Covalis Capital LLP Purchases New Shares in Portland General Electric Company $POR

Covalis Capital LLP purchased a new position in shares of Portland General Electric Company (NYSE:POR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 440,983 shares of the utilities provider’s stock, valued at approximately $17,917,000. Portland General Electric accounts for about 2.2% of Covalis Capital LLP’s portfolio, making the stock its 15th biggest holding.

Other institutional investors have also recently bought and sold shares of the company. IFP Advisors Inc grew its position in shares of Portland General Electric by 1,291.7% during the 2nd quarter. IFP Advisors Inc now owns 668 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 620 shares in the last quarter. S.A. Mason LLC bought a new stake in shares of Portland General Electric in the second quarter valued at approximately $29,000. Bell Investment Advisors Inc grew its position in Portland General Electric by 80.6% during the second quarter. Bell Investment Advisors Inc now owns 829 shares of the utilities provider’s stock worth $34,000 after buying an additional 370 shares in the last quarter. Tompkins Financial Corp grew its position in Portland General Electric by 83.3% during the second quarter. Tompkins Financial Corp now owns 1,100 shares of the utilities provider’s stock worth $45,000 after buying an additional 500 shares in the last quarter. Finally, Costello Asset Management INC bought a new position in Portland General Electric during the 1st quarter worth $46,000.

Portland General Electric Stock Up 0.8%

Shares of NYSE POR opened at $49.57 on Friday. The company has a market cap of $5.58 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 4.18 and a beta of 0.67. The company has a current ratio of 0.97, a quick ratio of 0.84 and a debt-to-equity ratio of 1.28. Portland General Electric Company has a 12 month low of $39.54 and a 12 month high of $50.95. The stock has a 50-day moving average price of $45.43 and a two-hundred day moving average price of $42.97.

Portland General Electric (NYSE:POR) last announced its quarterly earnings results on Thursday, October 30th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.02. The company had revenue of $952.00 million for the quarter, compared to analyst estimates of $975.64 million. Portland General Electric had a net margin of 8.43% and a return on equity of 8.07%. The firm’s revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 EPS. As a group, analysts forecast that Portland General Electric Company will post 3.21 earnings per share for the current fiscal year.

Portland General Electric Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Monday, December 22nd will be paid a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Monday, December 22nd. Portland General Electric’s dividend payout ratio is presently 76.36%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on POR shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Portland General Electric in a research report on Wednesday. BTIG Research raised shares of Portland General Electric to a “strong-buy” rating in a research report on Wednesday, October 22nd. Barclays raised their target price on shares of Portland General Electric from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Tuesday, October 21st. Wells Fargo & Company assumed coverage on shares of Portland General Electric in a research report on Monday, October 27th. They issued an “equal weight” rating and a $45.00 target price for the company. Finally, Mizuho set a $47.00 price target on shares of Portland General Electric in a report on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $46.92.

Insider Buying and Selling at Portland General Electric

In related news, CEO Maria M. Pope sold 18,896 shares of the firm’s stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $42.50, for a total transaction of $803,080.00. Following the sale, the chief executive officer owned 194,135 shares of the company’s stock, valued at $8,250,737.50. This trade represents a 8.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.40% of the stock is currently owned by company insiders.

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, 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.