Barclays PLC lifted its stake in Portland General Electric (NYSE:POR – Free Report) by 86.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 389,070 shares of the utilities provider’s stock after purchasing an additional 180,903 shares during the period. Barclays PLC owned 0.44% of Portland General Electric worth $19,023,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in POR. American Century Companies Inc. lifted its holdings in Portland General Electric by 17.4% during the first quarter. American Century Companies Inc. now owns 14,034 shares of the utilities provider’s stock worth $774,000 after acquiring an additional 2,083 shares in the last quarter. Citigroup Inc. lifted its holdings in Portland General Electric by 58.9% during the first quarter. Citigroup Inc. now owns 46,899 shares of the utilities provider’s stock worth $2,586,000 after acquiring an additional 17,386 shares in the last quarter. Bank of Montreal Can bought a new position in Portland General Electric during the first quarter worth about $239,000. Acadian Asset Management LLC bought a new stake in shares of Portland General Electric in the first quarter valued at about $460,000. Finally, MetLife Investment Management LLC lifted its holdings in shares of Portland General Electric by 55.0% in the first quarter. MetLife Investment Management LLC now owns 47,232 shares of the utilities provider’s stock valued at $2,605,000 after purchasing an additional 16,750 shares in the last quarter.
Wall Street Analysts Forecast Growth
POR has been the topic of a number of research reports. Guggenheim cut their price target on Portland General Electric from $50.00 to $48.00 in a report on Friday, July 7th. JPMorgan Chase & Co. initiated coverage on Portland General Electric in a report on Monday, May 8th. They issued an “overweight” rating and a $56.00 price target on the stock. 58.com restated a “downgrade” rating on shares of Portland General Electric in a report on Tuesday, June 20th. Bank of America cut their price target on Portland General Electric from $56.00 to $52.00 in a report on Thursday, June 22nd. Finally, StockNews.com upgraded Portland General Electric from a “sell” rating to a “hold” rating in a report on Wednesday. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $50.83.
Insiders Place Their Bets
Portland General Electric Price Performance
NYSE:POR opened at $46.60 on Friday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.75 and a current ratio of 0.89. The stock’s 50-day simple moving average is $47.89 and its 200 day simple moving average is $48.42. The company has a market cap of $4.71 billion, a P/E ratio of 19.42, a P/E/G ratio of 2.90 and a beta of 0.55. Portland General Electric has a 52-week low of $41.58 and a 52-week high of $56.37.
Portland General Electric (NYSE:POR – Get Free Report) last posted its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.05). The business had revenue of $648.00 million during the quarter, compared to the consensus estimate of $571.82 million. Portland General Electric had a net margin of 7.82% and a return on equity of 8.03%. The firm’s revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the company posted $0.72 EPS. As a group, sell-side analysts forecast that Portland General Electric will post 2.67 EPS for the current fiscal year.
Portland General Electric Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, September 25th will be given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 4.08%. The ex-dividend date is Friday, September 22nd. Portland General Electric’s payout ratio is 79.17%.
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, 2022, the company owned an electric transmission system consisting of 1,255 circuit miles, including 269 circuit miles of 500 kilovolt line, 413 circuit miles of 230 kilovolt line, and 573 miles of 115 kilovolt line; and served 926 thousand retail customers in 51 cities.
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