ProShare Advisors LLC grew its stake in Northwest Natural Gas Company (NYSE:NWN – Free Report) by 37.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 201,546 shares of the utilities provider’s stock after buying an additional 54,852 shares during the quarter. ProShare Advisors LLC’s holdings in Northwest Natural Gas were worth $9,406,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also bought and sold shares of the stock. Bank of New York Mellon Corp acquired a new stake in shares of Northwest Natural Gas during the 2nd quarter worth approximately $24,160,000. Allianz Asset Management GmbH acquired a new position in shares of Northwest Natural Gas in the 2nd quarter valued at $16,287,000. Amundi lifted its stake in shares of Northwest Natural Gas by 1,283.8% in the 2nd quarter. Amundi now owns 162,508 shares of the utilities provider’s stock valued at $7,973,000 after purchasing an additional 150,764 shares during the period. Edgestream Partners L.P. lifted its stake in shares of Northwest Natural Gas by 54.1% in the 1st quarter. Edgestream Partners L.P. now owns 201,660 shares of the utilities provider’s stock valued at $10,732,000 after purchasing an additional 70,773 shares during the period. Finally, Penn Capital Management Company LLC boosted its holdings in Northwest Natural Gas by 224.5% during the second quarter. Penn Capital Management Company LLC now owns 43,387 shares of the utilities provider’s stock worth $2,129,000 after buying an additional 30,016 shares in the last quarter. Hedge funds and other institutional investors own 75.13% of the company’s stock.
Northwest Natural Gas Stock Down 0.8%
Shares of NWN opened at $50.33 on Wednesday. The firm has a market cap of $2.12 billion, a P/E ratio of 16.91 and a beta of 0.41. Northwest Natural Gas Company has a 12 month low of $45.33 and a 12 month high of $55.99. The stock’s 50 day moving average is $48.68 and its two-hundred day moving average is $50.11. The company has a current ratio of 0.77, a quick ratio of 0.55 and a debt-to-equity ratio of 1.52.
Northwest Natural Gas (NYSE:NWN – Get Free Report) last announced its earnings results on Tuesday, August 4th. The utilities provider reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.09. The business had revenue of $243.55 million during the quarter, compared to the consensus estimate of $271.87 million. Northwest Natural Gas had a return on equity of 8.33% and a net margin of 9.75%. The business’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.01 EPS. Analysts predict that Northwest Natural Gas Company will post 3.06 earnings per share for the current fiscal year.
Northwest Natural Gas Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $2.00 dividend on an annualized basis and a yield of 4.0%. This is an increase from Northwest Natural Gas’s previous quarterly dividend of $0.4925. Northwest Natural Gas’s dividend payout ratio is 66.67%.
Wall Street Analyst Weigh In
Several analysts recently commented on NWN shares. Weiss Ratings lowered shares of Northwest Natural Gas from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 16th. Mizuho began coverage on shares of Northwest Natural Gas in a report on Thursday, October 22nd. They issued a “neutral” rating and a $51.00 price objective for the company. Truist Financial began coverage on shares of Northwest Natural Gas in a research report on Tuesday, October 27th. They issued a “hold” rating and a $54.00 price objective for the company. Morgan Stanley lowered shares of Northwest Natural Gas to a “buy” rating in a research note on Thursday, October 22nd. Finally, BTIG Research set a $56.00 target price on shares of Northwest Natural Gas in a research note on Tuesday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.86.
Read Our Latest Stock Report on Northwest Natural Gas
Insider Transactions at Northwest Natural Gas
In related news, Director David Anderson sold 1,500 shares of the business’s stock in a transaction on Monday, October 19th. The shares were sold at an average price of $48.71, for a total value of $73,065.00. Following the completion of the sale, the director owned 47,759 shares of the company’s stock, valued at approximately $2,326,340.89. The trade was a 3.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 4,500 shares of company stock valued at $221,400. 0.55% of the stock is currently owned by company insiders.
Northwest Natural Gas Company Profile
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.
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