Verition Fund Management LLC Purchases 1,676 Shares of Portland General Electric (NYSE:POR)

Verition Fund Management LLC grew its position in shares of Portland General Electric (NYSE:PORGet Rating) by 2.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 66,000 shares of the utilities provider’s stock after acquiring an additional 1,676 shares during the quarter. Verition Fund Management LLC owned about 0.07% of Portland General Electric worth $3,640,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Covestor Ltd bought a new stake in Portland General Electric in the fourth quarter worth $29,000. Northwestern Mutual Wealth Management Co. lifted its position in Portland General Electric by 26.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,373 shares of the utilities provider’s stock worth $76,000 after buying an additional 285 shares during the last quarter. Convergence Investment Partners LLC bought a new stake in Portland General Electric in the first quarter worth $130,000. Point72 Hong Kong Ltd bought a new stake in Portland General Electric in the first quarter worth $180,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in Portland General Electric in the first quarter worth $219,000. 99.67% of the stock is currently owned by institutional investors.

Portland General Electric Price Performance

POR opened at $50.15 on Friday. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.87 and a quick ratio of 0.77. The firm has a market capitalization of $4.48 billion, a PE ratio of 18.71, a price-to-earnings-growth ratio of 4.84 and a beta of 0.51. The business’s 50-day moving average is $51.94 and its two-hundred day moving average is $51.17. Portland General Electric has a 1 year low of $45.02 and a 1 year high of $57.03.

Portland General Electric (NYSE:PORGet Rating) last issued its quarterly earnings results on Thursday, July 28th. The utilities provider reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.32. The business had revenue of $591.00 million during the quarter, compared to the consensus estimate of $531.67 million. Portland General Electric had a return on equity of 8.87% and a net margin of 9.73%. The company’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the company earned $0.36 earnings per share. Research analysts anticipate that Portland General Electric will post 2.82 earnings per share for the current fiscal year.

Portland General Electric Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, September 26th will be issued a $0.4525 dividend. This represents a $1.81 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend is Friday, September 23rd. Portland General Electric’s dividend payout ratio is presently 67.54%.

Insiders Place Their Bets

In other Portland General Electric news, VP John Teeruk Kochavatr sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $53.72, for a total value of $107,440.00. Following the completion of the sale, the vice president now owns 14,112 shares of the company’s stock, valued at $758,096.64. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on POR. The Goldman Sachs Group upgraded Portland General Electric from a “neutral” rating to a “buy” rating and raised their price target for the stock from $49.00 to $52.00 in a research report on Thursday, June 2nd. Barclays decreased their target price on Portland General Electric from $53.00 to $49.00 and set an “equal weight” rating for the company in a research report on Monday, July 18th. StockNews.com upgraded Portland General Electric from a “hold” rating to a “buy” rating in a research report on Monday, August 1st. Bank of America downgraded Portland General Electric from a “buy” rating to a “neutral” rating and set a $52.00 target price for the company. in a research report on Monday, August 1st. Finally, Credit Suisse Group decreased their target price on Portland General Electric from $52.00 to $50.00 and set an “underperform” rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $52.00.

About Portland General Electric

(Get Rating)

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, 2021, the company owned an electric transmission system consisting of 1,274 circuit miles, including 287 circuit miles of 500 kilovolt line, 415 circuit miles of 230 kilovolt line, and 572 miles of 115 kilovolt line.

See Also

Institutional Ownership by Quarter for Portland General Electric (NYSE:POR)

Receive News & Ratings for Portland General Electric Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Portland General Electric and related companies with MarketBeat.com's FREE daily email newsletter.