Southwest Gas (SWX)
Regulated natural gas distribution and transportation across Arizona, Nevada, and California.
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Purchases, distributes, and transports natural gas for residential, commercial, and industrial customers across Arizona, Nevada, and California. Regulated distribution and transportation produce operating margin, led by residential and small-commercial service, while commissions govern rates and investment recovery.
Purchases, distributes, and transports natural gas through the Natural Gas Distribution segment, serving residential, commercial, and industrial customers across Arizona, Nevada, and California. Regulated interstate pipeline operations, including Great Basin, move gas to utilities and large customers in Nevada and California.
Execution centers on replacing pipe, reinforcing capacity, connecting new meters, and obtaining approval to recover infrastructure investment. Gas commodity costs pass through customer bills without markup, so operating margin comes from distribution and transportation service rather than commodity trading.
Residential and small-commercial service generates most operating margin. State commissions set rates, service territories, and recovery mechanisms, while federal regulators oversee interstate transmission; results depend on regulatory timing, system investment, customer growth, and winter-weighted rate structures.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 5, 2026 | Mizuho Securities | Target | Target: $98 | Target: $103 |
| Jun 9, 2026 | Mizuho Securities | Target | Target: $96 | Target: $98 |
| May 11, 2026 | Wells Fargo | Target | Target: $78 | Target: $105 |
| May 7, 2026 | UBS | Target | Target: — | Target: $100 |
| May 7, 2026 | JP Morgan | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $270.5M · Total debt $3.51B · Total assets $10.48B · Shareholders' equity $4.13B
- Revenue
- $358.2M
- Operating income
- $84.3M
- Net income
- $42.1M
HistoryDividendAnnual yield
| Institutions | ≈ 92.52% | 67.03M shares | |
|---|---|---|---|
| 413 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.74% | 538.8K shares | |
| 23 holders · as of May 13, 2026 | |||
| Strategic holders | 12.81% | 9.28M shares | |
| 1 holder · as of Mar 11, 2022 | |||
| Adds to | 106.07% | ||
72.45M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 106.07%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 15.43% | 11.18M | as of Jun 30, 2026 |
BlackRock, Inc.Strategic | 12.81% | 9.28M | filed Mar 11, 2022 |
FMR LLCInstitution | 7.70% | 5.58M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.48% | 3.97M | as of Jun 30, 2026 |
Corvex Management LPInstitution | 4.43% | 3.21M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jan 9, 2026 | Justin L. Brown | officer: President/Southwest Gas Corp. | −3,028 | $81.08 |
| Sep 25, 2025 | Carl C. Icahn | 10 percent owner | −1,500,000 | $77.91 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Southwest Gas | $84.37 | −0.34% | $6.13B | 11.8 | 18.0 | 3.5 | −68.0% |
| Atmos Energy | $158.17 | −0.06% | $26.42B | 18.8 | 17.7 | 5.4 | +4.8% |
| ONE Gas | $74.05 | −0.35% | $4.66B | 16.0 | 15.0 | 2.0 | −2.9% |
| Pinnacle West Capital | $93.34 | +0.03% | $11.31B | 17.9 | 18.9 | 2.0 | +7.1% |
| Sempra | $81.04 | −0.20% | $53.09B | 23.5 | 15.6 | 3.9 | −0.1% |
| Spire | $79.16 | −0.75% | $4.72B | 8.9 | 16.3 | 1.9 | −0.4% |
| PG&E | $12.95 | +0.04% | $34.68B | 9.4 | 7.8 | 1.3 | +0.1% |
| NW Natural | $48.18 | +0.22% | $2.02B | 15.7 | 15.0 | 1.6 | +3.1% |
| New Jersey Resources | $53.13 | +0.40% | $5.34B | 14.6 | 16.0 | 2.4 | +16.8% |
| Median | 15.9 | 15.8 | 2.0 | +1.6% |