Corvex Management raised its investment in energy firm Southwest Gas. Starboard Value bought more shares of electric utility Algonquin Power.
These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Oct. 19 through Oct. 25, 2023. Source: VerityDataCorvex Management boosted its position in the energy-infrastructure holding company to 4,153,717 shares.
Corvex intends to engage Southwest Gas’ board about ways to “unlock value” of Southwest Gas Corp., the firm’s regulated gas unit. Corvex supports the spinoff of Centuri, Southwest Gas Holdings’ infrastructure business, but feels the gas utility is undervalued relative to peers and recent transactions involving such assets.
Further, Corvex believes that a Southwest Gas’ $2 billion capital plan “makes no sense if growth capital results in a market valuation less than cost.” Hence, Corvex will seek to discuss with Southwest Gas ways to bolster returns on capital, additional restructuring, and/or the sale of Southwest Gas Holdings. Southwest Gas shares are down about 8% so far this year.Starboard Value raised its interest in the Canada-based electricity utility to 60,939,000 shares.
Starboard also feels that Algonquin owns a “hidden gem” in its water utility subsidiary, as such utilities “trade at massive premiums” to either electric or gas counterparts. Given that, Algonquin should trade at higher multiples over rivals that don’t possess water utilities. If that premium doesn’t materialize, Algonquin can sell its water utility, providing additional liquidity to expand proposed repurchases. Shares have lost about a quarter of their value in 2023.
Nano Dimension failed in its efforts to acquire Stratasys earlier this year and faced its own activist pressure to refurbish its board. In September, shareholders re-elected all of Nano Dimension’s legacy directors, though the CEO and chairman roles were separated. Shares have gained about 15% so far this year.
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Southwest Gas, Algonquin Power See Activist Investor ActionCorvex Management raised its investment in energy firm Southwest Gas. Starboard Value bought more shares of electric utility Algonquin Power.
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