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    Tyler Rakers

    Research Associate I at Stifel

    Tyler Rakers is a Research Associate I at Stifel Financial Corp., specializing in energy infrastructure and master limited partnerships (MLPs). He covers companies such as Northwest Natural Water and Puttman Water, frequently analyzing growth outlooks, CapEx, rate cases, and emission-related market trends. Rakers has been with Stifel for over three years, having joined the firm after graduating from Tulane University, and is directly networked with more than 90 sector professionals. He possesses fundamental research credentials and supports senior analysts in delivering market insights across the energy infrastructure arena.

    Tyler Rakers's questions to Northwest Natural Holding (NWN) leadership

    Tyler Rakers's questions to Northwest Natural Holding (NWN) leadership • Q1 2025

    Question

    Tyler Rakers of Stifel inquired about the growth outlook for the Northwest Natural Water segment, focusing on the impact of rate cases, and asked for details on the customer backlog composition of the recent Hughes Gas acquisition in Texas.

    Answer

    President and CEO Justin Palfreyman explained that the water segment's Q1 strength was driven by prior rate cases and reiterated a 2025 EPS contribution target of $0.25-$0.30. He also confirmed the Hughes acquisition backlog is primarily residential and commercial, similar to SiEnergy, calling it a logical bolt-on. SVP and CFO Ray Kaszuba added that the water segment's EPS target translates to $10M-$15M in net income with a projected 10-15% EPS growth rate over the next few years.

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