Justin Forsberg appointed as CFO of Southwest Gas
New Appointment: Justin Forsberg has been promoted to Senior Vice President and Chief Financial Officer of Southwest Gas, effective December 1.
Successor Information: Forsberg succeeds Robert Stefani, who will be leaving the company on the same date.
Background: Forsberg joined Southwest Gas in August 2023 and previously held various finance and accounting roles at IDACORP and Idaho Power Company.
Previous Experience: Before his tenure at IDACORP, Forsberg worked as a Manager at Deloitte & Touche.
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Southwest Gas Holdings Upgraded to Buy by Citi with $99 Price Target
- Earnings Guidance Upgrade: Citi upgraded Southwest Gas Holdings from Neutral to Buy with a $99 price target, anticipating EPS growth guidance of approximately 10.4% through 2030, significantly higher than the previous 7% forecast, driven by the Great Basin gas pipeline expansion and regulatory improvements in Arizona and Nevada.
- Business Restructuring Completed: The company has successfully exited its construction business, a strategic move that not only optimizes resource allocation but also enhances overall profitability, thereby strengthening its competitive position in the market.
- Acquisition Potential Analysis: Citi analyst noted that Southwest Gas remains a potential acquisition target; while a deal is unlikely in the near term, it is trading at 1.25x the 2025 rate base, at the low end of the recent gas utilities M&A range, indicating strong acquisition appeal.
- Market Competition Comparison: Southwest Gas currently trades at a discount to MDU Resources, which has rallied on a similar pipeline expansion opportunity, with Citi analysts viewing Southwest as a more attractive investment choice, reflecting market recognition of its future growth potential.
