Overview
Northwest Natural Holding Company (NWN) is a small-cap ($1.6 billion) utility headquartered in Portland, OR. NWN, which was founded in 1859, is predominantly a gas utility (~95% of FY 19 revenues) but also owns and operates a handful of water and wastewater utilities in the Western United States (~5% of FY 19 revenues). NWN’s gas service area comprises much of Western Oregon, as well as portions of Southern Washington.
Figure 1. NWN gas and water service areas and quick facts
(Source: Company Investor Presentation)
NWN shares have performed poorly in