Zacks Investment Research upgraded shares of Northwest Natural Gas Company (NYSE:NWN) from a hold rating to a buy rating in a research report released on Friday morning. Zacks Investment Research currently has $73.00 price objective on the utilities provider’s stock.
According to Zacks, “NW Natural is principally engaged in the distribution of natural gas. The Oregon Public Utility Commission (OPUC) has allocated to NW Natural as its exclusive service area a major portion of western Oregon, including the Portland metropolitan area, most of the fertile Willamette Valley and the coastal area from Astoria to Coos Bay. NW Natural also holds certificates from the Washington Utilities and Transportation Commission (WUTC) granting it exclusive rights to serve portions of three Washington counties bordering the Columbia River. “
Several other equities research analysts also recently weighed in on the stock. BidaskClub upgraded shares of Northwest Natural Gas from a hold rating to a buy rating in a research note on Thursday, July 27th. Sidoti reiterated a buy rating and set a $75.00 target price (up previously from $68.00) on shares of Northwest Natural Gas in a research note on Monday, June 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $65.67.
Northwest Natural Gas (NYSE:NWN) opened at 64.75 on Friday. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of 28.97 and a beta of 0.43. The firm’s 50 day moving average price is $61.44 and its 200-day moving average price is $60.03. Northwest Natural Gas has a 1-year low of $53.50 and a 1-year high of $65.39.
Northwest Natural Gas (NYSE:NWN) last announced its earnings results on Wednesday, August 2nd. The utilities provider reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.04. Northwest Natural Gas had a net margin of 8.38% and a return on equity of 7.51%. The business had revenue of $136.24 million during the quarter, compared to the consensus estimate of $78.51 million. During the same quarter in the prior year, the firm earned $0.07 earnings per share. The business’s quarterly revenue was up 37.4% compared to the same quarter last year. On average, equities analysts anticipate that Northwest Natural Gas will post $2.19 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, July 31st will be given a $0.47 dividend. The ex-dividend date is Thursday, July 27th. This represents a $1.88 dividend on an annualized basis and a yield of 2.90%. Northwest Natural Gas’s payout ratio is currently 85.07%.
In related news, VP Shawn M. Filippi sold 1,200 shares of the firm’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $62.27, for a total value of $74,724.00. Following the completion of the sale, the vice president now owns 1,330 shares in the company, valued at $82,819.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Kimberly A. Heiting sold 2,700 shares of the firm’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $61.58, for a total transaction of $166,266.00. Following the completion of the sale, the vice president now owns 4,807 shares of the company’s stock, valued at approximately $296,015.06. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,224 shares of company stock valued at $384,376. 1.48% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in NWN. BlackRock Inc. increased its stake in shares of Northwest Natural Gas by 12,672.6% in the first quarter. BlackRock Inc. now owns 3,607,352 shares of the utilities provider’s stock worth $213,194,000 after buying an additional 3,579,109 shares during the last quarter. Norges Bank purchased a new stake in shares of Northwest Natural Gas during the fourth quarter worth approximately $24,552,000. Vanguard Group Inc. increased its stake in shares of Northwest Natural Gas by 4.7% in the first quarter. Vanguard Group Inc. now owns 2,703,884 shares of the utilities provider’s stock worth $159,800,000 after buying an additional 120,458 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Northwest Natural Gas by 22.0% in the first quarter. Renaissance Technologies LLC now owns 404,900 shares of the utilities provider’s stock worth $23,930,000 after buying an additional 73,000 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Northwest Natural Gas by 31.8% in the first quarter. Ameriprise Financial Inc. now owns 297,119 shares of the utilities provider’s stock worth $17,558,000 after buying an additional 71,679 shares during the last quarter. Hedge funds and other institutional investors own 63.61% of the company’s stock.
About Northwest Natural Gas
Northwest Natural Gas Company (NW Natural) is engaged in the distribution of natural gas. The Company’s segments include Local Gas Distribution, Gas Storage and other. The Company maintains operations in Oregon, Washington and California and conducts businesses through NW Natural and its subsidiaries.
Get a free copy of the Zacks research report on Northwest Natural Gas (NWN)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Northwest Natural Gas Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northwest Natural Gas Company and related companies with MarketBeat.com's FREE daily email newsletter.
