PNW - NorthWestern Corporation: Wild Country Utility Makes An Electrifying Dividend Growth Investment
Investment Thesis
The NorthWestern Corporation (NWE) is an electricity and natural gas utility that operates in Montana, South Dakota, and Nebraska. The company also delivers power to Yellowstone National Park in Northwestern Wyoming. NWE has a strong, investment-grade balance sheet; a long history of stable earnings growth; below-average customer power prices; a growing portfolio of carbon-free assets; ample liquidity of $286.4 million (including $56.4 million in cash); and a growing, consistently covered dividend.
Though revenue dropped nearly 13% and earnings fell 30% YoY in Q1 2020, management remains confident in the company's long-term