Lord Abbett & CO. LLC Has $50.90 Million Stock Holdings in Portland General Electric (NYSE:POR)

Lord Abbett & CO. LLC boosted its position in Portland General Electric (NYSE:POR) by 1.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,062,663 shares of the utilities provider’s stock after acquiring an additional 17,021 shares during the period. Lord Abbett & CO. LLC’s holdings in Portland General Electric were worth $50,902,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in POR. Qsemble Capital Management LP acquired a new stake in shares of Portland General Electric during the 2nd quarter worth approximately $678,000. Choreo LLC bought a new stake in shares of Portland General Electric during the 2nd quarter valued at $965,000. Citigroup Inc. lifted its stake in shares of Portland General Electric by 43.5% in the 3rd quarter. Citigroup Inc. now owns 183,044 shares of the utilities provider’s stock valued at $8,768,000 after purchasing an additional 55,529 shares during the period. Point72 Asset Management L.P. lifted its stake in shares of Portland General Electric by 69.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 292,880 shares of the utilities provider’s stock valued at $14,029,000 after purchasing an additional 120,380 shares during the period. Finally, HITE Hedge Asset Management LLC boosted its position in shares of Portland General Electric by 7.1% in the 2nd quarter. HITE Hedge Asset Management LLC now owns 1,485,099 shares of the utilities provider’s stock worth $64,216,000 after purchasing an additional 97,922 shares during the last quarter.

Analyst Ratings Changes

POR has been the topic of several analyst reports. Barclays cut their target price on Portland General Electric from $49.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 29th. Evercore ISI assumed coverage on shares of Portland General Electric in a research note on Wednesday, September 25th. They set an “outperform” rating and a $54.00 price objective on the stock. Jefferies Financial Group started coverage on shares of 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 initiated coverage on shares of Portland General Electric in a report on Thursday, September 12th. They issued an “underperform” rating and a $47.00 target price on the stock. Finally, KeyCorp decreased their price target on shares of Portland General Electric from $52.00 to $51.00 and set an “overweight” rating for the company in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $49.13.

Portland General Electric Trading Down 0.1 %

POR opened at $44.48 on Friday. The firm’s fifty day simple moving average is $47.09 and its 200 day simple moving average is $46.28. The stock has a market capitalization of $4.69 billion, a P/E ratio of 13.28, a P/E/G ratio of 1.15 and a beta of 0.59. The company has a current ratio of 0.98, a quick ratio of 0.86 and a debt-to-equity ratio of 1.28. Portland General Electric has a 12 month low of $39.13 and a 12 month high of $49.85.

Portland General Electric (NYSE:POR) last issued its quarterly earnings results on Friday, October 25th. The utilities provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.01. The company had revenue of $929.00 million for the quarter, compared to analyst estimates of $882.66 million. Portland General Electric had a return on equity of 10.28% and a net margin of 10.30%. The company’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.46 earnings per share. As a group, research analysts anticipate that Portland General Electric will post 3.11 EPS for the current fiscal year.

Portland General Electric Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 24th will be paid a dividend of $0.50 per share. The ex-dividend date is Tuesday, December 24th. This represents a $2.00 annualized dividend and a dividend yield of 4.50%. Portland General Electric’s dividend payout ratio is currently 59.70%.

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.