Centuri drops after increased stock offering by Southwest Gas priced

ReutersJun 17, 2025 12:21 PM

Shares of utility infrastructure services firm Centuri Holdings CTRI.N down 6.2% premarket to $20.90 after overnight secondary offering priced

Phoenix, Arizona -based Centuri late Mon announced 9.75 mln shares, up from 9.5 mln shares, offloaded by Southwest Gas Holdings SWX.N

Offering priced at $20.75, a 6.8% discount to stock's last sale

In addition, SWX to sell $22 mln worth of CTRI shares to investment entities affiliated with Carl Icahn in concurrent private placement

Following the transactions, SWX cuts stake from ~66% to ~54%, or just shy of 48 mln shares, per the SEC prospectus

CTRI has ~88.6 mln shares outstanding for $2 bln market cap

JP Morgan and Wells Fargo are jt lead bookrunners for the secondary offering

Last month, SWX reduced its stake in 9 mln share secondary offering priced at $17.50 and concurrent private placement with Icahn

CTRI shares on Mon closed up 1.3% at $22.27, up 15% YTD

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

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Recommended Articles

MSTR Stock Price Prediction 2026-2030: Is Strategy the Ultimate Bitcoin Leveraged Play?

trategy Inc. has evolved from a nascent software company into a complex financial engine. Whether you are watching the MSTR stock price today for a day trade or evaluating it for a decade-long hold, the company represents the premier equity vehicle for the digital age.

Deep Analysis 48 Hours Before Microsoft Earnings: OpenAI Agreement Restructuring Implemented, Three Variables of Azure, Copilot, and Capital Expenditure Determine MSFT Valuation Recovery Path

Microsoft released its FY26 Q3 earnings on April 29. This article provides an in-depth analysis of the impact of the OpenAI agreement restructuring, examining three key metrics—Azure growth, a 3.3% Copilot penetration rate, and $110 billion in capital expenditure—to determine whether MSFT’s forward P/E of 22x offers a long-term positioning opportunity.

Nvidia Shares Hit Record High, Market Cap Tops $526 Trillion, How Much Higher Can It Go Amid AI Capex Boom?

TradingKey - On April 27, Eastern Time, driven by rising expectations for AI capital expenditure, Nvidia’s share price continued its rally from Friday, closing up 4% at a record high of $216.83, with its market capitalization reaching $5.26 trillion.

Microsoft 2026 Q3 Earnings Preview: Can Azure’s Growth Momentum Keep Up With Massive AI Capital Spending?

TradingKey - Microsoft (MSFT) is scheduled to release its Q3 FY2026 earnings report after the market close on April 29, ET. As one of the most proactive tech giants in advancing global AI strategies, this report is regarded as a key indicator for evaluating the large-scale monetization of AI technology and the growth resilience of its cloud business.

Citi Raises Brent Crude Forecast to $150: Strait of Hormuz Risks Brew, How High Can Oil Prices Rise?

TradingKey - On April 26, Eastern Time, Citigroup raised its 2026 Brent crude oil price forecast to $150. Citing the deadlock in U.S.-Iran negotiations and the resulting persistent blockade of the Strait of Hormuz, Citi believes the situation in the Middle East has shifted from a short-term risk to a structural variable that could continuously disrupt global supply.

Featured Tools