Zacks Investment Research upgraded shares of Portland General Electric (NYSE:POR) from a hold rating to a buy rating in a research note issued to investors on Friday. They currently have $52.00 price target 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. “
Several other equities analysts also recently commented on the stock. Wells Fargo & Co boosted their price target on shares of Portland General Electric from $47.00 to $48.00 and gave the stock a market perform rating in a research note on Monday, September 17th. Williams Capital upgraded shares of Portland General Electric from a sell rating to a hold rating and boosted their price target for the stock from $41.00 to $44.00 in a research note on Monday, July 30th. Mizuho restated a buy rating and issued a $45.50 price target on shares of Portland General Electric in a research note on Friday, July 20th. UBS Group boosted their price target on shares of Portland General Electric from $40.00 to $42.00 and gave the stock a $45.10 rating in a research note on Thursday, July 19th. Finally, Barclays assumed coverage on shares of Portland General Electric in a research note on Tuesday, July 10th. They issued an underweight rating and a $42.00 price target for the company. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. Portland General Electric presently has an average rating of Hold and an average price target of $43.83.
NYSE POR traded down $0.43 on Friday, reaching $45.07. The stock had a trading volume of 822,747 shares, compared to its average volume of 674,609. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 6.22 and a beta of 0.17. The company has a quick ratio of 0.60, a current ratio of 0.73 and a debt-to-equity ratio of 0.86. Portland General Electric has a 12-month low of $39.02 and a 12-month high of $50.11.
Portland General Electric (NYSE:POR) last posted its quarterly earnings results on Friday, July 27th. The utilities provider reported $0.51 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.09. The business had revenue of $449.00 million during the quarter, compared to the consensus estimate of $460.72 million. Portland General Electric had a net margin of 9.74% and a return on equity of 8.59%. The company’s quarterly revenue was up .0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.36 earnings per share. Analysts anticipate that Portland General Electric will post 2.34 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Tuesday, September 25th will be issued a $0.3625 dividend. The ex-dividend date of this dividend is Monday, September 24th. This represents a $1.45 dividend on an annualized basis and a dividend yield of 3.22%. Portland General Electric’s payout ratio is 63.32%.
In related news, VP William David Robertson sold 4,380 shares of the stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $45.78, for a total transaction of $200,516.40. Following the completion of the transaction, the vice president now directly owns 16,024 shares of the company’s stock, valued at $733,578.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.62% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of POR. Hartford Investment Management Co. acquired a new position in Portland General Electric during the second quarter worth about $218,000. Covalis Capital LLP acquired a new position in Portland General Electric during the second quarter worth about $237,000. Signition LP acquired a new position in Portland General Electric during the second quarter worth about $285,000. Bank of Hawaii acquired a new position in Portland General Electric during the second quarter worth about $296,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Portland General Electric during the second quarter worth about $306,000. 92.92% of the stock is owned by hedge funds and other institutional investors.
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, 2017, it owned an electric transmission system consisting of 1,250 circuit miles, including 287 circuit miles of 500 kilovolt line, 402 circuit miles of 230 kilovolt line, and 561 miles of 115 kilovolt line.
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