Jennison Associates LLC Invests $1.96 Million in Portland General Electric (NYSE:POR)

Jennison Associates LLC acquired a new position in Portland General Electric (NYSE:POR) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 44,997 shares of the utilities provider’s stock, valued at approximately $1,963,000.

Several other institutional investors and hedge funds have also recently modified their holdings of POR. Zimmer Partners LP raised its stake in shares of Portland General Electric by 107.0% in the third quarter. Zimmer Partners LP now owns 1,842,542 shares of the utilities provider’s stock worth $88,258,000 after purchasing an additional 952,214 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Portland General Electric during the fourth quarter valued at approximately $32,553,000. Vaughan Nelson Investment Management L.P. increased its position in shares of Portland General Electric by 72.6% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,259,845 shares of the utilities provider’s stock valued at $60,346,000 after acquiring an additional 530,020 shares during the last quarter. Point72 Asset Management L.P. increased its position in shares of Portland General Electric by 69.8% during the third quarter. Point72 Asset Management L.P. now owns 292,880 shares of the utilities provider’s stock valued at $14,029,000 after acquiring an additional 120,380 shares during the last quarter. Finally, Systematic Financial Management LP increased its position in shares of Portland General Electric by 26.6% during the third quarter. Systematic Financial Management LP now owns 537,862 shares of the utilities provider’s stock valued at $25,764,000 after acquiring an additional 113,161 shares during the last quarter.

Portland General Electric Price Performance

Portland General Electric stock opened at $41.30 on Friday. Portland General Electric has a one year low of $39.13 and a one year high of $49.85. The business has a fifty day moving average price of $43.36 and a 200-day moving average price of $46.01. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.98 and a quick ratio of 0.86. The firm has a market capitalization of $4.36 billion, a P/E ratio of 12.33, a PEG ratio of 1.04 and a beta of 0.61.

Analysts Set New Price Targets

A number of brokerages recently commented on POR. JPMorgan Chase & Co. increased their price target on Portland General Electric from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Barclays decreased their price target on Portland General Electric from $48.00 to $42.00 and set an “equal weight” rating for the company in a research report on Monday, January 27th. Jefferies Financial Group decreased their price target on Portland General Electric from $47.00 to $42.00 and set a “hold” rating for the company in a research report on Tuesday, January 28th. UBS Group reissued a “neutral” rating and set a $47.00 price objective (down from $52.00) on shares of Portland General Electric in a report on Friday, January 3rd. Finally, Bank of America reduced their price objective on Portland General Electric from $46.00 to $43.00 and set an “underperform” rating for the company in a report on Tuesday, December 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $47.38.

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. 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.