Northwest Natural Holding Company
- Open
- 52.40
- Day high
- 52.99
- Day low
- 50.88
- Prev close
- 51.51
- Volume
- 242K
- Mkt cap
- $2.2B
- P/E (TTM)
- 17.1
- EPS (TTM)
- $2.99
- P/B
- 1.4
- P/S
- 1.7
- Yield
- 3.84%
- Per share
- $1.97
- ▲Insiders net buying $3K over the last 3 months (2 open-market buys, 1 sale)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Northwest Natural Holding Company (NWN) is a Utilities company listed on NYSE. The stock is up 23% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 1 sale (SEC Form 4).
Northwest Natural Holding Company (NWN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NWN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $2.40 | $2.33 | -2.9% | $490M | -8.9% |
| Nov 5, 2025 | $-0.82 | $-0.73 | +11.0% | $165M | -60.7% |
| Feb 28, 2025 | $1.42 | $1.41 | -0.7% | $371M | -6.1% |
| Aug 2, 2024 | $-0.12 | $-0.07 | +41.7% | $212M | -8.7% |
| Feb 23, 2024 | $1.27 | $1.21 | -4.7% | $356M | -1.3% |
| Nov 3, 2023 | $-0.70 | $-0.65 | +7.1% | $141M | +5.0% |
| Aug 3, 2023 | $0.01 | $0.03 | +263.6% | $238M | +15.8% |
| May 4, 2023 | $1.90 | $2.01 | +5.8% | $462M | +27.3% |
| Feb 24, 2023 | $1.33 | $1.36 | +2.3% | $375M | +25.0% |
| Aug 4, 2022 | $0.02 | $0.05 | +225.1% | $195M | +26.5% |
| May 4, 2022 | $1.91 | $1.80 | -5.8% | $350M | +9.9% |
| Feb 25, 2022 | $1.28 | $1.31 | +2.3% | $294M | +10.0% |
NWN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 29, 2026 | ANDERSON DAVID HUGOdirector | Sell | 1,500 | $50.90 |
| May 13, 2026 | Bragdon Peter Jdirector | Buy | 400 | $50.32 |
| May 7, 2026 | Palfreyman Justindirector, officer: President & CEO | Buy | 1,225 | $48.75 |
| Mar 25, 2026 | Weber David A.officer, other: VP, Gas Supply | Sell | 1,700 | $52.57 |
| Mar 9, 2026 | Kravitz Zachary Dofficer, other: VP, Regulatory Affairs and | Tax | 937 | $52.53 |
| Mar 9, 2026 | Weber David A.officer, other: VP, Gas Supply | Sell | 1 | $52.53 |
| Mar 9, 2026 | Saathoff MardiLynofficer: Chief Legal Officer & SVP, Reg | Tax | 3,747 | $52.53 |
| Mar 9, 2026 | Saathoff MardiLynofficer: Chief Legal Officer & SVP, Reg | Tax | 2,095 | $52.53 |
| Mar 9, 2026 | Williams Kathryn Mofficer, other: VP, Chief PA & Sustainability | Tax | 533 | $52.53 |
| Mar 9, 2026 | WILSON BRODY Jofficer: VP, Treas, Controller & CAO | Tax | 546 | $52.53 |
| Mar 9, 2026 | Kravitz Zachary Dofficer, other: VP, Regulatory Affairs and | Sell | 1 | $52.53 |
| Mar 9, 2026 | Rogers Melinda B.officer, other: VP, Chief HR and | Tax | 531 | $52.53 |
| Mar 9, 2026 | Karney Joseph Sofficer, other: VP, Eng. & Utility Operations | Sell | 1 | $52.53 |
| Mar 9, 2026 | Kravitz Zachary Dofficer, other: VP, Regulatory Affairs and | Tax | 207 | $52.53 |
| Mar 9, 2026 | ANDERSON DAVID HUGOdirector | Tax | 5,844 | $52.53 |
Source: NWN SEC Form 4 filings, latest Jun 29, 2026. For informational purposes only — not investment advice.
See the full NWN insider & 13F page →Northwest Natural Holding Company company profile
Overview
Northwest Natural Holding Company (NYSE:NWN) is a Portland, Oregon-based utility holding company founded in 1859, making it one of the oldest utilities in the Pacific Northwest. The company has evolved from a single natural gas distribution business into a diversified utility platform serving over 786,000 natural gas customers and approximately 80,000 water and wastewater customers across Oregon, Southwest Washington, and Texas. Northwest Natural has maintained a 67-year streak of consecutive dividend increases, reflecting its stable regulated utility business model and consistent cash generation capabilities.
Business
Northwest Natural operates as a multi-utility holding company with four primary business segments serving essential infrastructure needs across the Pacific Northwest and Texas. Natural Gas Distribution represents the company's largest segment, providing regulated natural gas delivery services to residential, commercial, industrial, and transportation customers through approximately 786,000 meters in Oregon and Southwest Washington. This traditional utility business involves purchasing natural gas from suppliers and delivering it through an extensive pipeline network to end customers, who pay monthly utility bills for the gas commodity and delivery services. The company also operates the Mist gas storage facility with 5.7 billion cubic feet of capacity, which stores natural gas during low-demand periods and releases it during peak winter heating seasons. Water and Wastewater Utilities has emerged as a significant growth driver, serving approximately 80,000 people through 33,000 connections across the Pacific Northwest and Texas. This segment includes traditional water treatment and distribution services, wastewater collection and treatment, and water services operations that provide management and maintenance for municipal water systems. The water business has grown rapidly through acquisitions, including major purchases in Arizona and Texas that expanded the customer base by over 70% in recent years. Sea Energy Gas Utility operates in Texas, serving approximately 73,000 gas meters primarily around the Houston metropolitan area. This recently acquired utility focuses on residential and commercial customers in high-growth Texas markets, with customer growth rates exceeding 20% annually. The company completed the acquisition of Hughes Gas Resources to further expand this Texas footprint. Other Business Activities include renewable natural gas facilities, interstate gas storage services, and asset management operations. The renewable segment operates landfill gas conversion facilities that produce pipeline-quality renewable natural gas, supporting decarbonization efforts while generating additional revenue streams. These businesses collectively contribute a smaller portion of overall earnings but represent the company's strategic initiatives for long-term growth and environmental sustainability.
Revenue model
Northwest Natural generates revenue primarily through regulated utility rate structures approved by state public utility commissions. The company earns returns on invested capital through rate base mechanisms, where regulators allow the utility to recover operating costs plus a reasonable return on equity (typically 9-10%) for capital investments in infrastructure. Natural Gas Operations generate revenue through monthly customer bills that include both commodity charges (the cost of natural gas passed through to customers) and delivery charges (the utility's margin for pipeline infrastructure and services). The company benefits from weather-normalized rate mechanisms that provide stable earnings regardless of seasonal temperature variations, as over 80% of the gas load is protected through these regulatory structures. Water Utility Revenue comes from monthly water and wastewater service fees based on usage volumes and fixed service charges. Water utilities typically enjoy more predictable demand patterns compared to natural gas, as water consumption is less weather-dependent and represents an essential service with limited substitution options. Storage and Asset Management services generate revenue through capacity contracts with other utilities and third-party marketers who pay for access to the Mist storage facility. The renewable natural gas facilities earn revenue through long-term fixed-price contracts that provide stable cash flows over 10-20 year terms. Several factors influence the company's profitability margins. Regulatory lag between rate case filings and implementation can temporarily compress margins during periods of rapid cost inflation, as experienced in 2023-2024. Customer growth in high-growth markets like Texas provides earnings leverage, as new customers generate incremental revenue while spreading fixed costs across a larger base. Capital investment opportunities in aging infrastructure replacement, system expansion, and renewable projects create additional rate base growth that drives long-term earnings expansion. Interest rate environments affect the cost of capital for infrastructure investments, while commodity price volatility can impact customer affordability and demand patterns, though most commodity costs are passed through to customers without utility margin impact.
Competitive moat
Northwest Natural operates within the regulated utility sector, which provides inherent competitive protection through exclusive service territories and regulatory barriers to entry. The company's natural monopoly characteristics create strong economic moats, as duplicate pipeline and water infrastructure would be economically inefficient and practically impossible in established service areas. The regulatory framework provides both protection and predictability, with state utility commissions granting exclusive service rights while ensuring reasonable returns on invested capital. This creates a stable earnings environment with limited competitive threats, as new entrants cannot simply enter existing service territories. The company's 165-year operating history and established regulatory relationships provide additional advantages in rate case proceedings and system expansion approvals. Essential service nature of natural gas and water utilities creates highly inelastic demand, as customers have limited alternatives for heating, cooking, and water services. Even during economic downturns, utility services remain priorities for residential and commercial customers, providing recession-resistant cash flows. However, the moat faces some long-term challenges. The natural gas business confronts potential disruption from electrification trends and renewable energy adoption, though this transition is likely to occur over decades rather than years. Climate policies and building codes increasingly favor electric alternatives, particularly in progressive markets like Oregon and Washington. The company is addressing this through investments in renewable natural gas, hydrogen blending, and diversification into water utilities. Water utilities represent a stronger long-term moat, as water infrastructure is even more essential and faces fewer substitution threats. Growing water scarcity and aging infrastructure create ongoing investment opportunities and regulatory support for rate increases. The company's expansion into high-growth Texas markets and water-scarce regions positions it well for long-term demographic and climate trends. The overall moat remains strong in the medium term, supported by regulatory protection, essential service characteristics, and infrastructure replacement needs, though long-term energy transition risks require continued strategic adaptation.
Risks & safety
Northwest Natural presents a moderate margin of safety typical of regulated utilities, with stable cash flows offset by capital-intensive operations and moderate leverage levels. • Debt and Solvency: Debt-to-equity ratio of 1.64x reflects moderate leverage common in utility sector. Total debt of approximately $2.8 billion against $5.7 billion in total assets. Strong interest coverage from regulated earnings, though free cash flow has been negative due to heavy capital investment cycles. • Cash Position: Cash and short-term investments of $100 million provides limited liquidity buffer. Current ratio of 1.05x indicates tight working capital management typical of utilities with predictable cash flows. • Valuation Metrics: Trading at 4.9x P/E ratio appears attractive, though this reflects seasonal earnings patterns. EV/EBITDA of 5.1x reasonable for utility sector. Price-to-book of 1.18x suggests modest premium to asset value. • Operational Stability: Weather-normalized rate structures protect over 80% of gas revenues. Regulated utility model provides earnings predictability and recovery of prudent capital investments. • Regulatory Risk: Recent $13.7 million rate base disallowance in Oregon demonstrates regulatory uncertainty. Dependence on rate case approvals for earnings growth creates execution risk. • Capital Requirements: Projected $450-500 million annual capital expenditures exceed current free cash flow generation, requiring continued external financing and dividend coverage pressure.
Recent development
Northwest Natural has pursued an aggressive diversification and growth strategy over the past several years, transforming from a single-state natural gas utility into a multi-state, multi-utility platform while simultaneously investing in decarbonization technologies. The company's geographic expansion represents its most significant strategic pivot, with the acquisition of Sea Energy (now C Energy) in Texas providing exposure to high-growth markets with 20%+ annual customer growth rates. This was followed by the Hughes Gas Resources acquisition to further consolidate the Texas market presence. These moves reduced the company's dependence on mature Pacific Northwest markets and provided access to faster-growing customer bases. Water utility expansion has emerged as a major growth driver, with the customer base growing 70% through strategic acquisitions in Arizona and continued expansion in Texas and the Pacific Northwest. The company has specifically targeted water-scarce regions and high-growth metropolitan areas, recognizing water utilities as more recession-resistant and facing fewer long-term disruption risks compared to natural gas. Renewable and decarbonization investments demonstrate the company's response to climate policy pressures. Two renewable natural gas facilities with EDL became operational, converting landfill gas into pipeline-quality renewable natural gas under long-term contracts. The company has conducted hydrogen blending tests up to 15-20% concentration and partnered with Modern Hydrogen for turquoise hydrogen delivery pilots. These initiatives position Northwest Natural to participate in the energy transition while maintaining its core pipeline infrastructure. Rate case management has been central to earnings growth, with the company completing its largest Oregon rate case in company history, securing a $93.3 million revenue increase. A subsequent rate case filing seeks an additional $59.4 million increase, reflecting ongoing infrastructure investment needs and inflationary cost pressures. The company has also expanded its water services business, providing operations and maintenance support to municipal water systems, creating a recurring revenue stream with approximately 10% profit margins and high contract renewal rates. This represents a capital-light growth opportunity that leverages existing operational expertise.
NWN company profile · for informational purposes only — not investment advice.
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