Portland General Electric (NYSE:POR – Get Rating) has received a consensus recommendation of “Hold” from the nine analysts that are presently covering the stock, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $48.57.
Several analysts have recently issued reports on POR shares. Wells Fargo & Company dropped their target price on shares of Portland General Electric from $54.00 to $48.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 19th. StockNews.com lowered shares of Portland General Electric from a “buy” rating to a “hold” rating in a research report on Monday. Guggenheim dropped their target price on shares of Portland General Electric from $56.00 to $48.00 in a research report on Monday, October 24th. Credit Suisse Group upgraded shares of Portland General Electric from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $43.00 to $46.00 in a research report on Wednesday, October 26th. Finally, TheStreet lowered shares of Portland General Electric from a “b” rating to a “c+” rating in a research report on Wednesday, October 26th.
Hedge Funds Weigh In On Portland General Electric
A number of institutional investors and hedge funds have recently bought and sold shares of POR. Bessemer Group Inc. boosted its position in Portland General Electric by 308.8% during the third quarter. Bessemer Group Inc. now owns 834 shares of the utilities provider’s stock worth $36,000 after acquiring an additional 630 shares during the last quarter. Quadrant Capital Group LLC raised its stake in Portland General Electric by 69.1% during the second quarter. Quadrant Capital Group LLC now owns 778 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 318 shares during the period. Ronald Blue Trust Inc. purchased a new position in Portland General Electric during the second quarter worth about $47,000. Assetmark Inc. raised its stake in Portland General Electric by 120.4% during the second quarter. Assetmark Inc. now owns 996 shares of the utilities provider’s stock worth $48,000 after purchasing an additional 544 shares during the period. Finally, American National Bank purchased a new position in Portland General Electric during the third quarter worth about $50,000. 99.67% of the stock is currently owned by institutional investors and hedge funds.
Portland General Electric Stock Up 0.6 %
Portland General Electric (NYSE:POR – Get Rating) last released its quarterly earnings results on Tuesday, October 25th. The utilities provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.64 by $0.01. The company had revenue of $743.00 million for the quarter, compared to analyst estimates of $636.61 million. Portland General Electric had a net margin of 9.66% and a return on equity of 9.09%. The firm’s revenue was up 15.7% on a year-over-year basis. During the same quarter last year, the business earned $0.56 earnings per share. On average, research analysts forecast that Portland General Electric will post 2.84 EPS for the current year.
Portland General Electric Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 17th. Investors of record on Tuesday, December 27th will be given a dividend of $0.452 per share. The ex-dividend date of this dividend is Friday, December 23rd. This represents a $1.81 dividend on an annualized basis and a yield of 3.75%. Portland General Electric’s payout ratio is presently 65.34%.
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. It operates six thermal plants, three wind farms, and seven hydroelectric facilities. As of December 31, 2021, the company owned an electric transmission system consisting of 1,274 circuit miles, including 287 circuit miles of 500 kilovolt line, 415 circuit miles of 230 kilovolt line, and 572 miles of 115 kilovolt line.
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