Portland General Electric (NYSE:POR) Shares Sold by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC lowered its holdings in shares of Portland General Electric (NYSE:POR) by 49.1% in the 3rd quarter, Holdings Channel.com reports. The fund owned 755,576 shares of the utilities provider’s stock after selling 729,523 shares during the period. Portland General Electric makes up about 4.2% of HITE Hedge Asset Management LLC’s holdings, making the stock its 3rd biggest holding. HITE Hedge Asset Management LLC’s holdings in Portland General Electric were worth $36,192,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Allworth Financial LP grew its stake in shares of Portland General Electric by 74.4% during the third quarter. Allworth Financial LP now owns 621 shares of the utilities provider’s stock valued at $30,000 after buying an additional 265 shares during the last quarter. First Pacific Financial grew its position in Portland General Electric by 2.9% in the 3rd quarter. First Pacific Financial now owns 12,331 shares of the utilities provider’s stock valued at $591,000 after acquiring an additional 347 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Portland General Electric by 20.1% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,469 shares of the utilities provider’s stock worth $107,000 after purchasing an additional 413 shares during the last quarter. Blue Trust Inc. raised its stake in Portland General Electric by 94.5% in the 2nd quarter. Blue Trust Inc. now owns 928 shares of the utilities provider’s stock worth $39,000 after acquiring an additional 451 shares during the last quarter. Finally, Townsquare Capital LLC raised its position in shares of Portland General Electric by 6.4% in the third quarter. Townsquare Capital LLC now owns 7,607 shares of the utilities provider’s stock worth $364,000 after acquiring an additional 458 shares during the period.

Insider Buying and Selling

In related news, SVP Maria Angelica Espinosa sold 2,500 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $48.30, for a total transaction of $120,750.00. Following the transaction, the senior vice president now owns 14,263 shares in the company, valued at $688,902.90. This represents a 14.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.54% of the company’s stock.

Portland General Electric Stock Down 1.5 %

POR opened at $47.21 on Tuesday. The stock’s fifty day simple moving average is $47.39 and its 200 day simple moving average is $46.20. Portland General Electric has a 1-year low of $39.13 and a 1-year high of $49.85. The company has a current ratio of 0.98, a quick ratio of 0.86 and a debt-to-equity ratio of 1.28. The stock has a market cap of $4.98 billion, a PE ratio of 14.09, a price-to-earnings-growth ratio of 1.22 and a beta of 0.59.

Portland General Electric (NYSE:POR) last released its earnings results on Friday, October 25th. The utilities provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.01. The company had revenue of $929.00 million for the quarter, compared to analysts’ expectations of $882.66 million. Portland General Electric had a return on equity of 10.28% and a net margin of 10.30%. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.46 EPS. As a group, research analysts expect that Portland General Electric will post 3.12 earnings per share for the current year.

Portland General Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 24th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.24%. The ex-dividend date of this dividend is Tuesday, December 24th. Portland General Electric’s dividend payout ratio (DPR) is presently 59.70%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on POR shares. Jefferies Financial Group began coverage on Portland General Electric in a report on Friday, September 20th. They set a “hold” rating and a $48.00 price target on the stock. StockNews.com upgraded shares of Portland General Electric from a “sell” rating to a “hold” rating in a research note on Tuesday, September 24th. Evercore ISI initiated coverage on Portland General Electric in a research note on Wednesday, September 25th. They set an “outperform” rating and a $54.00 target price for the company. Bank of America assumed coverage on shares of Portland General Electric in a report on Thursday, September 12th. They issued an “underperform” rating and a $47.00 price objective for the company. Finally, JPMorgan Chase & Co. increased their price target on Portland General Electric from $54.00 to $55.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $48.86.

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. 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.