First Manhattan Co. cut its stake in Portland General Electric (NYSE:POR) by 1.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 191,414 shares of the utilities provider’s stock after selling 2,750 shares during the period. First Manhattan Co.’s holdings in Portland General Electric were worth $8,730,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hartford Investment Management Co. acquired a new position in Portland General Electric in the 2nd quarter valued at $218,000. Covalis Capital LLP bought a new position in shares of Portland General Electric in the 2nd quarter valued at $237,000. Signition LP bought a new position in shares of Portland General Electric in the 2nd quarter valued at $285,000. Bank of Hawaii bought a new position in shares of Portland General Electric in the 2nd quarter valued at $296,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Portland General Electric in the 2nd quarter valued at $306,000. 92.92% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on POR. Zacks Investment Research upgraded Portland General Electric from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research note on Friday, October 12th. Wells Fargo & Co lifted their price target on Portland General Electric from $47.00 to $48.00 and gave the company a “market perform” rating in a research note on Monday, September 17th. Williams Capital upgraded Portland General Electric from a “sell” rating to a “hold” rating and lifted their price target for the company from $41.00 to $44.00 in a research note on Monday, July 30th. Mizuho reiterated a “buy” rating and issued a $45.50 price target on shares of Portland General Electric in a research note on Friday, July 20th. Finally, UBS Group lifted their price target on Portland General Electric from $40.00 to $42.00 and gave the company a “$45.10” rating in a research note on Thursday, July 19th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $43.83.
Shares of POR opened at $46.31 on Thursday. The firm has a market capitalization of $4.07 billion, a PE ratio of 20.22, a price-to-earnings-growth ratio of 6.22 and a beta of 0.17. Portland General Electric has a 52-week low of $39.02 and a 52-week high of $50.11. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.60 and a current ratio of 0.73.
Portland General Electric (NYSE:POR) last issued its quarterly earnings data on Friday, July 27th. The utilities provider reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.09. The business had revenue of $449.00 million for the quarter, compared to analyst estimates of $460.72 million. Portland General Electric had a return on equity of 8.59% and a net margin of 9.74%. Portland General Electric’s quarterly revenue was up .0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS. Equities research analysts expect that Portland General Electric will post 2.34 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Tuesday, September 25th were given a dividend of $0.3625 per share. The ex-dividend date of this dividend was Monday, September 24th. This represents a $1.45 dividend on an annualized basis and a yield of 3.13%. Portland General Electric’s dividend payout ratio is currently 63.32%.
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. 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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