Scharf Investments LLC Grows Stock Position in Portland General Electric (NYSE:POR)

Scharf Investments LLC increased its holdings in Portland General Electric (NYSE:POR) by 3.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 90,417 shares of the utilities provider’s stock after buying an additional 3,405 shares during the quarter. Scharf Investments LLC owned 0.09% of Portland General Electric worth $3,944,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Zimmer Partners LP lifted its position in shares of Portland General Electric by 107.0% during 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 in the last quarter. Assenagon Asset Management S.A. purchased a new position in Portland General Electric during the fourth quarter valued at approximately $32,553,000. Vaughan Nelson Investment Management L.P. boosted its position in shares of Portland General Electric by 72.6% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,259,845 shares of the utilities provider’s stock worth $60,346,000 after purchasing an additional 530,020 shares during the period. Point72 Asset Management L.P. increased its stake in shares of Portland General Electric by 69.8% in the third quarter. Point72 Asset Management L.P. now owns 292,880 shares of the utilities provider’s stock worth $14,029,000 after purchasing an additional 120,380 shares in the last quarter. Finally, Systematic Financial Management LP raised its position in shares of Portland General Electric by 26.6% during the 3rd quarter. Systematic Financial Management LP now owns 537,862 shares of the utilities provider’s stock valued at $25,764,000 after purchasing an additional 113,161 shares during the period.

Wall Street Analyst Weigh In

Several research analysts have weighed in on POR shares. Bank of America cut their price objective on shares of Portland General Electric from $46.00 to $43.00 and set an “underperform” rating for the company in a report on Tuesday, December 24th. UBS Group reiterated a “neutral” rating and issued a $47.00 price target (down from $52.00) on shares of Portland General Electric in a report on Friday, January 3rd. Jefferies Financial Group dropped their price objective on shares of Portland General Electric from $47.00 to $42.00 and set a “hold” rating for the company in a report on Tuesday. KeyCorp reduced their target price on Portland General Electric from $52.00 to $51.00 and set an “overweight” rating on the stock in a report on Wednesday, December 4th. Finally, Barclays lowered their price objective on shares of Portland General Electric from $48.00 to $42.00 and set an “equal weight” rating for the company in a research report on Monday, January 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Portland General Electric currently has a consensus rating of “Hold” and an average target price of $47.38.

Portland General Electric Price Performance

NYSE POR opened at $41.14 on Friday. Portland General Electric has a 12-month low of $39.13 and a 12-month high of $49.85. The firm’s fifty day simple moving average is $43.77 and its two-hundred day simple moving average is $46.13. 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 firm has a market capitalization of $4.34 billion, a P/E ratio of 12.28, a P/E/G ratio of 1.05 and a beta of 0.60.

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.