Centuri falls as Southwest Gas to divest remaining stake

Icahn Enterprises LP

03/09/2025 21:25

** Shares of utility infrastructure services firm Centuri Holdings CTRI.N down 2.4% at $20.05 in extended trading after launch of secondary offering

    ** Phoenix, Arizona-based CTRI announces Southwest Gas Holdings SWX.N to sell ~27.36 mln shares

      ** SWX currently owns ~27.36 mln shares for about 30.87% stake in CTRI, per LSEG data

    ** CTRI
    has
    88.65 mln shares outstanding for about $1.8 bln market cap

    ** JP Morgan is sole bookrunner for the offering

    ** CRTI shares on Weds ended down 0.6% at $20.55, trimming YTD gain to ~6%

** Co was spun out of SWX and went public in Apr 2024 IPO priced at $21

** Of 7 analysts covering CTRI, 3 rate "strong buy" or "buy", 2 rate "hold" and 2 recommend "sell"; median PT is $25, LSEG data shows

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))