Portland General Electric Co. (POR) Lifted to Hold at Zacks Investment Research
Portland General Electric Co. (NYSE:POR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.
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 research analysts have also weighed in on POR. Bank of America Corp. lowered shares of Portland General Electric from a “buy” rating to a “neutral” rating and set a $45.00 target price for the company. in a research report on Tuesday, August 2nd. Williams Capital boosted their price objective on shares of Portland General Electric from $41.00 to $45.00 and gave the stock a “hold” rating in a report on Friday, August 5th. Three equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Portland General Electric currently has a consensus rating of “Hold” and an average price target of $41.21.
Shares of Portland General Electric (NYSE:POR) opened at 40.32 on Wednesday. Portland General Electric has a one year low of $34.97 and a one year high of $45.21. The firm has a market cap of $3.59 billion, a PE ratio of 19.43 and a beta of 0.31. The firm’s 50-day moving average price is $42.46 and its 200-day moving average price is $41.92.
Portland General Electric (NYSE:POR) last released its earnings results on Wednesday, August 3rd. The company reported $0.42 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.43 by $0.01. The firm had revenue of $428 million for the quarter, compared to analyst estimates of $439.08 million. Portland General Electric had a return on equity of 8.15% and a net margin of 9.79%. The firm’s revenue was down 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.44 EPS. Equities research analysts expect that Portland General Electric will post $2.12 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Monday, September 26th will be paid a $0.32 dividend. The ex-dividend date is Thursday, September 22nd. This represents a $1.28 dividend on an annualized basis and a yield of 3.17%. Portland General Electric’s payout ratio is currently 61.84%.
Hedge funds have recently bought and sold shares of the stock. Adage Capital Partners GP L.L.C. acquired a new stake in Portland General Electric during the second quarter worth $44,120,000. Goldman Sachs Group Inc. boosted its stake in Portland General Electric by 21.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,557,372 shares of the company’s stock worth $100,991,000 after buying an additional 457,270 shares during the last quarter. Mesirow Financial Investment Management Equity Management boosted its stake in Portland General Electric by 1,432.6% in the second quarter. Mesirow Financial Investment Management Equity Management now owns 479,495 shares of the company’s stock worth $21,155,000 after buying an additional 448,209 shares during the last quarter. Vanguard Group Inc. boosted its stake in Portland General Electric by 5.1% in the second quarter. Vanguard Group Inc. now owns 7,058,875 shares of the company’s stock worth $311,437,000 after buying an additional 345,360 shares during the last quarter. Finally, Reaves W H & Co. Inc. boosted its stake in Portland General Electric by 150.2% in the second quarter. Reaves W H & Co. Inc. now owns 564,747 shares of the company’s stock worth $24,917,000 after buying an additional 339,055 shares during the last quarter. 94.27% of the stock is currently owned by institutional investors and hedge funds.
About Portland General Electric
Portland General Electric Company (PGE) is an electric utility company. The Company is engaged in the generation, wholesale purchase, transmission, distribution and retail sale of electricity in the state of Oregon. The Company also sells electricity and natural gas in the wholesale market to utilities, brokers and power marketers.
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