Portland General Electric (NYSE:POR) Stock Position Trimmed by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC cut its position in shares of Portland General Electric (NYSE:POR) by 49.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 755,576 shares of the utilities provider’s stock after selling 729,523 shares during the quarter. Portland General Electric makes up about 4.2% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 3rd largest position. HITE Hedge Asset Management LLC owned 0.72% of Portland General Electric worth $36,192,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in shares of Portland General Electric in the third quarter worth $25,000. Massmutual Trust Co. FSB ADV lifted its stake in shares of Portland General Electric by 767.2% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 581 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 514 shares during the period. Allworth Financial LP raised its stake in Portland General Electric by 74.4% in the 3rd quarter. Allworth Financial LP now owns 621 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 265 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in Portland General Electric during the second quarter worth $33,000. Finally, Blue Trust Inc. grew its stake in shares of Portland General Electric by 94.5% in the second quarter. Blue Trust Inc. now owns 928 shares of the utilities provider’s stock worth $39,000 after acquiring an additional 451 shares in the last quarter.

Wall Street Analyst Weigh In

Several research firms have weighed in on POR. Barclays dropped their price target on Portland General Electric from $49.00 to $48.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 29th. JPMorgan Chase & Co. lifted their price target on Portland General Electric from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Evercore ISI assumed coverage on Portland General Electric in a report on Wednesday, September 25th. They issued an “outperform” rating and a $54.00 target price on the stock. Jefferies Financial Group assumed coverage on Portland General Electric in a research report on Friday, September 20th. They issued a “hold” rating and a $48.00 target price for the company. Finally, StockNews.com raised shares of Portland General Electric from a “sell” rating to a “hold” rating in a research note on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $48.86.

Portland General Electric Stock Performance

Shares of POR stock opened at $47.21 on Tuesday. The business’s 50 day simple moving average is $47.39 and its 200 day simple moving average is $46.20. The stock has a market capitalization of $4.98 billion, a PE ratio of 14.09, a PEG ratio of 1.22 and a beta of 0.59. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.98 and a quick ratio of 0.86. Portland General Electric has a one year low of $39.13 and a one year high of $49.85.

Portland General Electric (NYSE:POR) last announced its quarterly earnings results on Friday, October 25th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.01. The firm had revenue of $929.00 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the company posted $0.46 earnings per share. As a group, research analysts forecast 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. Investors 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 yield of 4.24%. Portland General Electric’s payout ratio is 59.70%.

Insider Buying and Selling at Portland General Electric

In related news, SVP Maria Angelica Espinosa sold 2,500 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $48.30, for a total value of $120,750.00. Following the completion of the sale, the senior vice president now directly owns 14,263 shares of the company’s stock, valued at $688,902.90. The trade was a 14.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.54% of the stock is currently owned by insiders.

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.