Northwest Natural drops on $125 mln share offering

Northwest Natural Holding Co

30/03/2022 13:02

** Northwest Natural  NWN.N  shares down 7.2% at $51.50
premarket after gas and water utility prices follow-on
    ** Portland-based co late Tues sold 2.5 mln shares at $50,
9.9% discount to last sale  urn:newsml:reuters.com:*:nBwr2nvTa
    ** Co to use net offering proceeds to repay short-term debt
    ** Offering represents ~8% of co's total shares outstanding,
per Refinitiv data
    ** Wells Fargo, JP Morgan and RBC jt bookrunners
    ** Shares, up 13.7% YTD, hit 52-week high of $57.63 earlier
this month
    ** About 2.1k shares have traded before the bell vs stock's
90-day avg volume of ~196k, per Refinitiv

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))