Retirement Systems of Alabama Lowers Holdings in Portland General Electric (NYSE:POR)

Retirement Systems of Alabama reduced its stake in Portland General Electric (NYSE:POR) by 1.5% during the third quarter, HoldingsChannel reports. The fund owned 125,202 shares of the utilities provider’s stock after selling 1,963 shares during the period. Retirement Systems of Alabama’s holdings in Portland General Electric were worth $5,997,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of POR. V Square Quantitative Management LLC bought a new position in Portland General Electric in the 3rd quarter worth about $25,000. Allworth Financial LP lifted its stake in shares of Portland General Electric by 74.4% in the third quarter. Allworth Financial LP now owns 621 shares of the utilities provider’s stock worth $30,000 after buying an additional 265 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Portland General Electric during the second quarter valued at approximately $33,000. Blue Trust Inc. increased its position in shares of Portland General Electric by 94.5% during the second quarter. Blue Trust Inc. now owns 928 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 451 shares in the last quarter. Finally, Quest Partners LLC purchased a new position in Portland General Electric in the 2nd quarter worth approximately $40,000.

Portland General Electric Price Performance

Shares of NYSE:POR opened at $43.66 on Thursday. The firm’s 50 day moving average price is $46.97 and its 200-day moving average price is $46.30. The company has a quick ratio of 0.86, a current ratio of 0.98 and a debt-to-equity ratio of 1.28. The stock has a market capitalization of $4.60 billion, a PE ratio of 13.03, a price-to-earnings-growth ratio of 1.13 and a beta of 0.59. Portland General Electric has a twelve month low of $39.13 and a twelve month high of $49.85.

Portland General Electric (NYSE:POR) last released its quarterly earnings results on Friday, October 25th. The utilities provider reported $0.90 earnings per share for the quarter, topping 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 business had revenue of $929.00 million for the quarter, compared to the consensus estimate of $882.66 million. During the same period last year, the firm earned $0.46 earnings per share. The company’s quarterly revenue was up 15.8% on a year-over-year basis. Equities research analysts expect that Portland General Electric will post 3.11 EPS for the current year.

Portland General Electric Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 24th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.58%. The ex-dividend date of this dividend is Tuesday, December 24th. Portland General Electric’s dividend payout ratio is presently 59.70%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. KeyCorp cut their target price on Portland General Electric from $52.00 to $51.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 4th. Jefferies Financial Group started coverage on Portland General Electric in a research report on Friday, September 20th. They set a “hold” rating and a $48.00 price objective on the stock. StockNews.com raised Portland General Electric from a “sell” rating to a “hold” rating in a research report on Tuesday, September 24th. JPMorgan Chase & Co. raised their price target on shares of Portland General Electric from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, Evercore ISI initiated coverage on shares of Portland General Electric in a report on Wednesday, September 25th. They set an “outperform” rating and a $54.00 price objective for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $49.13.

Portland General Electric 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.