Northwest Natural Gas (NYSE:NWN) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Northwest Natural Gas (NYSE:NWN) issued its quarterly earnings results on Tuesday. The utilities provider reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.09, Briefing.com reports. Northwest Natural Gas had a net margin of 9.56% and a return on equity of 8.46%. The firm had revenue of $243.55 million during the quarter, compared to the consensus estimate of $271.87 million. During the same period in the prior year, the firm earned $0.01 EPS. The business’s revenue was up 3.1% on a year-over-year basis.

Northwest Natural Gas Trading Up 0.9%

Shares of NWN stock traded up $0.42 on Wednesday, reaching $49.13. 77,109 shares of the stock were exchanged, compared to its average volume of 280,452. The stock has a market cap of $2.07 billion, a PE ratio of 16.77 and a beta of 0.43. Northwest Natural Gas has a one year low of $39.29 and a one year high of $55.99. The company has a debt-to-equity ratio of 1.44, a current ratio of 0.80 and a quick ratio of 0.62. The stock has a 50 day moving average price of $49.87 and a 200 day moving average price of $50.59.

Northwest Natural Gas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be given a dividend of $0.4925 per share. The ex-dividend date is Friday, July 31st. This represents a $1.97 dividend on an annualized basis and a dividend yield of 4.0%. Northwest Natural Gas’s payout ratio is presently 67.24%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on NWN shares. Wells Fargo & Company began coverage on Northwest Natural Gas in a research note on Monday, May 11th. They set an “underweight” rating and a $50.00 price objective for the company. Freedom Capital upgraded Northwest Natural Gas from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Weiss Ratings restated a “buy (b-)” rating on shares of Northwest Natural Gas in a research note on Friday, May 29th. Finally, TD Cowen began coverage on Northwest Natural Gas in a report on Thursday, April 16th. They issued a “hold” rating and a $58.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Northwest Natural Gas has an average rating of “Moderate Buy” and a consensus target price of $55.25.

Insider Transactions at Northwest Natural Gas

In related news, Director David Hugo Anderson sold 1,500 shares of the firm’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $51.18, for a total value of $76,770.00. Following the transaction, the director owned 52,259 shares in the company, valued at $2,674,615.62. This trade represents a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV grew its holdings in shares of Northwest Natural Gas by 40.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 8,659 shares of the utilities provider’s stock valued at $405,000 after buying an additional 2,498 shares during the period. EP Wealth Advisors LLC acquired a new stake in Northwest Natural Gas during the 4th quarter worth $342,000. Empowered Funds LLC bought a new position in Northwest Natural Gas during the fourth quarter worth about $1,017,000. XTX Topco Ltd bought a new position in Northwest Natural Gas during the fourth quarter worth about $607,000. Finally, VARCOV Co. acquired a new position in Northwest Natural Gas in the fourth quarter valued at about $399,000. 75.13% of the stock is currently owned by institutional investors and hedge funds.

Northwest Natural Gas Company Profile

Northwest Natural Gas (NYSE: NWN), commonly known as NW Natural, is a publicly traded energy utility primarily engaged in the distribution of natural gas to residential, commercial and industrial customers. Headquartered in Portland, Oregon, the company operates an extensive pipeline network spanning thousands of miles across Oregon and southwest Washington. Its core business activities include gas procurement, system operation and maintenance, safety inspections and customer service support.

Dating back to the mid-19th century, Northwest Natural traces its origins to the Portland Gas Light Company, which first illuminated Portland streets with manufactured gas in 1859.