Bank of America Cuts Portland General Electric (NYSE:POR) Price Target to $43.00

Portland General Electric (NYSE:POR) had its price target decreased by Bank of America from $46.00 to $43.00 in a research report sent to investors on Tuesday,Benzinga reports. Bank of America currently has an underperform rating on the utilities provider’s stock.

A number of other analysts have also recently commented on POR. Jefferies Financial Group initiated coverage on shares of Portland General Electric in a research note on Friday, September 20th. They issued a “hold” rating and a $48.00 target price for the company. KeyCorp lowered their price objective on shares of Portland General Electric from $52.00 to $51.00 and set an “overweight” rating for the company in a research note on Wednesday, December 4th. StockNews.com raised Portland General Electric from a “sell” rating to a “hold” rating in a research report on Tuesday, September 24th. Barclays reduced their target price on Portland General Electric from $49.00 to $48.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 29th. Finally, JPMorgan Chase & Co. boosted their price target on Portland General Electric from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $48.63.

Portland General Electric Stock Performance

Shares of POR opened at $43.77 on Tuesday. The company has a current ratio of 0.98, a quick ratio of 0.86 and a debt-to-equity ratio of 1.28. The firm has a market cap of $4.62 billion, a PE ratio of 13.07, a P/E/G ratio of 1.13 and a beta of 0.59. Portland General Electric has a 12 month low of $39.13 and a 12 month high of $49.85. The stock has a fifty day moving average price of $46.81 and a 200-day moving average price of $46.32.

Portland General Electric (NYSE:POR) last announced its earnings results on Friday, October 25th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.01. The company had revenue of $929.00 million for the quarter, compared to analyst estimates of $882.66 million. Portland General Electric had a return on equity of 10.28% and a net margin of 10.30%. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.46 EPS. Equities research analysts predict that Portland General Electric will post 3.11 earnings per share for the current fiscal year.

Portland General Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 24th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, December 24th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.57%. Portland General Electric’s payout ratio is currently 59.70%.

Institutional Trading of Portland General Electric

Hedge funds have recently modified their holdings of the stock. V Square Quantitative Management LLC purchased a new position in Portland General Electric during the third quarter valued at approximately $25,000. Allworth Financial LP grew its stake in shares of Portland General Electric by 74.4% during the 3rd quarter. Allworth Financial LP now owns 621 shares of the utilities provider’s stock worth $30,000 after purchasing an additional 265 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in shares of Portland General Electric during the 2nd quarter valued at approximately $33,000. Quest Partners LLC acquired a new position in shares of Portland General Electric in the 2nd quarter valued at $40,000. Finally, Ridgewood Investments LLC purchased a new stake in Portland General Electric during the second quarter worth $66,000.

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.