Gabelli Funds LLC Has $12.96 Million Stock Position in Portland General Electric (NYSE:POR)

Gabelli Funds LLC cut its holdings in shares of Portland General Electric (NYSE:POR) by 0.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 297,000 shares of the utilities provider’s stock after selling 500 shares during the quarter. Gabelli Funds LLC’s holdings in Portland General Electric were worth $12,955,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Newbridge Financial Services Group Inc. acquired a new stake in shares of Portland General Electric during the fourth quarter worth approximately $29,000. Versant Capital Management Inc grew its holdings in shares of Portland General Electric by 151.0% during the 4th quarter. Versant Capital Management Inc now owns 748 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 450 shares in the last quarter. Cullen Frost Bankers Inc. grew its holdings in shares of Portland General Electric by 1,538.0% during the 4th quarter. Cullen Frost Bankers Inc. now owns 819 shares of the utilities provider’s stock valued at $36,000 after acquiring an additional 769 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new position in shares of Portland General Electric in the fourth quarter worth $52,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Portland General Electric by 352.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,407 shares of the utilities provider’s stock worth $61,000 after acquiring an additional 1,096 shares in the last quarter.

Analyst Upgrades and Downgrades

POR has been the topic of several research reports. Jefferies Financial Group dropped their target price on Portland General Electric from $47.00 to $42.00 and set a “hold” rating on the stock in a research report on Tuesday, January 28th. Evercore ISI raised their price objective on shares of Portland General Electric from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Tuesday, February 18th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $44.00 target price (down from $50.00) on shares of Portland General Electric in a research note on Thursday, April 10th. Barclays raised their price target on shares of Portland General Electric from $42.00 to $47.00 and gave the company an “equal weight” rating in a report on Tuesday, March 4th. Finally, StockNews.com cut shares of Portland General Electric from a “hold” rating to a “sell” rating in a report on Thursday, April 3rd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Portland General Electric presently has an average rating of “Hold” and an average price target of $45.78.

Portland General Electric Stock Performance

NYSE:POR opened at $43.05 on Thursday. The firm has a market capitalization of $4.71 billion, a PE ratio of 14.30, a PEG ratio of 1.11 and a beta of 0.49. Portland General Electric has a 1 year low of $40.05 and a 1 year high of $49.85. The company has a current ratio of 0.92, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22. The firm’s fifty day simple moving average is $43.46 and its 200 day simple moving average is $44.54.

Portland General Electric (NYSE:POR) last issued its quarterly earnings results on Friday, February 14th. The utilities provider reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.01. Portland General Electric had a return on equity of 9.10% and a net margin of 9.13%. The company had revenue of $824.00 million for the quarter, compared to the consensus estimate of $716.17 million. During the same period last year, the business posted $0.67 earnings per share. On average, sell-side analysts anticipate that Portland General Electric will post 3.21 EPS for the current year.

Portland General Electric Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 24th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, March 24th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.65%. Portland General Electric’s dividend payout ratio (DPR) is presently 66.45%.

Insider Activity

In related news, CFO Joseph R. Trpik, Jr. sold 1,375 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $41.32, for a total transaction of $56,815.00. Following the completion of the transaction, the chief financial officer now directly owns 31,960 shares in the company, valued at $1,320,587.20. This represents a 4.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.40% of the stock is owned by company insiders.

Portland General Electric Company Profile

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. It operates six thermal plants, three wind farms, and seven hydroelectric facilities. As of December 31, 2023, the company owned an electric transmission system consisting of 1,254 circuit miles, including 287 circuit miles of 500 kilovolt line, 413 circuit miles of 230 kilovolt line, and 554 miles of 115 kilovolt line; and served 934 thousand retail customers in 51 cities.