Intrinsic value of Northwest Natural Gas - NWN

Previous Close

$64.35

  Intrinsic Value

$23.33

stock screener

  Rating & Target

str. sell

-64%

Previous close

$64.35

 
Intrinsic value

$23.33

 
Up/down potential

-64%

 
Rating

str. sell

We calculate the intrinsic value of NWN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
Revenue, $m
  860
  963
  1,072
  1,186
  1,306
  1,432
  1,563
  1,699
  1,841
  1,989
  2,143
  2,302
  2,468
  2,640
  2,819
  3,006
  3,199
  3,401
  3,611
  3,829
  4,057
  4,295
  4,542
  4,801
  5,071
  5,353
  5,647
  5,955
  6,277
  6,614
Variable operating expenses, $m
  644
  721
  803
  889
  978
  1,072
  1,171
  1,273
  1,379
  1,490
  1,605
  1,724
  1,848
  1,978
  2,112
  2,251
  2,396
  2,547
  2,705
  2,868
  3,039
  3,217
  3,402
  3,596
  3,798
  4,009
  4,230
  4,461
  4,702
  4,954
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  644
  721
  803
  889
  978
  1,072
  1,171
  1,273
  1,379
  1,490
  1,605
  1,724
  1,848
  1,978
  2,112
  2,251
  2,396
  2,547
  2,705
  2,868
  3,039
  3,217
  3,402
  3,596
  3,798
  4,009
  4,230
  4,461
  4,702
  4,954
Operating income, $m
  216
  242
  269
  298
  328
  359
  392
  427
  462
  499
  538
  578
  619
  663
  708
  754
  803
  854
  906
  961
  1,018
  1,078
  1,140
  1,205
  1,273
  1,344
  1,417
  1,495
  1,576
  1,660
EBITDA, $m
  470
  527
  587
  649
  715
  784
  855
  930
  1,008
  1,088
  1,172
  1,260
  1,350
  1,445
  1,543
  1,645
  1,751
  1,861
  1,976
  2,095
  2,220
  2,350
  2,486
  2,627
  2,775
  2,929
  3,090
  3,259
  3,435
  3,619
Interest expense (income), $m
  36
  46
  62
  79
  97
  115
  135
  155
  176
  199
  222
  246
  271
  297
  324
  352
  381
  411
  443
  475
  510
  545
  582
  621
  661
  703
  747
  793
  841
  891
  943
Earnings before tax, $m
  169
  180
  190
  201
  213
  225
  237
  250
  264
  277
  292
  307
  323
  339
  356
  374
  392
  411
  431
  452
  473
  496
  519
  544
  570
  597
  625
  654
  685
  717
Tax expense, $m
  46
  48
  51
  54
  57
  61
  64
  68
  71
  75
  79
  83
  87
  92
  96
  101
  106
  111
  116
  122
  128
  134
  140
  147
  154
  161
  169
  177
  185
  194
Net income, $m
  124
  131
  139
  147
  155
  164
  173
  183
  192
  203
  213
  224
  236
  247
  260
  273
  286
  300
  315
  330
  345
  362
  379
  397
  416
  435
  456
  477
  500
  523

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,424
  3,836
  4,270
  4,727
  5,205
  5,705
  6,226
  6,770
  7,336
  7,924
  8,536
  9,172
  9,832
  10,519
  11,233
  11,975
  12,747
  13,550
  14,386
  15,257
  16,164
  17,110
  18,097
  19,127
  20,203
  21,326
  22,500
  23,727
  25,010
  26,352
Adjusted assets (=assets-cash), $m
  3,424
  3,836
  4,270
  4,727
  5,205
  5,705
  6,226
  6,770
  7,336
  7,924
  8,536
  9,172
  9,832
  10,519
  11,233
  11,975
  12,747
  13,550
  14,386
  15,257
  16,164
  17,110
  18,097
  19,127
  20,203
  21,326
  22,500
  23,727
  25,010
  26,352
Revenue / Adjusted assets
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
Average production assets, $m
  2,546
  2,852
  3,175
  3,514
  3,870
  4,241
  4,629
  5,033
  5,454
  5,891
  6,346
  6,819
  7,310
  7,821
  8,351
  8,903
  9,477
  10,074
  10,695
  11,343
  12,017
  12,721
  13,455
  14,220
  15,020
  15,855
  16,728
  17,640
  18,594
  19,592
Working capital, $m
  40
  44
  49
  55
  60
  66
  72
  78
  85
  91
  99
  106
  114
  121
  130
  138
  147
  156
  166
  176
  187
  198
  209
  221
  233
  246
  260
  274
  289
  304
Total debt, $m
  1,150
  1,461
  1,789
  2,134
  2,496
  2,873
  3,268
  3,679
  4,107
  4,552
  5,014
  5,495
  5,994
  6,513
  7,053
  7,614
  8,197
  8,804
  9,436
  10,095
  10,781
  11,496
  12,242
  13,021
  13,834
  14,683
  15,570
  16,498
  17,468
  18,483
Total liabilities, $m
  2,589
  2,900
  3,228
  3,573
  3,935
  4,313
  4,707
  5,118
  5,546
  5,991
  6,453
  6,934
  7,433
  7,952
  8,492
  9,053
  9,636
  10,244
  10,876
  11,534
  12,220
  12,935
  13,682
  14,460
  15,273
  16,122
  17,010
  17,937
  18,907
  19,922
Total equity, $m
  836
  936
  1,042
  1,153
  1,270
  1,392
  1,519
  1,652
  1,790
  1,934
  2,083
  2,238
  2,399
  2,567
  2,741
  2,922
  3,110
  3,306
  3,510
  3,723
  3,944
  4,175
  4,416
  4,667
  4,929
  5,204
  5,490
  5,789
  6,102
  6,430
Total liabilities and equity, $m
  3,425
  3,836
  4,270
  4,726
  5,205
  5,705
  6,226
  6,770
  7,336
  7,925
  8,536
  9,172
  9,832
  10,519
  11,233
  11,975
  12,746
  13,550
  14,386
  15,257
  16,164
  17,110
  18,098
  19,127
  20,202
  21,326
  22,500
  23,726
  25,009
  26,352
Debt-to-equity ratio
  1.380
  1.560
  1.720
  1.850
  1.970
  2.060
  2.150
  2.230
  2.290
  2.350
  2.410
  2.460
  2.500
  2.540
  2.570
  2.610
  2.640
  2.660
  2.690
  2.710
  2.730
  2.750
  2.770
  2.790
  2.810
  2.820
  2.840
  2.850
  2.860
  2.870
Adjusted equity ratio
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  124
  131
  139
  147
  155
  164
  173
  183
  192
  203
  213
  224
  236
  247
  260
  273
  286
  300
  315
  330
  345
  362
  379
  397
  416
  435
  456
  477
  500
  523
Depreciation, amort., depletion, $m
  255
  285
  317
  351
  387
  424
  463
  503
  545
  589
  635
  682
  731
  782
  835
  890
  948
  1,007
  1,070
  1,134
  1,202
  1,272
  1,345
  1,422
  1,502
  1,585
  1,673
  1,764
  1,859
  1,959
Funds from operations, $m
  378
  416
  456
  498
  542
  588
  636
  686
  738
  792
  848
  906
  967
  1,030
  1,095
  1,163
  1,234
  1,307
  1,384
  1,464
  1,547
  1,634
  1,725
  1,819
  1,918
  2,021
  2,129
  2,241
  2,359
  2,483
Change in working capital, $m
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  15
Cash from operations, $m
  374
  412
  451
  493
  537
  582
  630
  680
  731
  785
  841
  899
  959
  1,022
  1,087
  1,154
  1,225
  1,298
  1,374
  1,454
  1,537
  1,623
  1,713
  1,807
  1,905
  2,008
  2,115
  2,227
  2,344
  2,467
Maintenance CAPEX, $m
  -226
  -255
  -285
  -317
  -351
  -387
  -424
  -463
  -503
  -545
  -589
  -635
  -682
  -731
  -782
  -835
  -890
  -948
  -1,007
  -1,070
  -1,134
  -1,202
  -1,272
  -1,345
  -1,422
  -1,502
  -1,585
  -1,673
  -1,764
  -1,859
New CAPEX, $m
  -288
  -306
  -323
  -339
  -356
  -372
  -388
  -404
  -421
  -438
  -455
  -473
  -491
  -510
  -531
  -552
  -574
  -597
  -622
  -647
  -675
  -703
  -734
  -766
  -799
  -835
  -873
  -912
  -954
  -998
Cash from investing activities, $m
  -514
  -561
  -608
  -656
  -707
  -759
  -812
  -867
  -924
  -983
  -1,044
  -1,108
  -1,173
  -1,241
  -1,313
  -1,387
  -1,464
  -1,545
  -1,629
  -1,717
  -1,809
  -1,905
  -2,006
  -2,111
  -2,221
  -2,337
  -2,458
  -2,585
  -2,718
  -2,857
Free cash flow, $m
  -140
  -149
  -157
  -164
  -170
  -176
  -182
  -187
  -193
  -198
  -203
  -209
  -214
  -220
  -226
  -232
  -239
  -247
  -255
  -263
  -272
  -282
  -293
  -304
  -316
  -329
  -343
  -358
  -374
  -390
Issuance/(repayment) of debt, $m
  292
  311
  328
  345
  362
  378
  394
  411
  428
  445
  462
  481
  499
  519
  540
  561
  583
  607
  632
  658
  686
  715
  746
  779
  813
  849
  887
  928
  970
  1,015
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  292
  311
  328
  345
  362
  378
  394
  411
  428
  445
  462
  481
  499
  519
  540
  561
  583
  607
  632
  658
  686
  715
  746
  779
  813
  849
  887
  928
  970
  1,015
Total cash flow (excl. dividends), $m
  152
  162
  172
  181
  191
  202
  212
  223
  235
  247
  259
  272
  285
  299
  314
  329
  344
  361
  378
  395
  414
  433
  453
  475
  497
  520
  544
  570
  597
  624
Retained Cash Flow (-), $m
  -93
  -100
  -106
  -111
  -117
  -122
  -127
  -133
  -138
  -144
  -149
  -155
  -161
  -168
  -174
  -181
  -188
  -196
  -204
  -212
  -221
  -231
  -241
  -251
  -262
  -274
  -286
  -299
  -313
  -328
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  60
  62
  66
  70
  75
  80
  85
  91
  97
  103
  110
  117
  124
  132
  139
  148
  156
  165
  174
  183
  192
  202
  213
  223
  234
  246
  258
  270
  283
  297
Discount rate, %
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
  56
  53
  52
  51
  49
  47
  45
  42
  39
  36
  33
  30
  26
  23
  19
  16
  13
  11
  9
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Northwest Natural Gas Company (NW Natural) 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. The Company's gas storage business, referred to as the gas storage segment, provides storage services for utilities, gas marketers, electric generators and industrial users from storage facilities located in Oregon and California. The Company's other segment is referred to as non-utility and consists of non-utility investments and other business activities. The other segment consists of an equity method investment in Trail West Holdings, LLC (TWH) and other pipeline assets in NNG Financial Corporation.

FINANCIAL RATIOS  of  Northwest Natural Gas (NWN)

Valuation Ratios
P/E Ratio 31.2
Price to Sales 2.7
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 8.3
Price to Free Cash Flow 22.5
Growth Rates
Sales Growth Rate -6.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.6%
Cap. Spend. - 3 Yr. Gr. Rate 0.1%
Financial Strength
Quick Ratio 0
Current Ratio 0.6
LT Debt to Equity 79.9%
Total Debt to Equity 90.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 7.2%
Return On Equity - 3 Yr. Avg. 7.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 32.2%
EBITDA Margin - 3 Yr. Avg. 30.2%
Operating Margin 20.6%
Oper. Margin - 3 Yr. Avg. 18.9%
Pre-Tax Margin 14.8%
Pre-Tax Margin - 3 Yr. Avg. 13.4%
Net Profit Margin 8.7%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate 41%
Eff/ Tax Rate - 3 Yr. Avg. 40.4%
Payout Ratio 88.1%

NWN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NWN stock intrinsic value calculation we used $762 million for the last fiscal year's total revenue generated by Northwest Natural Gas. The default revenue input number comes from 2017 income statement of Northwest Natural Gas. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NWN stock valuation model: a) initial revenue growth rate of 12.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.1%, whose default value for NWN is calculated based on our internal credit rating of Northwest Natural Gas, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Northwest Natural Gas.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NWN stock the variable cost ratio is equal to 74.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NWN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Northwest Natural Gas.

Corporate tax rate of 27% is the nominal tax rate for Northwest Natural Gas. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NWN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NWN are equal to 296.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Northwest Natural Gas operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NWN is equal to 4.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $743 million for Northwest Natural Gas - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 29 million for Northwest Natural Gas is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Northwest Natural Gas at the current share price and the inputted number of shares is $1.9 billion.

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COMPANY NEWS

▶ Northwest Natural Gas Company to Host Earnings Call   [Aug-07-18 09:00AM  ACCESSWIRE]
▶ Northwest Natural Gas: 2Q Earnings Snapshot   [06:12AM  Associated Press]
▶ NW Natural Announces Dividend   [Jul-05-18 05:13PM  GlobeNewswire]
▶ NW Natural Signs Agreement to Sell Gill Ranch Storage LLC   [Jun-22-18 06:15PM  GlobeNewswire]
▶ Northwest Natural Gas: 1Q Earnings Snapshot   [May-08-18 09:18AM  Associated Press]
▶ NW Natural chipping in $75,000 for new homeless shelter, related services   [Apr-23-18 05:43PM  American City Business Journals]
▶ NW Natural Announces Dividend   [Apr-05-18 05:56PM  GlobeNewswire]
▶ Top Rated NYSE Utilities Dividend Stocks   [Mar-08-18 07:02AM  Simply Wall St.]
▶ NW Natural Announces Dividend   [Jan-12-18 04:47PM  GlobeNewswire]
▶ Oregon regulators say tax cut could mean savings for utility customers   [Dec-30-17 12:00AM  American City Business Journals]
▶ 3 Unknown but Amazing Dividend Stocks   [Nov-17-17 09:19AM  Motley Fool]
▶ Northwest Natural Gas reports 3Q loss   [Nov-06-17 05:38AM  Associated Press]
▶ NW Natural Increases Dividend for 62nd Consecutive Year   [Oct-05-17 05:33PM  GlobeNewswire]
▶ Northwest Natural Gas beats 2Q profit forecasts   [Aug-02-17 09:43PM  Associated Press]
▶ The Top Dividend-Growing Utilities Stocks   [Jul-12-17 02:44PM  Market Realist]
▶ NW Natural Announces Dividend   [Jul-06-17 06:35PM  GlobeNewswire]
▶ Northwest Natural Gas misses 1Q profit forecasts   [06:18AM  Associated Press]
▶ NW Natural Announces Dividend   [Apr-06-17 07:57PM  GlobeNewswire]
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