Bank of America Cuts Portland General Electric (NYSE:POR) Price Target to $43.00

Portland General Electric (NYSE:POR) had its price target cut by equities research analysts at Bank of America from $46.00 to $43.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “underperform” rating on the utilities provider’s stock. Bank of America‘s price objective indicates a potential downside of 1.49% from the stock’s previous close.

Several other research firms have also recently weighed in on POR. Jefferies Financial Group started coverage on Portland General Electric in a research note on Friday, September 20th. They set a “hold” rating and a $48.00 target price on the stock. Barclays reduced their target price on shares of Portland General Electric from $49.00 to $48.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 29th. KeyCorp dropped their price target on shares of 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. Evercore ISI initiated coverage on shares of Portland General Electric in a report on Wednesday, September 25th. They issued an “outperform” rating and a $54.00 price objective for the company. Finally, StockNews.com raised Portland General Electric from a “sell” rating to a “hold” rating in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $48.63.

Portland General Electric Stock Performance

Shares of NYSE POR traded down $0.05 during trading on Tuesday, reaching $43.65. The stock had a trading volume of 351,813 shares, compared to its average volume of 963,021. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.86 and a current ratio of 0.98. The firm’s 50 day moving average price is $46.81 and its two-hundred day moving average price is $46.32. Portland General Electric has a one year low of $39.13 and a one year high of $49.85. The stock has a market cap of $4.60 billion, a PE ratio of 13.03, a P/E/G ratio of 1.13 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, beating the consensus estimate of $0.89 by $0.01. The firm had revenue of $929.00 million for the quarter, compared to analysts’ expectations of $882.66 million. Portland General Electric had a net margin of 10.30% and a return on equity of 10.28%. Portland General Electric’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter last year, the company earned $0.46 EPS. On average, research analysts forecast that Portland General Electric will post 3.11 earnings per share for the current fiscal year.

Institutional Trading of Portland General Electric

A number of institutional investors and hedge funds have recently added to or reduced their stakes in POR. Zimmer Partners LP boosted its position in Portland General Electric by 107.0% in the 3rd quarter. Zimmer Partners LP now owns 1,842,542 shares of the utilities provider’s stock valued at $88,258,000 after buying an additional 952,214 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in Portland General Electric by 72.6% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 1,259,845 shares of the utilities provider’s stock valued at $60,346,000 after purchasing an additional 530,020 shares during the period. Marshall Wace LLP boosted its stake in shares of Portland General Electric by 657.0% in the 2nd quarter. Marshall Wace LLP now owns 314,688 shares of the utilities provider’s stock valued at $13,607,000 after purchasing an additional 273,118 shares during the last quarter. Systematic Financial Management LP grew its position in shares of Portland General Electric by 83.4% during the 2nd quarter. Systematic Financial Management LP now owns 424,701 shares of the utilities provider’s stock worth $18,364,000 after buying an additional 193,164 shares during the period. Finally, Point72 Asset Management L.P. bought a new stake in shares of Portland General Electric during the second quarter worth approximately $7,459,000.

Portland General Electric Company 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.