Portland General Electric Company (POR) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Portland General Electric Company (NYSE:POR) from a sell rating to a hold rating in a report issued on Thursday.
According to Zacks, “Portland General Electric, headquartered in Portland, Ore., is a vertically integrated electric utility that serves residential, commercial and industrial customers in Oregon. The company has more than a century of experience in power delivery. PGE generates power from a diverse mix of resources, including hydropower, coal and natural gas. PGE also participates in the wholesale market by purchasing and selling electricity and natural gas to utilities and energy marketers. “
A number of other analysts have also recently weighed in on the company. KeyCorp reaffirmed a hold rating on shares of Portland General Electric in a research report on Friday, September 1st. BidaskClub cut Portland General Electric from a hold rating to a sell rating in a research report on Saturday, July 8th. Finally, Williams Capital cut Portland General Electric from a hold rating to a sell rating and decreased their price objective for the stock from $44.00 to $41.00 in a research report on Monday, July 24th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $42.00.
Shares of Portland General Electric (NYSE POR) opened at 45.58 on Thursday. The stock has a market capitalization of $4.06 billion, a PE ratio of 20.35 and a beta of 0.29. Portland General Electric has a 52-week low of $40.28 and a 52-week high of $48.22. The stock has a 50 day moving average price of $46.70 and a 200-day moving average price of $45.86.
Portland General Electric (NYSE:POR) last posted its quarterly earnings data on Friday, July 28th. The utilities provider reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.08). Portland General Electric had a return on equity of 8.48% and a net margin of 10.06%. The company had revenue of $449.00 million for the quarter, compared to analyst estimates of $465.70 million. During the same period in the previous year, the business posted $0.42 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts anticipate that Portland General Electric will post $2.22 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, September 25th will be issued a $0.34 dividend. The ex-dividend date is Friday, September 22nd. This represents a $1.36 annualized dividend and a dividend yield of 2.98%. Portland General Electric’s dividend payout ratio is currently 60.71%.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Portland General Electric by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 7,964,752 shares of the utilities provider’s stock valued at $363,909,000 after buying an additional 200,707 shares during the period. BlackRock Inc. lifted its holdings in shares of Portland General Electric by 18.0% in the 2nd quarter. BlackRock Inc. now owns 7,180,796 shares of the utilities provider’s stock valued at $328,091,000 after buying an additional 1,097,754 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Portland General Electric by 0.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,705,994 shares of the utilities provider’s stock valued at $215,017,000 after buying an additional 43,692 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of Portland General Electric by 8.4% in the 1st quarter. Alliancebernstein L.P. now owns 3,182,938 shares of the utilities provider’s stock valued at $141,386,000 after buying an additional 247,232 shares during the period. Finally, Boston Partners lifted its holdings in shares of Portland General Electric by 2.9% in the 2nd quarter. Boston Partners now owns 3,178,857 shares of the utilities provider’s stock valued at $145,241,000 after buying an additional 90,821 shares during the period. 93.16% of the stock is owned by institutional investors and hedge funds.
About Portland General Electric
Portland General Electric Company is an electric utility that is engaged in the wholesale purchase, transmission, distribution and retail sale of electricity in the State of Oregon. Its service area allocation of approximately 4,000 square miles is located entirely within Oregon and includes approximately 51 incorporated cities, of which Portland and Salem.
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