Portland General Electric Company (POR) Rating Increased to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Portland General Electric Company (NYSE:POR) from a hold rating to a buy rating in a research note released on Wednesday. Zacks Investment Research currently has $52.00 target price on the utilities provider’s stock.
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. “
Other analysts have also recently issued reports about the company. BidaskClub upgraded Portland General Electric from a hold rating to a buy rating in a research report on Wednesday, August 23rd. KeyCorp reiterated a hold rating on shares of Portland General Electric in a research report on Friday, September 1st. Finally, Williams Capital cut Portland General Electric from a hold rating to a sell rating and dropped their price target for the stock from $44.00 to $41.00 in a research report on Monday, July 24th. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. Portland General Electric presently has a consensus rating of Hold and an average price target of $44.00.
Portland General Electric (NYSE:POR) opened at 46.07 on Wednesday. The stock has a market capitalization of $4.10 billion, a P/E ratio of 20.57 and a beta of 0.28. Portland General Electric has a 52 week low of $40.28 and a 52 week high of $48.22. The firm has a 50 day moving average price of $46.76 and a 200 day moving average price of $45.99.
Portland General Electric (NYSE:POR) last announced its quarterly earnings results 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). The company had revenue of $449.00 million for the quarter, compared to analyst estimates of $465.70 million. Portland General Electric had a return on equity of 8.48% and a net margin of 10.06%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.42 earnings per share. Equities research analysts predict that Portland General Electric will post $2.22 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, September 25th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date is Friday, September 22nd. Portland General Electric’s dividend payout ratio (DPR) is 60.71%.
Hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its holdings in 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 worth $215,017,000 after buying an additional 43,692 shares in the last quarter. Legal & General Group Plc grew its holdings in Portland General Electric by 5.0% in the 2nd quarter. Legal & General Group Plc now owns 317,870 shares of the utilities provider’s stock worth $14,527,000 after buying an additional 15,254 shares in the last quarter. Jackson Wealth Management LLC grew its holdings in Portland General Electric by 9.6% in the 2nd quarter. Jackson Wealth Management LLC now owns 45,503 shares of the utilities provider’s stock worth $2,053,000 after buying an additional 3,972 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in Portland General Electric by 6.7% in the 2nd quarter. State of Alaska Department of Revenue now owns 9,806 shares of the utilities provider’s stock worth $448,000 after buying an additional 614 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Portland General Electric by 3.4% in the 1st quarter. Vanguard Group Inc. now owns 7,764,045 shares of the utilities provider’s stock worth $344,879,000 after buying an additional 256,914 shares in the last quarter. 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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