Portland General Electric (POR) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Portland General Electric (NYSE:POR) from a hold rating to a buy rating in a research report sent to investors on Friday morning. Zacks Investment Research currently has $57.00 price objective 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. “
Separately, Mizuho reaffirmed a buy rating and set a $50.00 target price on shares of Portland General Electric in a research note on Thursday, February 14th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. Portland General Electric currently has a consensus rating of Hold and an average price target of $46.57.
Portland General Electric (NYSE:POR) last announced its earnings results on Friday, February 15th. The utilities provider reported $0.55 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.01. Portland General Electric had a net margin of 10.65% and a return on equity of 8.56%. The business had revenue of $524.00 million during the quarter, compared to the consensus estimate of $520.95 million. During the same quarter last year, the firm earned $0.67 earnings per share. On average, sell-side analysts anticipate that Portland General Electric will post 2.44 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Monday, March 25th will be issued a dividend of $0.3625 per share. This represents a $1.45 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date is Friday, March 22nd. Portland General Electric’s payout ratio is 61.18%.
In other news, VP Larry Neal Bekkedahl sold 2,700 shares of the stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $49.70, for a total transaction of $134,190.00. Following the sale, the vice president now owns 9,829 shares in the company, valued at $488,501.30. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.62% of the company’s stock.
Large investors have recently bought and sold shares of the company. CWM LLC grew its holdings in shares of Portland General Electric by 5,680.0% during the fourth quarter. CWM LLC now owns 1,156 shares of the utilities provider’s stock valued at $53,000 after buying an additional 1,136 shares during the last quarter. NumerixS Investment Technologies Inc grew its holdings in shares of Portland General Electric by 50.0% during the fourth quarter. NumerixS Investment Technologies Inc now owns 2,100 shares of the utilities provider’s stock valued at $96,000 after buying an additional 700 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Portland General Electric by 206.6% during the third quarter. DekaBank Deutsche Girozentrale now owns 2,146 shares of the utilities provider’s stock valued at $100,000 after buying an additional 1,446 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Portland General Electric by 185.7% during the third quarter. PNC Financial Services Group Inc. now owns 3,026 shares of the utilities provider’s stock valued at $139,000 after buying an additional 1,967 shares during the last quarter. Finally, Captrust Financial Advisors grew its holdings in shares of Portland General Electric by 325.0% during the third quarter. Captrust Financial Advisors now owns 3,141 shares of the utilities provider’s stock valued at $144,000 after buying an additional 2,402 shares during the last quarter. Hedge funds and other institutional investors own 95.67% of the company’s stock.
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. The company operates seven thermal plants; seven hydroelectric plants; and two wind farms. As of December 31, 2018, it owned an electric transmission system consisting of 1,256 circuit miles, including 287 circuit miles of 500 kilovolt line, 410 circuit miles of 230 kilovolt line, and 561 miles of 115 kilovolt line.
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