Citigroup on Wednesday reportedly downgraded shares of Southwest Gas Corp. from a “buy” rating to a “neutral.”
It could not immediately be learned why the rating was lowered, but the action comes after a corporate re-shuffling and as Southwest Gas looks to raise its natural-gas rates.
The Las Vegas-based utility, whose shares trade on the New York Stock Exchange under the “SWX” ticker, has 1.9 million customers in Arizona, Nevada and California.
The company’s stock on Wednesday fell by .74 percent, closing at $44.12 per share.
A spokeswoman would not immediately comment.
On July 11, Southwest Gas appointed company President James P. Kane as president and CEO of NPL Construction Co., a wholly owned pipeline-construction subsidiary. As part of the new job, he is expected to move from Las Vegas to Phoenix.
Southwest CEO Jeffrey W. Shaw will take on Kane’s duties.
Meanwhile, Southwest wants to raise its natural-gas rates in southern Nevada by an average of 8.2 percent. That would cause the average local monthly rate for a single-family residence to jump by $3.71 to $49.
Nevada’s Public Utilities Commission is scheduled to hold a hearing Thursday night to let consumers voice their opinions on the proposed increase.