The Board of Directors of Northwest Natural Gas Company (NYSE:NWN), dba NW Natural, has declared a quarterly dividend of 44.5 cents a share on the company's common stock. The dividends will be paid May 15, 2012 to shareholders of record on April 30, 2012. The company's indicated annual dividend rate is $1.78 per share. About NW Natural NW Natural (NYSE:NWN) is headquartered in Portland, Ore., and provides safe, reliable, cost-effective natural gas service to approximately 680,000 residential, commercial, and industrial customers through approximately 14,000 miles of mains and service lines in western Oregon and southwestern Washington. It is the largest independent natural gas utility in the Pacific Northwest. The company has approximately $2.7 billion in total assets. The company operates and owns 16 Bcf of underground storage capacity in Mist, Ore., and also operates the designed 20 Bcf Gill Ranch underground storage facility in California, in which it owns a 75 percent undivided interest. Together, NW Natural and its subsidiaries currently own and operate underground gas storage facilities with designed storage capacity of approximately 31 Bcf in Oregon and California. Additional information is available at www.nwnatural.com.
Northwest Natural Gas (NWN) stock has been downgraded to "hold" from "buy," McAdams Wright Ragen said Tuesday. The firm said the revision was a valuation call as the stock is trading at 21x expected earnings.