Southwest Gas Holdings, Inc. (SWX)

Over the past six months, a significant event was the separation of its Centuri utility infrastructure services business. Southwest Gas Holdings announced the launch and pricing of an upsized secondary public offering of Centuri Holdings, Inc. common stock. The completion of the Centuri separation was announced in September 2025, leading S&P Global Ratings to raise SWX's issuer credit rating to 'BBB+'. The company affirmed its quarterly dividend of $0.62 per share, payable on December 1, 2025. The company reported its first-quarter 2025 earnings on May 12, 2025, beating consensus estimates with $1.65 EPS. In November 2024, the company reported margin improvement from a Nevada rate case outcome and filed a rate case in California, while continuing to advance its Arizona general rate case. In March 2025, the Arizona Corporation Commission authorized an $80.2 million rate increase for Southwest Gas. There has been insider selling activity, with SVP & CFO Robert Stefani selling shares worth $525,000 in the last three months. Great Basin Gas Transmission Company successfully closed its 2028 Expansion Project Binding Open Season.

Demand for natural gas exhibits two seasonal peaks annually, driven by weather patterns. The most significant peak occurs during the winter months due to increased demand for space heating. A secondary, smaller peak is observed in the summer when higher electricity demand for air conditioning leads to increased use of natural gas-fired generators for power generation. Natural gas storage levels are typically highest between late October and mid-November and lowest at the end of winter.

Southwest Gas Holdings, Inc. is an energy holding company operating through two segments: Natural Gas Distribution and Utility Infrastructure Services. The Natural Gas Distribution segment focuses on distributing and transporting natural gas to various customers, contributing to roughly half of the company's revenue. The Utility Infrastructure Services segment, through Centuri Group, Inc., provides installation, repair, and maintenance of energy distribution systems and undertakes gas construction works. The company is classified within the Utilities sector and the Regulated Gas industry.

Southwest Gas Corporation serves over 2 million customers in parts of Arizona, Nevada, and California, and is the largest natural gas distributor in Arizona and Nevada. Great Basin Gas Transmission Company operates a pipeline transmission system in the Rocky Mountain region. Centuri Holdings, Inc. operates across North America, partnering with regulated utilities in the United States and Canada.

In October 2025, Southwest Gas Holdings announced the release of its 2024 Sustainability Report, highlighting safety improvements, emission reductions, investments in renewable energy, and expanded climate disclosures. The company reported $408 million in utility capital expenditures for infrastructure modernization and pipeline replacement in 2024, and maintained emergency response times, responding to 76.4% of emergencies within 30 minutes, which exceeds the industry average. The company also reported a J.D. Power No.1 ranking.

Southwest Gas Holdings, Inc. is largely owned by institutional shareholders, who hold 92.91% of the stock. Major institutional owners include BlackRock, Inc., Vanguard Group Inc, Corvex Management LP, Fmr Llc, State Street Corp, Maverick Capital Ltd, and Adage Capital Partners Gp, L.l.c. Carl C. Icahn is a significant individual shareholder, owning 15.28 million shares, representing 21.22% of the company.