Zacks Investment Research Lowers Portland General Electric (NYSE:POR) to Sell

Zacks Investment Research cut shares of Portland General Electric (NYSE:POR) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

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. “

Separately, Mizuho set a $103.00 target price on Celgene and gave the stock a buy rating in a research note on Friday, April 5th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. Portland General Electric has a consensus rating of Hold and a consensus price target of $47.67.

Shares of NYSE POR opened at $54.52 on Wednesday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.82. The firm has a market capitalization of $4.93 billion, a P/E ratio of 23.00, a price-to-earnings-growth ratio of 4.61 and a beta of 0.24. Portland General Electric has a 12 month low of $42.97 and a 12 month high of $55.98. The business’s 50-day simple moving average is $54.47.

Portland General Electric (NYSE:POR) last issued its earnings results on Friday, April 26th. The utilities provider reported $0.82 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.76 by $0.06. The firm had revenue of $573.00 million during the quarter, compared to the consensus estimate of $520.05 million. Portland General Electric had a return on equity of 8.84% and a net margin of 10.67%. The business’s quarterly revenue was up 16.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.72 earnings per share. As a group, equities research analysts forecast that Portland General Electric will post 2.45 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Tuesday, June 25th will be paid a dividend of $0.385 per share. This is an increase from Portland General Electric’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Monday, June 24th. This represents a $1.54 annualized dividend and a yield of 2.82%. Portland General Electric’s payout ratio is presently 64.98%.

Several institutional investors have recently added to or reduced their stakes in POR. Scout Investments Inc. boosted its holdings in Portland General Electric by 16.3% in the second quarter. Scout Investments Inc. now owns 657,412 shares of the utilities provider’s stock valued at $35,612,000 after acquiring an additional 92,060 shares during the last quarter. Copper Rock Capital Partners LLC boosted its holdings in shares of Portland General Electric by 1.9% during the 2nd quarter. Copper Rock Capital Partners LLC now owns 319,029 shares of the utilities provider’s stock worth $17,282,000 after buying an additional 5,970 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of Portland General Electric by 2.2% during the 1st quarter. Nordea Investment Management AB now owns 182,300 shares of the utilities provider’s stock worth $9,450,000 after buying an additional 4,000 shares in the last quarter. Cerebellum GP LLC bought a new position in shares of Portland General Electric during the 1st quarter worth approximately $336,000. Finally, Marshall Wace North America L.P. bought a new position in shares of Portland General Electric during the 1st quarter worth approximately $57,000. 94.32% of the stock is owned by institutional investors.

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. The company operates seven thermal plants; seven hydroelectric plants; and two wind farms. As of December 31, 2018, it owned an electric transmission system consisting of 1,256 circuit miles, including 287 circuit miles of 500 kilovolt line, 410 circuit miles of 230 kilovolt line, and 561 miles of 115 kilovolt line.

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