Fmr LLC Cuts Stake in Portland General Electric (NYSE:POR)

Fmr LLC lessened its position in shares of Portland General Electric (NYSE:POR) by 19.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 596,293 shares of the utilities provider’s stock after selling 145,591 shares during the quarter. Fmr LLC’s holdings in Portland General Electric were worth $28,562,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of POR. Allworth Financial LP raised its position in Portland General Electric by 74.4% during the 3rd quarter. Allworth Financial LP now owns 621 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 265 shares in the last quarter. First Pacific Financial grew its stake in Portland General Electric by 2.9% during the 3rd quarter. First Pacific Financial now owns 12,331 shares of the utilities provider’s stock valued at $591,000 after purchasing an additional 347 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Portland General Electric by 20.1% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,469 shares of the utilities provider’s stock valued at $107,000 after buying an additional 413 shares during the period. Blue Trust Inc. lifted its holdings in shares of Portland General Electric by 94.5% in the 2nd quarter. Blue Trust Inc. now owns 928 shares of the utilities provider’s stock valued at $39,000 after buying an additional 451 shares during the period. Finally, V Square Quantitative Management LLC acquired a new position in shares of Portland General Electric in the 3rd quarter valued at about $25,000.

Portland General Electric Stock Performance

Shares of Portland General Electric stock opened at $45.84 on Tuesday. Portland General Electric has a one year low of $39.13 and a one year high of $49.85. The company has a market cap of $4.83 billion, a price-to-earnings ratio of 13.68, a PEG ratio of 1.17 and a beta of 0.59. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.86 and a current ratio of 0.98. The business’s 50 day moving average price is $47.27 and its 200 day moving average price is $46.26.

Portland General Electric (NYSE:POR) last posted its earnings results on Friday, October 25th. The utilities provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.01. Portland General Electric had a return on equity of 10.28% and a net margin of 10.30%. The company had revenue of $929.00 million for the quarter, compared to the consensus estimate of $882.66 million. During the same quarter in the previous year, the business earned $0.46 earnings per share. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. On average, research analysts predict that Portland General Electric will post 3.11 EPS for the current year.

Portland General Electric Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 24th will be given a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, December 24th. This represents a $2.00 dividend on an annualized basis and a yield of 4.36%. Portland General Electric’s dividend payout ratio is currently 59.70%.

Analyst Ratings Changes

A number of research firms recently weighed in on POR. JPMorgan Chase & Co. upped their price target on Portland General Electric from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Barclays cut their price objective on Portland General Electric from $49.00 to $48.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 29th. Bank of America initiated coverage on Portland General Electric in a research report on Thursday, September 12th. They issued an “underperform” rating and a $47.00 price target for the company. StockNews.com upgraded Portland General Electric from a “sell” rating to a “hold” rating in a research report on Tuesday, September 24th. Finally, Evercore ISI initiated coverage on Portland General Electric in a research report on Wednesday, September 25th. They set an “outperform” rating and a $54.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $49.13.

Portland General Electric Company Profile

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.