Northwest Natural Gas (NYSE:NWN) Stock Price Target Raised at Wells Fargo & Company

Northwest Natural Gas (NYSE:NWN) had its target price hoisted by investment analysts at Wells Fargo & Company from $49.00 to $50.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s price target would indicate a potential downside of 3.37% from the stock’s current price.

Several other research analysts also recently weighed in on the company. Huntington initiated coverage on Northwest Natural Gas in a research note on Monday, September 14th. They set an “outperform” rating and a $58.00 price target for the company. Mizuho started coverage on Northwest Natural Gas in a research note on Thursday, October 22nd. They issued a “neutral” rating and a $51.00 price objective on the stock. Truist Financial initiated coverage on shares of Northwest Natural Gas in a report on Tuesday, October 27th. They set a “hold” rating and a $54.00 price objective on the stock. BTIG Research reiterated a “buy” rating and set a $59.00 target price on shares of Northwest Natural Gas in a research report on Friday. Finally, Morgan Stanley downgraded shares of Northwest Natural Gas to a “buy” rating in a research note on Thursday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Northwest Natural Gas currently has an average rating of “Moderate Buy” and a consensus price target of $55.43.

Northwest Natural Gas Stock Performance

NYSE NWN traded down $0.07 on Friday, hitting $51.74. 40,973 shares of the stock traded hands, compared to its average volume of 273,061. The business’s fifty day moving average is $48.73 and its two-hundred day moving average is $50.15. Northwest Natural Gas has a 12 month low of $45.69 and a 12 month high of $55.99. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of 17.27 and a beta of 0.41. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.55 and a current ratio of 0.77.

Northwest Natural Gas (NYSE:NWN) last released its earnings results on Thursday, November 5th. The utilities provider reported ($0.71) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.88) by $0.17. The business had revenue of $177.97 million during the quarter, compared to the consensus estimate of $176.40 million. Northwest Natural Gas had a return on equity of 8.33% and a net margin of 9.75%. The business’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same period last year, the business posted ($0.73) earnings per share. As a group, equities analysts anticipate that Northwest Natural Gas will post 3.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director David Anderson sold 1,500 shares of the company’s stock in a transaction dated Monday, October 19th. The stock was sold at an average price of $48.71, for a total transaction of $73,065.00. Following the sale, the director directly owned 47,759 shares in the company, valued at $2,326,340.89. This represents a 3.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last ninety days, insiders sold 4,500 shares of company stock worth $221,400. 0.55% of the stock is owned by insiders.

Hedge Funds Weigh In On Northwest Natural Gas

A number of large investors have recently modified their holdings of NWN. Versant Capital Management Inc increased its holdings in Northwest Natural Gas by 197.5% during the 2nd quarter. Versant Capital Management Inc now owns 723 shares of the utilities provider’s stock worth $35,000 after acquiring an additional 480 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in Northwest Natural Gas in the 2nd quarter worth approximately $45,000. Axiom Investment Management LLC lifted its stake in Northwest Natural Gas by 28.3% in the 3rd quarter. Axiom Investment Management LLC now owns 1,230 shares of the utilities provider’s stock worth $57,000 after purchasing an additional 271 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in Northwest Natural Gas in the 2nd quarter valued at $78,000. Finally, Financial Management Professionals Inc. bought a new position in Northwest Natural Gas in the 2nd quarter valued at $83,000. 75.13% of the stock is currently owned by institutional investors.

About Northwest Natural Gas

Northwest Natural Gas Company, operating as NW Natural and a subsidiary of Northwest Natural Holding Company, is an energy and utility company headquartered in Portland, Oregon. Its principal business is the distribution of natural gas to residential, commercial and industrial customers.

NW Natural serves communities primarily in Oregon and southwest Washington through a regulated natural gas distribution system. The company also provides related services, including natural gas storage and programs focused on renewable natural gas and other lower-carbon energy solutions.

The company traces its history to 1859 and has expanded beyond its traditional natural gas operations through investments in water and wastewater utilities.