Southwest Gas Ho Stock Price, News & Analysis

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.

Southwest Gas Holdings, Inc. (NYSE: SWX) announced that Icahn Enterprises LP has revised its unsolicited tender offer to acquire all outstanding shares for $82.50 each in cash. Previously, the Board rejected an offer of $75.00 per share, citing inadequacy and undervaluation. The Board will review the new offer with its financial advisors before advising stockholders. Investors are advised to take no action until a decision is reached. The company remains focused on its business of distributing natural gas and providing utility services across North America.

Southwest Gas Holdings, Inc. (NYSE: SWX) announced its plan to separate Centuri within 9 to 12 months, enhancing the potential for premium valuation due to its strong utility customer base and EBITDA growth. The company emphasized its solid regulatory relationships and near-record growth in revenues. The acquisition of MountainWest is expected to provide high-return assets, contributing to substantial cash flows. As a result, Southwest Gas aims to lower future borrowing costs and secure attractive financing as a pure-play regulated natural gas entity.

Southwest Gas Holdings, Inc. (NYSE: SWX) will host a conference call on March 2, 2022, at 1:00 PM ET to discuss its 2021 fourth quarter and full-year results. This follows the release of the earnings results on March 1, 2022. Investors can access the call through a live webcast on the company’s website or dial in using the provided telephone numbers. A replay will be available post-call. The conference ID for the call is 7668616.

Southwest Gas Holdings (SWX) announced its 2021 financial results, reporting consolidated earnings of $3.39 per diluted share and adjusted earnings of $4.17 per diluted share, compared to $4.14 in 2020. The company achieved a consolidated net income of $200.8 million, with the natural gas distribution segment contributing significantly to earnings. The utility infrastructure segment reported net income of $40.4 million. The company plans to separate its utility infrastructure segment, Centuri, to maximize stockholder value. For 2022, net income guidance has been set between $200 million and $210 million.