Portland General Electric (NYSE:POR) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Portland General Electric (NYSE:POR) from a hold rating to a buy rating in a report released on Tuesday, Zacks.com reports. The firm currently has $45.00 price target on the utilities provider’s stock.
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. “
Other analysts have also issued research reports about the company. UBS Group raised Portland General Electric from a sell rating to a neutral rating and dropped their price objective for the company from $58.00 to $52.00 in a research note on Monday, March 16th. Wells Fargo & Co dropped their price objective on Portland General Electric from $64.00 to $48.00 and set an equal weight rating for the company in a research note on Monday, April 27th. Guggenheim raised Portland General Electric from a sell rating to a neutral rating and increased their price objective for the company from $44.00 to $45.00 in a research note on Monday, April 27th. They noted that the move was a valuation call. Mizuho lowered Portland General Electric from a buy rating to a neutral rating and dropped their price target for the stock from $47.00 to $44.50 in a research note on Tuesday, May 12th. They noted that the move was a valuation call. Finally, Barclays dropped their price target on Portland General Electric from $55.00 to $42.00 and set an underweight rating for the company in a research note on Thursday, March 26th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. Portland General Electric currently has a consensus rating of Hold and an average price target of $49.69.
Portland General Electric (NYSE:POR) last issued its quarterly earnings results on Friday, April 24th. The utilities provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.01. The business had revenue of $564.00 million for the quarter, compared to analysts’ expectations of $574.65 million. Portland General Electric had a net margin of 10.46% and a return on equity of 8.59%. The business’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the business earned $0.82 earnings per share. As a group, analysts anticipate that Portland General Electric will post 2.38 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Thursday, June 25th will be issued a $0.385 dividend. This represents a $1.54 annualized dividend and a dividend yield of 3.61%. The ex-dividend date of this dividend is Wednesday, June 24th. Portland General Electric’s dividend payout ratio is 64.44%.
Several hedge funds have recently modified their holdings of the business. Wellington Management Group LLP increased its position in Portland General Electric by 6,023.9% during the 1st quarter. Wellington Management Group LLP now owns 2,167,363 shares of the utilities provider’s stock valued at $103,903,000 after buying an additional 2,131,971 shares in the last quarter. Parnassus Investments CA purchased a new position in Portland General Electric during the first quarter worth approximately $79,885,000. Norges Bank purchased a new position in Portland General Electric during the fourth quarter worth approximately $61,726,000. Mitsubishi UFJ Trust & Banking Corp lifted its position in Portland General Electric by 50.7% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,510,608 shares of the utilities provider’s stock worth $120,358,000 after buying an additional 844,800 shares in the last quarter. Finally, Bessemer Group Inc. lifted its position in Portland General Electric by 365.3% during the first quarter. Bessemer Group Inc. now owns 471,345 shares of the utilities provider’s stock worth $22,596,000 after buying an additional 370,045 shares in the last quarter. Institutional investors and hedge funds own 95.39% of the company’s stock.
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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