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Southwest Gas Rides on Investment, Expanding Customer Base
Zacks
Southwest Gas Holdings Inc.’s SWX systematic investment plans to further strengthen infrastructure and accretive acquisitions should further boost its performance. Consistent customer additions to the company's natural gas segment are improving its financials.
However, this Zacks Rank #3 (Hold) company faces risks related to its dependence on interstate pipelines for natural gas transportation.
SWX’s Tailwinds
Southwest Gas strategically plans its investment to meet the growing demand for safe, reliable and affordable energy solutions. The company expects a capital investment of $2.4 billion in 2024-2026. In 2023, it made capital investments of $750 million, up 6% from the 2022 level. The capital expenditure for 2024 is expected to be $830 million to support customer growth, system improvements and pipe replacement programs.
SWX’s natural gas operations have a diversified and growing customer base in three states, namely Arizona, Nevada and California. Owing to strong economic growth across its service areas, the company installed 41,000 first-time meter sets in the 12 months ended Sept. 30, 2024. The ongoing increase in the customer base should drive demand and performance for the company.
New natural gas rates, rising demand from an expanding customer base and efficient expense management should also boost the company's net income.
Improvements in economic conditions, strong demographics, continued expansion of its customer base and the decoupled rate structure in its service regions are expected to drive its performance. The company expects rate base growth of 6.5-7.5% over the next three years. It also expects to increase operation and maintenance (O&M) savings to achieve flat O&M expense per customer during 2024-2026.
Headwinds for SWX
Southwest Gas depends on its access to interstate pipelines’ transportation capacity, which, if unavailable, could impact its ability to meet customers’ requirements. It needs sufficient natural gas supplies and interstate pipeline capacity to meet demand. A prolonged interruption or reduction of interstate pipeline service during the peak demand seasons might reduce its earnings.
The company does not own any significant asset other than the stock of its operating subsidiaries, thereby making it dependent on its units to meet its financial needs. Also, SWX’s ability to pay dividends depends on its units’ net income and cash flows.
SWX’s Price Performance
In the past year, shares of the company have risen 24.7% compared with the industry’s 24.6% growth.
Stocks to Consider
Some better-ranked stocks from the same industry are ONE Gas, Inc. OGS, New Jersey Resources NJR and Atmos Energy Corporation ATO, each holding a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
OGS’ long-term earnings growth rate is 5%. The Zacks Consensus Estimate for fourth-quarter sales indicates an increase of 8.9% from the prior-year registered figure.
The Zacks Consensus Estimate for NJR’s fiscal 2024 EPS indicates year-over-year growth of 10.1%. The Zacks Consensus Estimate for NJR’s fiscal 2024 sales indicates a decline of 7.9% from the previous year’s recorded figure.
ATO’s long-term earnings growth rate is 7%. The Zacks Consensus Estimate for fiscal 2025 EPS indicates year-over-year growth of 4.8%.
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