Portland General Electric Company $POR Shares Purchased by Magellan Asset Management Ltd

Magellan Asset Management Ltd raised its position in shares of Portland General Electric Company (NYSE:POR) by 24.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 102,916 shares of the utilities provider’s stock after acquiring an additional 20,110 shares during the period. Magellan Asset Management Ltd’s holdings in Portland General Electric were worth $5,431,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Clearbridge Investments LLC lifted its stake in shares of Portland General Electric by 1,342.7% in the 4th quarter. Clearbridge Investments LLC now owns 4,643,134 shares of the utilities provider’s stock valued at $222,824,000 after purchasing an additional 4,321,305 shares in the last quarter. Norges Bank acquired a new stake in Portland General Electric during the 4th quarter worth approximately $56,497,000. AQR Capital Management LLC raised its holdings in Portland General Electric by 42.2% in the fourth quarter. AQR Capital Management LLC now owns 3,551,731 shares of the utilities provider’s stock valued at $170,448,000 after buying an additional 1,054,450 shares during the period. UBS Group AG raised its holdings in Portland General Electric by 514.3% in the fourth quarter. UBS Group AG now owns 883,162 shares of the utilities provider’s stock valued at $42,383,000 after buying an additional 739,404 shares during the period. Finally, Millennium Management LLC lifted its position in Portland General Electric by 99.4% during the third quarter. Millennium Management LLC now owns 1,385,777 shares of the utilities provider’s stock valued at $60,974,000 after buying an additional 690,743 shares in the last quarter.

Portland General Electric Stock Performance

Shares of NYSE:POR opened at $52.20 on Wednesday. The business’s 50-day simple moving average is $50.80 and its 200 day simple moving average is $51.19. The company has a market cap of $6.04 billion, a P/E ratio of 23.30, a PEG ratio of 2.20 and a beta of 0.52. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.95 and a current ratio of 1.09. Portland General Electric Company has a one year low of $39.73 and a one year high of $54.62.

Portland General Electric (NYSE:POR) last released its quarterly earnings results on Thursday, April 30th. The utilities provider reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.19). Portland General Electric had a return on equity of 7.57% and a net margin of 7.12%.The company had revenue of $879.00 million during the quarter, compared to analysts’ expectations of $953.24 million. During the same quarter in the prior year, the company earned $0.91 EPS. The firm’s revenue was down 5.3% compared to the same quarter last year. On average, sell-side analysts forecast that Portland General Electric Company will post 3.4 earnings per share for the current fiscal year.

Portland General Electric Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Thursday, June 25th were paid a $0.5513 dividend. This represents a $2.21 annualized dividend and a dividend yield of 4.2%. This is a boost from Portland General Electric’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, June 25th. Portland General Electric’s payout ratio is currently 98.21%.

Insider Activity

In other Portland General Electric news, VP Juan Diego Gallegos sold 2,750 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $48.67, for a total value of $133,842.50. Following the transaction, the vice president owned 12,127 shares in the company, valued at $590,221.09. The trade was a 18.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert N. Hoglund acquired 2,000 shares of the business’s stock in a transaction on Monday, May 11th. The stock was purchased at an average price of $48.80 per share, for a total transaction of $97,600.00. Following the acquisition, the director directly owned 2,519 shares in the company, valued at $122,927.20. This represents a 385.36% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.52% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Wells Fargo & Company set a $51.00 price objective on shares of Portland General Electric in a research note on Tuesday, April 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of Portland General Electric in a research note on Friday, May 15th. Zacks Research lowered shares of Portland General Electric from a “hold” rating to a “strong sell” rating in a report on Monday, July 6th. Finally, JPMorgan Chase & Co. upped their price target on shares of Portland General Electric from $51.00 to $54.00 and gave the stock a “neutral” rating in a research report on Monday, April 20th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $51.00.

About Portland General Electric

Portland General Electric (NYSE:POR) is an investor-owned electric utility headquartered in Tigard, Oregon, with roots tracing back to the late 19th century. The company generates, transmits and distributes electricity to residential, commercial and industrial customers across a broad territory in Oregon, primarily encompassing the Portland metropolitan area and surrounding regions.

As one of Oregon’s largest electric utilities, Portland General Electric operates a diverse portfolio of generation assets, including hydroelectric facilities, natural gas–fired plants and renewable energy sources.