Portland General Electric (NYSE:POR) Stock Holdings Boosted by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC lifted its position in Portland General Electric (NYSE:POR) by 7.1% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,485,099 shares of the utilities provider’s stock after acquiring an additional 97,922 shares during the quarter. Portland General Electric comprises approximately 6.1% of HITE Hedge Asset Management LLC’s portfolio, making the stock its 3rd largest holding. HITE Hedge Asset Management LLC’s holdings in Portland General Electric were worth $64,216,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in POR. Cubist Systematic Strategies LLC increased its position in shares of Portland General Electric by 47.0% during the second quarter. Cubist Systematic Strategies LLC now owns 187,579 shares of the utilities provider’s stock valued at $8,111,000 after acquiring an additional 59,936 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Portland General Electric by 657.0% during the 2nd quarter. Marshall Wace LLP now owns 314,688 shares of the utilities provider’s stock worth $13,607,000 after purchasing an additional 273,118 shares during the period. Sagefield Capital LP boosted its holdings in shares of Portland General Electric by 55.3% in the 2nd quarter. Sagefield Capital LP now owns 90,079 shares of the utilities provider’s stock worth $3,895,000 after buying an additional 32,066 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of Portland General Electric by 27.1% in the 2nd quarter. Bank of Montreal Can now owns 18,680 shares of the utilities provider’s stock worth $809,000 after buying an additional 3,988 shares during the last quarter. Finally, Gabelli Funds LLC grew its position in Portland General Electric by 0.3% during the second quarter. Gabelli Funds LLC now owns 297,800 shares of the utilities provider’s stock valued at $12,877,000 after buying an additional 751 shares during the period.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Jefferies Financial Group assumed 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 on the stock. StockNews.com upgraded Portland General Electric from a “sell” rating to a “hold” rating in a research note on Tuesday. Barclays downgraded Portland General Electric from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $48.00 to $49.00 in a research report on Wednesday, September 18th. KeyCorp upgraded Portland General Electric from a “sector weight” rating to an “overweight” rating in a research note on Monday, July 22nd. Finally, Bank of America began coverage on Portland General Electric in a report on Thursday, September 12th. They issued an “underperform” rating and a $47.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $45.88.

Insider Activity

In related news, SVP Maria Angelica Espinosa sold 2,500 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $48.30, for a total value of $120,750.00. Following the sale, the senior vice president now owns 14,263 shares in the company, valued at $688,902.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, SVP Maria Angelica Espinosa sold 2,500 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $48.30, for a total transaction of $120,750.00. Following the completion of the transaction, the senior vice president now directly owns 14,263 shares in the company, valued at $688,902.90. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP John Teeruk Kochavatr sold 1,100 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $46.25, for a total value of $50,875.00. Following the completion of the sale, the vice president now directly owns 22,606 shares in the company, valued at approximately $1,045,527.50. The disclosure for this sale can be found here. Insiders sold 5,486 shares of company stock worth $262,153 in the last three months. Corporate insiders own 0.54% of the company’s stock.

Portland General Electric Price Performance

Shares of NYSE POR opened at $47.40 on Wednesday. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.86 and a current ratio of 1.00. Portland General Electric has a fifty-two week low of $38.01 and a fifty-two week high of $49.45. The stock has a market cap of $4.89 billion, a PE ratio of 18.16, a price-to-earnings-growth ratio of 1.36 and a beta of 0.59. The stock has a fifty day moving average of $47.46 and a 200-day moving average of $44.46.

Portland General Electric (NYSE:POR) last posted its earnings results on Friday, July 26th. The utilities provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.07. Portland General Electric had a return on equity of 9.15% and a net margin of 9.24%. The business had revenue of $758.00 million during the quarter, compared to analyst estimates of $716.43 million. During the same quarter in the previous year, the firm earned $0.44 EPS. The company’s quarterly revenue was up 17.0% compared to the same quarter last year. Equities research analysts anticipate that Portland General Electric will post 3.08 earnings per share for the current year.

Portland General Electric Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 24th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.22%. The ex-dividend date of this dividend is Tuesday, September 24th. Portland General Electric’s payout ratio is 76.63%.

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.