Portland General Electric Company (POR) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Portland General Electric Company (NYSE:POR) from a hold rating to a buy rating in a report issued on Wednesday. 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. “
A number of other equities research analysts have also commented on POR. BidaskClub lowered Portland General Electric from a buy rating to a hold rating in a research report on Saturday, June 24th. Williams Capital lowered Portland General Electric from a hold rating to a sell rating and decreased their price target for the stock from $44.00 to $41.00 in a research report on Monday, July 24th. Finally, KeyCorp restated a hold rating on shares of Portland General Electric in a research report on Friday, September 1st. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Portland General Electric has a consensus rating of Hold and a consensus target price of $44.00.
Shares of Portland General Electric (NYSE:POR) traded down 0.30% on Wednesday, reaching $46.34. The company’s stock had a trading volume of 215,723 shares. The stock has a market capitalization of $4.13 billion, a price-to-earnings ratio of 20.69 and a beta of 0.28. Portland General Electric has a 52 week low of $40.28 and a 52 week high of $48.22. The stock has a 50-day moving average of $46.77 and a 200 day moving average of $45.98.
Portland General Electric (NYSE:POR) last released its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.36 EPS for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.08). The business had revenue of $449.00 million for the quarter, compared to the consensus estimate of $465.70 million. Portland General Electric had a return on equity of 8.48% and a net margin of 10.06%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the company earned $0.42 earnings per share. On average, analysts expect that Portland General Electric will post $2.22 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, September 25th will be given a $0.34 dividend. The ex-dividend date is Friday, September 22nd. This represents a $1.36 dividend on an annualized basis and a yield of 2.93%. Portland General Electric’s payout ratio is 60.71%.
A number of institutional investors and hedge funds have recently made changes to their positions in POR. Huntington National Bank boosted its position in Portland General Electric by 1.2% in the 2nd quarter. Huntington National Bank now owns 2,809 shares of the utilities provider’s stock valued at $128,000 after buying an additional 34 shares during the last quarter. Cornerstone Capital Management Holdings LLC. bought a new position in Portland General Electric in the 2nd quarter valued at $141,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Portland General Electric by 52.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,906 shares of the utilities provider’s stock valued at $178,000 after buying an additional 1,352 shares during the last quarter. Janney Montgomery Scott LLC bought a new position in Portland General Electric in the 2nd quarter valued at $202,000. Finally, BlueMountain Capital Management LLC boosted its position in Portland General Electric by 0.3% in the 2nd quarter. BlueMountain Capital Management LLC now owns 5,489 shares of the utilities provider’s stock valued at $251,000 after buying an additional 17 shares during the last quarter. Hedge funds and other institutional investors own 93.16% of the company’s stock.
About Portland General Electric
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.
Receive News & Ratings for Portland General Electric Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Portland General Electric Company and related companies with Analyst Ratings Network's FREE daily email newsletter.