Clear Out: Financial Planner Disposes of Utility Stock Worth $2.9 Million, According to Recent Filing

On October 20, 2025, Regency Capital Management Inc. disclosed in a U.S. Securities and Exchange Commission filing that it sold out its entire Northwest Natural Holding Company (NYSE:NWN) position, an estimated $2.94 million trade.

What Happened

According to a filing with the U.S. Securities and Exchange Commission dated October 20, 2025, Regency Capital Management Inc. liquidated its position in Northwest Natural Holding Company (NWN), selling all 74,078 shares previously held. The estimated value of the transaction, based on the quarter’s average price, was $2.94 million. The fund now reports no ownership in NWN as of September 30, 2025.

What Else to Know

Regency Capital Management sold out of NWN, which represented 1.5% of reportable AUM as of Q3 2025.

Top holdings after the filing:

• BRK-B: $15.20 million (7.2% of AUM) as of September 30, 2025
• MKL: $13.05 million (6.2% of AUM) as of September 30, 2025
• COST: $13.02 million (6.2% of AUM) as of September 30, 2025
• IAU: $12.57 million (6.0% of AUM) as of September 30, 2025
• CB: $11.26 million (5.4% of AUM) as of September 30, 2025

As of October 20, 2025, shares of NWN were priced at $46.66, up 15.2% over the past year; shares have outperformed the S&P 500 by 5.43 percentage points over the same period.

Company Overview

Company Snapshot

Northwest Natural Holding Company operates as a regulated utility focused on natural gas distribution and storage, complemented by water utility and renewable energy operations. Its longstanding presence in the Pacific Northwest, diversified asset base, and stable customer demand underpin its financial performance. The company benefits from regulated rate structures and offers an attractive dividend yield.

The company provides regulated natural gas distribution, gas storage, asset management, and water utility services, serving approximately 786,000 gas meters and supplying water to about 80,000 people through roughly 33,000 water and wastewater connections in the Pacific Northwest and Texas. It generates revenue primarily through regulated utility operations, contracted gas storage, and related asset management, with additional contributions from non-regulated renewable natural gas and appliance retailing.

Northwest Natural Holding Company serves residential, commercial, industrial, and transportation customers in Oregon, southwest Washington, and select markets in Texas and the Pacific Northwest.

Foolish Take

Regency Capital Management, a financial planner based out of Hawaii, recently sold its entire stake of Northwest Natural Holding Company worth around $2.9 million. Here's the key takeaways for retail investors.

First, by selling its entire stake of NWN, Regency has closed the book on its position in the company. While that doesn't necessarily signal a bearish turn by the portfolio managers, it does signal that they were unwilling to slowly unwind the position over the course of several quarters. That could be an important to their sentiment.

NWN's recent performance could provide another clue. The stock has not performed well, both in absolute terms and in relation to key benchmarks.

Over the last three years, shares have generated a total return of only 18%, equating to a compound annual growth rate (CAGR) of 5.8%. Meanwhile, the Utilities Select Sector SPDR Fund (XLU) has generated a total return of 54%, with a CAGR of 15.5%. The S&P 500 has performed even better, logging a total return of 84% with a CAGR of 22.6%.

In summary, this sale almost certainly indicates a shift in sentiment by the fund managers. Retail investors should take note.

Glossary

Assets Under Management (AUM): The total market value of investments managed on behalf of clients by a fund or institution.
Liquidated: Sold off an entire investment position, reducing ownership to zero.
Reportable Assets: Assets that must be disclosed in regulatory filings, typically above a certain threshold.
Dividend Yield: Annual dividends paid by a company as a percentage of its share price.
Regulated Utility: A company whose rates and operations are overseen by government agencies to protect consumers.
Gas Storage: Facilities or services for storing natural gas for future distribution or sale.
Asset Management (utility context): Managing physical infrastructure and resources to maximize efficiency and reliability in utility operations.
Non-regulated: Business activities not subject to government rate or service regulation.
Renewable Natural Gas: Methane produced from organic sources, used as a cleaner alternative to conventional natural gas.
Filing Period: The specific time frame covered by a regulatory or financial filing.
Outperforming: Achieving a higher return or growth rate compared to a benchmark or index.
TTM: The 12-month period ending with the most recent quarterly report.

Jake Lerch has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway, Costco Wholesale, and Markel Group. The Motley Fool has a disclosure policy.