mr. Icahn's $82.50 tender offer is inadequate, with a potential value for SWX estimated between $110 and $150 per share.
The Board of Directors of Southwest Gas Holdings (SWX) has unanimously rejected Carl Icahn's revised tender offer of $82.50 per share, deeming it inadequate and undervaluing the company. The Board emphasized that the offer is coercive and not in the best interests of stockholders. They argue that Icahn's claim of SWX potentially being worth between $110 and $150 per share highlights the inadequacy of his proposal. The Board also encourages stockholders to vote in favor of their director nominees using the WHITE proxy card.
Southwest Gas Holdings (NYSE: SWX) announced the issuance of $600 million in 4.05% Senior Notes due 2032, with net proceeds of approximately $592.7 million. This fund will be utilized to fully redeem the 3.875% Senior Notes due 2022, repay amounts under its credit facility, and for general corporate purposes. Additionally, the company extended its Term Loan Agreement and replaced LIBOR benchmarks with SOFR. Important filings have been made with the SEC to support these transactions.
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