Portland General Electric Co. (POR) Rating Lowered to Sell at Zacks Investment Research
Portland General Electric Co. (NYSE:POR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Saturday.
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. “
Several other equities research analysts have also issued reports on the stock. Guggenheim initiated coverage on shares of Portland General Electric in a research note on Thursday, November 3rd. They issued a “neutral” rating on the stock. Williams Capital lifted their price target on shares of Portland General Electric from $41.00 to $45.00 and gave the company a “hold” rating in a research note on Friday, August 5th. Finally, Bank of America Corp. downgraded shares of Portland General Electric from a “buy” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research report on Tuesday, August 2nd. Three analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. Portland General Electric presently has a consensus rating of “Hold” and an average price target of $42.08.
Portland General Electric (NYSE:POR) opened at 41.90 on Friday. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of 20.38 and a beta of 0.31. Portland General Electric has a 12 month low of $34.99 and a 12 month high of $45.21. The stock’s 50 day moving average is $42.10 and its 200-day moving average is $42.37.
Portland General Electric (NYSE:POR) last issued its quarterly earnings results on Friday, October 28th. The company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by $0.04. Portland General Electric had a net margin of 9.64% and a return on equity of 7.99%. The business earned $484 million during the quarter, compared to analyst estimates of $473 million. During the same quarter in the previous year, the firm posted $0.40 earnings per share. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. On average, analysts anticipate that Portland General Electric will post $2.12 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 17th. Investors of record on Tuesday, December 27th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 3.05%. The ex-dividend date is Thursday, December 22nd. Portland General Electric’s payout ratio is 62.44%.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Portland General Electric by 5.1% in the second quarter. Vanguard Group Inc. now owns 7,058,875 shares of the company’s stock valued at $311,437,000 after buying an additional 345,360 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Portland General Electric by 12.3% in the third quarter. JPMorgan Chase & Co. now owns 3,495,138 shares of the company’s stock valued at $148,857,000 after buying an additional 383,895 shares during the last quarter. Boston Partners increased its stake in shares of Portland General Electric by 10.3% in the second quarter. Boston Partners now owns 3,080,497 shares of the company’s stock valued at $135,912,000 after buying an additional 288,848 shares during the last quarter. BlackRock Fund Advisors increased its stake in shares of Portland General Electric by 11.9% in the third quarter. BlackRock Fund Advisors now owns 2,605,353 shares of the company’s stock valued at $110,962,000 after buying an additional 277,820 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its stake in shares of Portland General Electric by 1.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,347,038 shares of the company’s stock valued at $103,551,000 after buying an additional 27,665 shares during the last quarter. 94.43% of the stock is 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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