Van ECK Associates Corp Purchases 56,249 Shares of Portland General Electric (NYSE:POR)

Van ECK Associates Corp increased its position in shares of Portland General Electric (NYSE:POR) by 235.1% during the second quarter, HoldingsChannel.com reports. The firm owned 80,177 shares of the utilities provider’s stock after buying an additional 56,249 shares during the period. Van ECK Associates Corp’s holdings in Portland General Electric were worth $3,467,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Fifth Third Bancorp increased its position in shares of Portland General Electric by 39.3% during the first quarter. Fifth Third Bancorp now owns 883 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 249 shares during the period. New York State Teachers Retirement System increased its position in shares of Portland General Electric by 1.3% during the first quarter. New York State Teachers Retirement System now owns 24,061 shares of the utilities provider’s stock valued at $1,011,000 after purchasing an additional 300 shares during the period. Retirement Systems of Alabama increased its position in shares of Portland General Electric by 0.3% during the first quarter. Retirement Systems of Alabama now owns 126,987 shares of the utilities provider’s stock valued at $5,333,000 after purchasing an additional 335 shares during the period. Blue Trust Inc. increased its position in shares of Portland General Electric by 94.5% during the second quarter. Blue Trust Inc. now owns 928 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 451 shares during the period. Finally, Amalgamated Bank increased its position in shares of Portland General Electric by 0.8% during the fourth quarter. Amalgamated Bank now owns 58,550 shares of the utilities provider’s stock valued at $2,538,000 after purchasing an additional 490 shares during the period.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on POR. Mizuho upped their price target on Portland General Electric from $42.00 to $45.00 and gave the company a “neutral” rating in a research report on Thursday, May 16th. StockNews.com cut Portland General Electric from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. Barclays upped their price target on Portland General Electric from $44.00 to $48.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. Finally, KeyCorp upgraded Portland General Electric from a “sector weight” rating to an “overweight” rating in a research report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Portland General Electric currently has an average rating of “Hold” and a consensus target price of $44.86.

Portland General Electric Trading Up 0.8 %

Shares of POR opened at $48.88 on Thursday. The company has a quick ratio of 0.86, a current ratio of 1.00 and a debt-to-equity ratio of 1.33. Portland General Electric has a 12-month low of $38.01 and a 12-month high of $48.94. The firm has a market capitalization of $5.04 billion, a PE ratio of 18.66 and a beta of 0.59. The stock’s fifty day simple moving average is $46.01 and its 200-day simple moving average is $43.68.

Portland General Electric (NYSE:POR) last issued its quarterly earnings results on Friday, July 26th. The utilities provider reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.07. Portland General Electric had a return on equity of 9.15% and a net margin of 9.24%. The business had revenue of $758.00 million for the quarter, compared to analyst estimates of $716.43 million. During the same quarter in the prior year, the firm posted $0.44 earnings per share. The firm’s revenue for the quarter was up 17.0% compared to the same quarter last year. As a group, research analysts predict that Portland General Electric will post 3.09 earnings per share for the current year.

Portland General Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 24th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.09%. The ex-dividend date is Tuesday, September 24th. Portland General Electric’s payout ratio is 76.63%.

Insider Buying and Selling at Portland General Electric

In other Portland General Electric news, COO Benjamin Felton sold 1,886 shares of the stock in a transaction dated 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 of the company’s stock, valued at $1,446,816. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Portland General Electric news, COO Benjamin Felton sold 1,886 shares of the stock in a transaction dated 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 of the company’s stock, valued at $1,446,816. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP John Teeruk Kochavatr sold 1,100 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $46.25, for a total value of $50,875.00. Following the completion of the transaction, the vice president now directly owns 22,606 shares in the company, valued at approximately $1,045,527.50. The disclosure for this sale can be found here. Insiders own 0.54% of the company’s stock.

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.