Portland General Electric Company (POR) Cut to “Sell” at Zacks Investment Research
Zacks Investment Research downgraded shares of Portland General Electric Company (NYSE:POR) from a hold rating to a sell rating in a research report report published on Wednesday.
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. “
POR has been the subject of a number of other research reports. Barclays PLC reiterated an underweight rating and issued a $44.00 target price (up previously from $41.00) on shares of Portland General Electric in a research note on Sunday, April 23rd. BidaskClub lowered Portland General Electric from a hold rating to a sell rating in a research note on Saturday, July 8th. Williams Capital lowered Portland General Electric from a hold rating to a sell rating and lowered their target price for the company from $44.00 to $41.00 in a research note on Monday, July 24th. Finally, UBS AG lowered Portland General Electric from a buy rating to a neutral rating in a research note on Tuesday, May 2nd. Five equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The stock currently has a consensus rating of Sell and an average target price of $43.40.
Shares of Portland General Electric (POR) opened at 44.44 on Wednesday. The company’s 50-day moving average price is $45.91 and its 200 day moving average price is $45.11. Portland General Electric has a 1-year low of $40.28 and a 1-year high of $48.06. The stock has a market cap of $3.96 billion, a PE ratio of 19.32 and a beta of 0.30.
Portland General Electric (NYSE:POR) last posted its earnings results on Friday, July 28th. The utilities provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by $0.08. Portland General Electric had a net margin of 10.43% and a return on equity of 8.78%. The company had revenue of $449 million during the quarter, compared to analyst estimates of $465.70 million. During the same quarter last year, the business posted $0.42 EPS. Portland General Electric’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities analysts forecast that Portland General Electric will post $2.25 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Monday, September 25th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend is Friday, September 22nd. Portland General Electric’s dividend payout ratio is currently 60.71%.
In other Portland General Electric news, insider William O. Nicholson sold 6,000 shares of the stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $45.10, for a total transaction of $270,600.00. Following the transaction, the insider now owns 16,313 shares of the company’s stock, valued at approximately $735,716.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Campbell A. Henderson sold 3,000 shares of the stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $45.01, for a total value of $135,030.00. Following the transaction, the vice president now directly owns 20,424 shares in the company, valued at approximately $919,284.24. The disclosure for this sale can be found here. Corporate insiders own 0.55% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in POR. Moody Aldrich Partners LLC increased its position in Portland General Electric by 31.7% in the second quarter. Moody Aldrich Partners LLC now owns 18,420 shares of the utilities provider’s stock worth $842,000 after buying an additional 4,430 shares in the last quarter. Rothschild Asset Management Inc. increased its position in Portland General Electric by 3.5% in the second quarter. Rothschild Asset Management Inc. now owns 531,674 shares of the utilities provider’s stock worth $24,292,000 after buying an additional 17,871 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in Portland General Electric during the second quarter worth approximately $202,000. NGAM Advisors L.P. increased its position in Portland General Electric by 3.3% in the second quarter. NGAM Advisors L.P. now owns 19,893 shares of the utilities provider’s stock worth $909,000 after buying an additional 629 shares in the last quarter. Finally, Bowling Portfolio Management LLC purchased a new position in Portland General Electric during the second quarter worth approximately $928,000. 95.09% of the stock is currently owned by institutional investors.
Portland General Electric Company Profile
Portland General Electric Company is an electric utility that is engaged in the wholesale purchase, transmission, distribution and retail sale of electricity in the State of Oregon. Its service area allocation of approximately 4,000 square miles is located entirely within Oregon and includes approximately 51 incorporated cities, of which Portland and Salem.
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