Janney Montgomery Scott LLC Lowers Holdings in Northwest Natural Gas Company $NWN

Key Points

• Janney Montgomery Scott LLC cut its stake in Northwest Natural Gas by 33.7% in the first quarter, selling 22,458 shares and ending with 44,189 shares valued at about $2.35 million.
• Institutional ownership remains heavy, with hedge funds and other institutional investors holding 75.13% of the stock. Several firms, including SG Americas Securities and M&T Bank, significantly increased their positions.
• Analyst sentiment is mixed but leans positive, with a consensus rating of “Moderate Buy” and an average price target of $55.25, even though Wells Fargo initiated coverage with an underweight rating.

Janney Montgomery Scott LLC trimmed its position in Northwest Natural Gas Company (NYSE:NWN - Free Report) by 33.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,189 shares of the utilities provider's stock after selling 22,458 shares during the period. Janney Montgomery Scott LLC owned 0.11% of Northwest Natural Gas worth $2,352,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in NWN. SG Americas Securities LLC raised its position in shares of Northwest Natural Gas by 1,061.3% in the fourth quarter. SG Americas Securities LLC now owns 165,082 shares of the utilities provider's stock worth $7,716,000 after buying an additional 150,867 shares in the last quarter. UBS Group AG boosted its stake in Northwest Natural Gas by 38.5% during the fourth quarter. UBS Group AG now owns 76,226 shares of the utilities provider's stock valued at $3,563,000 after buying an additional 21,194 shares during the period. M&T Bank Corp grew its position in Northwest Natural Gas by 6,616.5% during the fourth quarter. M&T Bank Corp now owns 455,579 shares of the utilities provider's stock worth $21,294,000 after buying an additional 448,796 shares in the last quarter. Natixis Advisors LLC grew its position in Northwest Natural Gas by 22.4% during the third quarter. Natixis Advisors LLC now owns 267,886 shares of the utilities provider's stock worth $12,036,000 after buying an additional 49,065 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in Northwest Natural Gas by 510.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 13,390 shares of the utilities provider's stock worth $626,000 after acquiring an additional 11,197 shares during the last quarter. 75.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Northwest Natural Gas Stock Performance

NYSE NWN opened at $49.72 on Thursday. Northwest Natural Gas Company has a 52-week low of $39.29 and a 52-week high of $55.99. The company has a fifty day moving average of $49.83 and a 200-day moving average of $50.07. The company has a market capitalization of $2.09 billion, a P/E ratio of 16.97 and a beta of 0.43. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.62 and a current ratio of 0.80.

Northwest Natural Gas (NYSE:NWN - Get Free Report) last released its earnings results on Tuesday, May 5th. The utilities provider reported $2.33 EPS for the quarter, missing analysts' consensus estimates of $2.40 by ($0.07). Northwest Natural Gas had a net margin of 9.56% and a return on equity of 8.46%. The firm had revenue of $490.40 million during the quarter, compared to the consensus estimate of $538.57 million. During the same period in the prior year, the company earned $2.28 EPS. The firm's revenue was down .8% compared to the same quarter last year. As a group, equities research analysts predict that Northwest Natural Gas Company will post 3.05 EPS for the current fiscal year.

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.

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