Northwest Natural Gas (NYSE:NWN) Trading 6.3% Higher on Better-Than-Expected Earnings

Northwest Natural Gas Company (NYSE:NWN) shares were up 6.3% during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $53.44 and last traded at $53.44. Approximately 276,919 shares traded hands during mid-day trading, a decline of 3% from the average daily volume of 284,592 shares. The stock had previously closed at $50.27.

The utilities provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. The firm had revenue of $394.16 million for the quarter, compared to analysts’ expectations of $419.36 million. Northwest Natural Gas had a net margin of 7.94% and a return on equity of 8.30%. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.41 EPS.

Northwest Natural Gas Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were given a dividend of $1.97 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $7.88 annualized dividend and a dividend yield of 14.8%. This is a boost from Northwest Natural Gas’s previous quarterly dividend of $0.49. Northwest Natural Gas’s payout ratio is 78.49%.

Wall Street Analysts Forecast Growth

NWN has been the subject of several research reports. BTIG Research restated a “buy” rating and set a $55.00 price target on shares of Northwest Natural Gas in a research report on Friday, January 30th. Stifel Nicolaus boosted their target price on shares of Northwest Natural Gas from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, November 12th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Northwest Natural Gas in a research note on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $51.33.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Aster Capital Management DIFC Ltd bought a new position in shares of Northwest Natural Gas in the third quarter worth $26,000. EverSource Wealth Advisors LLC lifted its holdings in Northwest Natural Gas by 77.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 807 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 352 shares in the last quarter. Larson Financial Group LLC lifted its holdings in Northwest Natural Gas by 104.3% during the 3rd quarter. Larson Financial Group LLC now owns 711 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 363 shares in the last quarter. Torren Management LLC bought a new position in Northwest Natural Gas in the 4th quarter worth about $41,000. Finally, Hantz Financial Services Inc. grew its holdings in Northwest Natural Gas by 44.3% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,143 shares of the utilities provider’s stock valued at $45,000 after buying an additional 351 shares in the last quarter. 75.13% of the stock is owned by institutional investors.

Northwest Natural Gas Stock Performance

The stock has a market capitalization of $2.21 billion, a P/E ratio of 21.24 and a beta of 0.57. The company has a quick ratio of 0.43, a current ratio of 0.59 and a debt-to-equity ratio of 1.48. The company has a 50-day moving average price of $47.65 and a two-hundred day moving average price of $45.77.

About Northwest Natural Gas

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.