Northwest Natural Gas (NYSE:NWN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.
According to Zacks, “Northwest Natural Holding Company builds and maintains natural gas distribution systems, as well as invests in natural gas pipeline projects through its subsidiaries. It serves residential, commercial and industrial customers primarily in the United States, Canada and Service Territory. Northwest Natural Holding Company, formerly known as NW Natural Gas Company, is headquartered in Portland, Oregon. “
Several other research analysts have also commented on NWN. Guggenheim restated a “sell” rating and issued a $51.00 price target on shares of Northwest Natural Gas in a report on Monday, July 23rd. ValuEngine lowered shares of Northwest Natural Gas from a “buy” rating to a “hold” rating in a report on Wednesday, August 8th. Finally, TheStreet lowered shares of Northwest Natural Gas from a “b” rating to a “c+” rating in a report on Tuesday, August 7th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $61.60.
Northwest Natural Gas (NYSE:NWN) last posted its quarterly earnings results on Tuesday, November 6th. The utilities provider reported ($0.41) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.37) by ($0.04). Northwest Natural Gas had a negative net margin of 8.52% and a positive return on equity of 7.97%. The business had revenue of $91.20 million during the quarter, compared to analysts’ expectations of $98.42 million. During the same quarter in the previous year, the business posted ($0.30) EPS. The company’s quarterly revenue was up 3.4% on a year-over-year basis. Equities research analysts predict that Northwest Natural Gas will post 2.24 EPS for the current year.
In other Northwest Natural Gas news, SVP Mardilyn Saathoff sold 2,000 shares of the stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $64.91, for a total value of $129,820.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jon G. Huddleston sold 3,500 shares of the stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $63.60, for a total transaction of $222,600.00. Following the completion of the sale, the vice president now directly owns 2,870 shares of the company’s stock, valued at approximately $182,532. The disclosure for this sale can be found here. Insiders sold 12,500 shares of company stock worth $807,980 in the last 90 days. 1.19% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of the business. BlackRock Inc. grew its position in Northwest Natural Gas by 6.4% in the second quarter. BlackRock Inc. now owns 4,093,462 shares of the utilities provider’s stock valued at $261,163,000 after acquiring an additional 245,086 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Northwest Natural Gas by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 891,145 shares of the utilities provider’s stock valued at $56,856,000 after acquiring an additional 2,922 shares in the last quarter. Renaissance Technologies LLC grew its position in Northwest Natural Gas by 12.6% in the second quarter. Renaissance Technologies LLC now owns 637,600 shares of the utilities provider’s stock valued at $40,679,000 after acquiring an additional 71,300 shares in the last quarter. Parnassus Investments CA grew its position in Northwest Natural Gas by 12.7% in the second quarter. Parnassus Investments CA now owns 447,973 shares of the utilities provider’s stock valued at $28,581,000 after acquiring an additional 50,473 shares in the last quarter. Finally, Cornerstone Wealth Management LLC grew its position in Northwest Natural Gas by 7,040.5% in the second quarter. Cornerstone Wealth Management LLC now owns 413,580 shares of the utilities provider’s stock valued at $6,417,000 after acquiring an additional 407,788 shares in the last quarter. 67.97% of the stock is owned by institutional investors.
Northwest Natural Gas Company Profile
Northwest Natural Holding Company, through its subsidiary, NW Natural Gas Company, operates as a regulated natural gas distribution company. The company serves approximately 740,000 natural gas customers in Oregon and Southwest Washington through 14,000 miles of pipeline systems in the United States.
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