Geode Capital Management LLC Increases Position in Portland General Electric (NYSE:POR)

Geode Capital Management LLC boosted its position in Portland General Electric (NYSE:POR) by 1.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,444,486 shares of the utilities provider’s stock after acquiring an additional 25,332 shares during the period. Geode Capital Management LLC’s holdings in Portland General Electric were worth $117,114,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Y Intercept Hong Kong Ltd acquired a new position in Portland General Electric in the third quarter valued at $596,000. MML Investors Services LLC grew its holdings in Portland General Electric by 11.6% in the 3rd quarter. MML Investors Services LLC now owns 54,833 shares of the utilities provider’s stock valued at $2,627,000 after buying an additional 5,712 shares during the period. Orion Portfolio Solutions LLC increased its stake in shares of Portland General Electric by 47.3% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 52,840 shares of the utilities provider’s stock valued at $2,531,000 after acquiring an additional 16,969 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Portland General Electric during the 3rd quarter valued at about $471,000. Finally, Zacks Investment Management lifted its holdings in shares of Portland General Electric by 15.2% during the 3rd quarter. Zacks Investment Management now owns 208,279 shares of the utilities provider’s stock worth $9,977,000 after acquiring an additional 27,452 shares during the period.

Portland General Electric Price Performance

POR stock opened at $44.49 on Wednesday. The firm has a market cap of $4.69 billion, a P/E ratio of 13.24, a price-to-earnings-growth ratio of 1.13 and a beta of 0.59. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.86 and a current ratio of 0.98. Portland General Electric has a 1 year low of $39.13 and a 1 year high of $49.85. The stock has a 50-day simple moving average of $47.05 and a 200-day simple moving average of $46.31.

Portland General Electric (NYSE:POR) last issued its quarterly earnings data 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. Portland General Electric had a net margin of 10.30% and a return on equity of 10.28%. The company had revenue of $929.00 million during the quarter, compared to the consensus estimate of $882.66 million. During the same quarter last year, the company earned $0.46 earnings per share. Portland General Electric’s revenue for the quarter was up 15.8% on a year-over-year basis. On average, equities analysts predict that Portland General Electric will post 3.11 earnings per share for the current fiscal year.

Portland General Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 24th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, December 24th. This represents a $2.00 dividend on an annualized basis and a yield of 4.50%. Portland General Electric’s dividend payout ratio is currently 59.70%.

Wall Street Analyst Weigh In

Several brokerages recently commented on POR. Barclays dropped their price target on shares of Portland General Electric from $49.00 to $48.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 29th. Jefferies Financial Group initiated coverage on Portland General Electric in a report on Friday, September 20th. They set a “hold” rating and a $48.00 price objective for the company. 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 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, September 24th. Finally, Evercore ISI started coverage on Portland General Electric in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $54.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $49.13.

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.