Janney Montgomery Scott Initiates Coverage on Northwest Natural Gas (NWN) with a Neutral
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Janney Montgomery Scott initiates coverage on Northwest Natural Gas (NYSE: NWN) with a Neutral rating. Price target $44.
Janney analyst says, "After enjoying years of above-average customer growth, the economic slowdown and declining housing starts have hampered customer growth and earnings capabilities. NW Natural's utility operations are enhanced by the non-regulated storage business, which is not currently a large earnings contributor, but possesses a variety of interesting projects that will provide earnings potential in the long-run. While investors are drawn to this stock for the storage and pipeline opportunities, a meaningful contribution from those ventures is unlikely before 2012 and earnings over the next 24 months will continue to be negatively impacted by economic conditions, without any meaningful rate relief on the horizon. Upside to our outlook could stem from an improvement in the economic climate or an acceleration of contribution from non-regulated ventures."
To see all the upgrades/downgrades on shares of NWN, visit our Analyst Ratings page.
Northwest Natural Gas Company, doing business as NW Natural, engages in the storage and distribution of natural gas in Oregon, Washington and California.
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