Stifel analyst Selman Akyol lowered the firm’s price target on Northwest Natural Gas to $46 from $56 and keeps a Buy rating on the shares. The firm is updating its model for the company after its Q3 results beat estimates, the analyst tells investors. While the company continues to experiment with higher hydrogen blends, buildout is still years away, the firm says. Stifel is lowering its price target as a result of macro headwinds facing utilities.
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Read More on NWN:
- Northwest Natural Gas reaffirms FY23 EPS view $2.25-$2.75, consensus $2.67
- Northwest Natural Gas reports Q3 EPS (65c), consensus (67c)
- NWN Earnings this Week: How Will it Perform?
- Northwest Natural Gas increases dividend to 48.75c per share
- Northwest Natural Gas price target lowered to $37 from $42 at Guggenheim
