Portland General Electric (NYSE:POR) Shares Acquired by Arizona State Retirement System

Arizona State Retirement System grew its holdings in Portland General Electric (NYSE:POR) by 2.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 28,260 shares of the utilities provider’s stock after buying an additional 749 shares during the period. Arizona State Retirement System’s holdings in Portland General Electric were worth $1,225,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Alliancebernstein L.P. lifted its holdings in Portland General Electric by 1,022.6% in the second quarter. Alliancebernstein L.P. now owns 3,105,863 shares of the utilities provider’s stock valued at $145,448,000 after acquiring an additional 2,829,184 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Portland General Electric by 86.9% in the second quarter. Goldman Sachs Group Inc. now owns 2,554,741 shares of the utilities provider’s stock valued at $119,639,000 after acquiring an additional 1,187,890 shares during the period. Wellington Management Group LLP lifted its holdings in Portland General Electric by 21.8% in the first quarter. Wellington Management Group LLP now owns 6,067,961 shares of the utilities provider’s stock valued at $334,647,000 after acquiring an additional 1,087,996 shares during the period. State Street Corp lifted its holdings in Portland General Electric by 37.2% in the second quarter. State Street Corp now owns 3,339,567 shares of the utilities provider’s stock valued at $162,473,000 after acquiring an additional 905,308 shares during the period. Finally, Millennium Management LLC lifted its holdings in Portland General Electric by 927.0% in the fourth quarter. Millennium Management LLC now owns 970,767 shares of the utilities provider’s stock valued at $47,568,000 after acquiring an additional 876,246 shares during the period.

Portland General Electric Stock Down 0.4 %

Shares of POR opened at $40.56 on Monday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.74 and a current ratio of 0.84. Portland General Electric has a one year low of $38.01 and a one year high of $51.58. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of 17.41 and a beta of 0.57. The stock has a 50 day moving average price of $40.92 and a 200 day moving average price of $41.37.

Portland General Electric (NYSE:POR) last issued its quarterly earnings results on Friday, February 16th. The utilities provider reported $0.68 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.20). Portland General Electric had a return on equity of 7.21% and a net margin of 7.80%. The firm had revenue of $725.00 million for the quarter, compared to analysts’ expectations of $740.21 million. During the same quarter in the previous year, the firm posted $0.70 earnings per share. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. Equities research analysts forecast that Portland General Electric will post 3.07 earnings per share for the current fiscal year.

Portland General Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 22nd will be issued a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 4.68%. The ex-dividend date is Thursday, March 21st. Portland General Electric’s payout ratio is currently 81.55%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on POR. Bank of America cut Portland General Electric from a “buy” rating to a “neutral” rating and cut their price objective for the company from $55.00 to $43.00 in a research report on Monday, February 5th. Barclays cut their price objective on Portland General Electric from $45.00 to $42.00 and set an “overweight” rating for the company in a research report on Wednesday, February 21st. Mizuho restated a “neutral” rating and issued a $42.00 price objective (down from $43.00) on shares of Portland General Electric in a research report on Tuesday, February 20th. UBS Group upgraded Portland General Electric from a “neutral” rating to a “buy” rating and cut their price objective for the company from $47.00 to $45.00 in a research report on Monday, January 29th. Finally, StockNews.com cut Portland General Electric from a “hold” rating to a “sell” rating in a research report on Tuesday, February 27th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $45.13.

Portland General Electric 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.