Point72 Asset Management L.P. Acquires New Holdings in Portland General Electric (NYSE:POR)

Point72 Asset Management L.P. bought a new position in shares of Portland General Electric (NYSE:POR) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 172,500 shares of the utilities provider’s stock, valued at approximately $7,459,000.

Other institutional investors have also made changes to their positions in the company. Trexquant Investment LP purchased a new stake in Portland General Electric during the 4th quarter worth approximately $265,000. Steward Partners Investment Advisory LLC increased its position in shares of Portland General Electric by 14.7% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 5,710 shares of the utilities provider’s stock worth $247,000 after acquiring an additional 732 shares during the period. Goldman Sachs Group Inc. increased its holdings in Portland General Electric by 29.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,524,435 shares of the utilities provider’s stock worth $196,089,000 after purchasing an additional 1,017,503 shares during the period. Gabelli Funds LLC raised its holdings in Portland General Electric by 2.5% in the fourth quarter. Gabelli Funds LLC now owns 286,049 shares of the utilities provider’s stock valued at $12,397,000 after acquiring an additional 7,000 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in shares of Portland General Electric in the 4th quarter valued at approximately $1,181,000.

Portland General Electric Trading Down 0.3 %

Shares of POR opened at $47.76 on Wednesday. Portland General Electric has a twelve month low of $38.01 and a twelve month high of $49.45. The firm has a market capitalization of $4.92 billion, a P/E ratio of 18.30, a price-to-earnings-growth ratio of 1.33 and a beta of 0.59. The company has a current ratio of 1.00, a quick ratio of 0.86 and a debt-to-equity ratio of 1.33. The stock’s fifty day simple moving average is $47.54 and its 200 day simple moving average is $44.64.

Portland General Electric (NYSE:POR) last released its quarterly earnings data on Friday, July 26th. The utilities provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.07. The company had revenue of $758.00 million during the quarter, compared to the consensus estimate of $716.43 million. Portland General Electric had a net margin of 9.24% and a return on equity of 9.15%. Portland General Electric’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 earnings per share. On average, equities research analysts forecast that Portland General Electric will post 3.09 earnings per share for the current year.

Portland General Electric Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 24th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend is Tuesday, September 24th. Portland General Electric’s dividend payout ratio (DPR) is 76.63%.

Insiders Place Their Bets

In other news, COO Benjamin Felton sold 1,886 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $48.00, for a total transaction of $90,528.00. Following the completion of the sale, the chief operating officer now directly owns 30,142 shares in the company, valued at $1,446,816. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Portland General Electric news, SVP Maria Angelica Espinosa sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $48.30, for a total transaction of $120,750.00. Following the transaction, the senior vice president now owns 14,263 shares of the company’s stock, valued at approximately $688,902.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Benjamin Felton sold 1,886 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $48.00, for a total value of $90,528.00. Following the transaction, the chief operating officer now owns 30,142 shares in the company, valued at $1,446,816. The disclosure for this sale can be found here. Insiders have sold 5,486 shares of company stock worth $262,153 in the last quarter. 0.54% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on POR shares. Evercore ISI began coverage on shares of Portland General Electric in a research note on Wednesday, September 25th. They set an “outperform” rating and a $54.00 target price for the company. KeyCorp raised Portland General Electric from a “sector weight” rating to an “overweight” rating in a research report on Monday, July 22nd. Jefferies Financial Group began coverage on Portland General Electric in a research report on Friday, September 20th. They set a “hold” rating and a $48.00 target price on the stock. Barclays downgraded Portland General Electric from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $48.00 to $49.00 in a report on Wednesday, September 18th. Finally, Bank of America began coverage on shares of Portland General Electric in a research report on Thursday, September 12th. They issued an “underperform” rating and a $47.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $46.78.

About Portland General Electric

Portland General Electric Company, an integrated electric utility company, engages in the generation, wholesale purchase, transmission, distribution, and retail sale of electricity in the state of Oregon. It operates six thermal plants, three wind farms, and seven hydroelectric facilities. As of December 31, 2023, the company owned an electric transmission system consisting of 1,254 circuit miles, including 287 circuit miles of 500 kilovolt line, 413 circuit miles of 230 kilovolt line, and 554 miles of 115 kilovolt line; and served 934 thousand retail customers in 51 cities.