BlackRock Advisors LLC lowered its stake in shares of Northwest Natural Gas Co. (NYSE:NWN) by 10.4% during the second quarter, Holdings Channel reports. The institutional investor owned 140,665 shares of the company’s stock after selling 16,269 shares during the period. BlackRock Advisors LLC owned approximately 0.51% of Northwest Natural Gas worth $9,118,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Acrospire Investment Management LLC bought a new position in Northwest Natural Gas during the second quarter valued at $123,000. Sharkey Howes & Javer boosted its position in Northwest Natural Gas by 0.8% in the second quarter. Sharkey Howes & Javer now owns 2,148 shares of the company’s stock worth $139,000 after buying an additional 17 shares during the last quarter. Neuberger Berman Group LLC acquired a new position in Northwest Natural Gas during the second quarter worth about $204,000. Quotient Investors LLC acquired a new position in Northwest Natural Gas during the second quarter worth about $207,000. Finally, CIBC Asset Management Inc acquired a new position in Northwest Natural Gas during the second quarter worth about $208,000. 61.09% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Northwest Natural Gas Co. (NYSE:NWN) opened at 56.41 on Monday. Northwest Natural Gas Co. has a one year low of $45.38 and a one year high of $66.17. The stock has a market capitalization of $1.55 billion, a PE ratio of 25.16 and a beta of 0.36. The firm has a 50 day moving average price of $60.21 and a 200 day moving average price of $58.78.
Northwest Natural Gas (NYSE:NWN) last released its earnings results on Tuesday, August 2nd. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.01. The business had revenue of $99.20 million for the quarter, compared to the consensus estimate of $111.12 million. Northwest Natural Gas had a return on equity of 8.09% and a net margin of 9.09%. The business’s quarterly revenue was down 28.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.08 earnings per share. Analysts predict that Northwest Natural Gas Co. will post $2.08 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Monday, October 31st will be given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend is Thursday, October 27th. This is an increase from Northwest Natural Gas’s previous quarterly dividend of $0.47. Northwest Natural Gas’s dividend payout ratio (DPR) is 83.48%.
Separately, Zacks Investment Research upgraded Northwest Natural Gas from a “hold” rating to a “buy” rating and set a $73.00 price objective for the company in a report on Wednesday, July 6th.
Northwest Natural Gas Company Profile
Northwest Natural Gas Company is engaged in the distribution of natural gas. The Company’s segments include Local Gas Distribution, Gas Storage and other. The Company maintains operations in Oregon, Washington and California and conducts businesses through NW Natural and its subsidiaries. The local gas distribution business, referred to as the utility segment, serves residential, commercial, and industrial customers in Oregon and southwest Washington.
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