Northwest Natural (NYSE:NWN) Sets New 12-Month High on Strong Earnings

Northwest Natural Holding (NYSE:NWN)’s share price hit a new 52-week high on Tuesday following a stronger than expected earnings report. The stock traded as high as $42.55 and last traded at $42.49, with a volume of 38769 shares. The stock had previously closed at $41.44.

The utilities provider reported ($0.71) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.08. The firm had revenue of $136.90 million for the quarter, compared to the consensus estimate of $132.47 million. Northwest Natural had a return on equity of 5.89% and a net margin of 6.90%. The company’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same period last year, the business posted ($0.65) EPS.

Northwest Natural Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a yield of 4.83%. This is a positive change from Northwest Natural’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend is Thursday, October 31st. Northwest Natural’s payout ratio is 92.45%.

Analysts Set New Price Targets

NWN has been the topic of a number of recent analyst reports. Janney Montgomery Scott raised Northwest Natural from a “neutral” rating to a “buy” rating and raised their price target for the company from $36.00 to $43.00 in a report on Monday, August 5th. StockNews.com raised Northwest Natural from a “sell” rating to a “hold” rating in a report on Monday, August 5th.

Hedge Funds Weigh In On Northwest Natural

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Northwest Natural by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 4,421,601 shares of the utilities provider’s stock worth $164,572,000 after buying an additional 71,214 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Northwest Natural by 5.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 568,991 shares of the utilities provider’s stock valued at $23,226,000 after acquiring an additional 29,682 shares in the last quarter. Gabelli Funds LLC raised its holdings in shares of Northwest Natural by 6.5% in the second quarter. Gabelli Funds LLC now owns 506,000 shares of the utilities provider’s stock valued at $18,272,000 after acquiring an additional 31,000 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Northwest Natural by 3.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 471,939 shares of the utilities provider’s stock worth $17,042,000 after acquiring an additional 15,523 shares in the last quarter. Finally, Thompson Siegel & Walmsley LLC bought a new position in Northwest Natural during the 3rd quarter worth about $12,250,000. 75.13% of the stock is owned by hedge funds and other institutional investors.

Northwest Natural Stock Down 1.7 %

The business’s 50-day simple moving average is $40.00 and its 200 day simple moving average is $38.59. The firm has a market cap of $1.57 billion, a PE ratio of 19.48 and a beta of 0.58. The company has a current ratio of 0.72, a quick ratio of 0.73 and a debt-to-equity ratio of 1.15.

About Northwest Natural

Northwest Natural Holding Company, through its subsidiary, Northwest Natural Gas Company, provides regulated natural gas distribution services to residential, commercial, and industrial customers in the United States. The company operates a mist gas storage facility contracted to other utilities, third-party marketers, and electric generators; offers natural gas asset management services; and operates an appliance retail center.