Southwest Gas, Algonquin Power See Activist Investor Action

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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: VerityData

Corvex Management boosted its position in the energy-infrastructure holding company to 4,153,717 shares. Corvex bought 1,244,696 Southwest Gas Holdings shares from Aug. 24 through Oct. 23 at prices ranging from $57.18 to $63.95 each. Corvex now holds 5.8% of Southwest Gas’ outstanding stock. That figure doesn’t include the effect of cash-settled swaps that add 0.75% economic exposure to Corvex’s position in the gas utility.

 

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