Portland General Electric Co. (NYSE:POR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
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 equities analysts have also issued research reports about the company. Bank of America Corp. lowered Portland General Electric from a “buy” rating to a “neutral” rating and set a $45.00 price target on the stock. in a research note on Tuesday, August 2nd. Williams Capital upped their price target on Portland General Electric from $41.00 to $45.00 and gave the company a “hold” rating in a research note on Friday, August 5th. Four analysts have rated the stock with a sell rating and four have issued a hold rating to the company. Portland General Electric has a consensus rating of “Hold” and a consensus target price of $41.21.
Shares of Portland General Electric (NYSE:POR) opened at 40.88 on Wednesday. Portland General Electric has a 52-week low of $34.97 and a 52-week high of $45.21. The firm has a market cap of $3.64 billion, a P/E ratio of 19.70 and a beta of 0.31. The stock’s 50 day moving average is $42.65 and its 200-day moving average is $41.87.
Portland General Electric (NYSE:POR) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by $0.01. Portland General Electric had a net margin of 9.79% and a return on equity of 8.15%. The firm had revenue of $428 million for the quarter, compared to analyst estimates of $439.08 million. During the same period last year, the company earned $0.44 EPS. The company’s revenue was down 4.9% compared to the same quarter last year. Equities analysts anticipate that Portland General Electric will post $2.12 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, September 26th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend is Thursday, September 22nd. Portland General Electric’s payout ratio is 61.84%.
A number of institutional investors have recently added to or reduced their stakes in the stock. Creative Planning bought a new position in Portland General Electric during the second quarter valued at $105,000. Advisor Group Inc. acquired a new stake in Portland General Electric during the second quarter worth approximately $140,000. IFP Advisors Inc raised its stake in Portland General Electric by 202.0% in the second quarter. IFP Advisors Inc now owns 4,291 shares of the company’s stock worth $189,000 after buying an additional 2,870 shares in the last quarter. Barclays PLC raised its stake in Portland General Electric by 3,519.0% in the second quarter. Barclays PLC now owns 4,379 shares of the company’s stock worth $194,000 after buying an additional 4,258 shares in the last quarter. Finally, Delaney Dennis R acquired a new stake in Portland General Electric during the second quarter worth approximately $207,000. 94.27% of the stock is currently owned by hedge funds and other institutional investors.
About Portland General Electric
Portland General Electric Company (PGE) is an electric utility company. The Company is engaged in the generation, wholesale purchase, transmission, distribution and retail sale of electricity in the state of Oregon. The Company also sells electricity and natural gas in the wholesale market to utilities, brokers and power marketers.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Portland General Electric Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Portland General Electric Co. and related companies with MarketBeat.com's FREE daily email newsletter.