Jennison Associates LLC lowered its holdings in Portland General Electric Company (NYSE:POR – Free Report) by 35.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,308 shares of the utilities provider’s stock after selling 16,507 shares during the quarter. Jennison Associates LLC’s holdings in Portland General Electric were worth $1,571,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in POR. Bank & Trust Co grew its holdings in shares of Portland General Electric by 2.0% during the 2nd quarter. Bank & Trust Co now owns 10,115 shares of the utilities provider’s stock worth $524,000 after purchasing an additional 198 shares during the period. Canvas Wealth Advisors LLC acquired a new stake in shares of Portland General Electric during the 2nd quarter worth about $208,000. Hennion & Walsh Asset Management Inc. increased its position in shares of Portland General Electric by 110.3% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 28,078 shares of the utilities provider’s stock worth $1,455,000 after purchasing an additional 14,726 shares during the last quarter. Versant Capital Management Inc raised its holdings in Portland General Electric by 426.4% in the 2nd quarter. Versant Capital Management Inc now owns 2,369 shares of the utilities provider’s stock valued at $123,000 after buying an additional 1,919 shares during the period. Finally, Pacer Advisors Inc. raised its holdings in Portland General Electric by 23.9% in the 1st quarter. Pacer Advisors Inc. now owns 16,583 shares of the utilities provider’s stock valued at $875,000 after buying an additional 3,197 shares during the period.
Wall Street Analyst Weigh In
Several research analysts have weighed in on POR shares. JPMorgan Chase & Co. increased their target price on shares of Portland General Electric from $51.00 to $54.00 and gave the stock a “neutral” rating in a research note on Monday, April 20th. Zacks Research raised shares of Portland General Electric from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. BMO Capital Markets set a $52.00 price target on shares of Portland General Electric in a research note on Tuesday, August 4th. Weiss Ratings upgraded shares of Portland General Electric from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, August 3rd. Finally, Wells Fargo & Company set a $51.00 price objective on shares of Portland General Electric in a research report on Tuesday, April 21st. Three research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, Portland General Electric presently has an average rating of “Hold” and an average price target of $51.25.
Portland General Electric Stock Up 0.8%
Portland General Electric stock opened at $50.74 on Friday. The stock has a market cap of $5.97 billion, a PE ratio of 22.35, a P/E/G ratio of 2.17 and a beta of 0.52. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.98 and a quick ratio of 0.86. The stock’s fifty day moving average is $51.08 and its two-hundred day moving average is $51.32. Portland General Electric Company has a 1-year low of $41.80 and a 1-year high of $54.62.
Portland General Electric (NYSE:POR – Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.01). Portland General Electric had a return on equity of 7.47% and a net margin of 7.27%.The business had revenue of $814.00 million for the quarter, compared to analyst estimates of $839.75 million. During the same period in the prior year, the company posted $0.66 earnings per share. The company’s revenue was up .9% compared to the same quarter last year. On average, sell-side analysts expect that Portland General Electric Company will post 3.4 EPS for the current fiscal year.
Portland General Electric Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Friday, September 25th will be issued a $0.5513 dividend. This represents a $2.21 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Friday, September 25th. Portland General Electric’s dividend payout ratio is 96.92%.
Insider Transactions at Portland General Electric
In other Portland General Electric news, Director Michael A. Lewis sold 1,537 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $51.83, for a total value of $79,662.71. Following the transaction, the director directly owned 15,045 shares in the company, valued at $779,782.35. This represents a 9.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.52% of the stock is owned by company insiders.
About Portland General Electric
Portland General Electric (NYSE:POR) is an investor-owned electric utility headquartered in Tigard, Oregon, with roots tracing back to the late 19th century. The company generates, transmits and distributes electricity to residential, commercial and industrial customers across a broad territory in Oregon, primarily encompassing the Portland metropolitan area and surrounding regions.
As one of Oregon’s largest electric utilities, Portland General Electric operates a diverse portfolio of generation assets, including hydroelectric facilities, natural gas–fired plants and renewable energy sources.
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