Mackenzie Financial Corp Lowers Stock Holdings in Portland General Electric (NYSE:POR)

Mackenzie Financial Corp lowered its stake in Portland General Electric (NYSE:POR) by 85.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,374 shares of the utilities provider’s stock after selling 36,018 shares during the period. Mackenzie Financial Corp’s holdings in Portland General Electric were worth $276,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Fifth Third Bancorp increased its holdings in shares of Portland General Electric by 181.8% in the fourth quarter. Fifth Third Bancorp now owns 634 shares of the utilities provider’s stock worth $27,000 after buying an additional 409 shares during the period. BKM Wealth Management LLC purchased a new position in shares of Portland General Electric in the fourth quarter worth about $33,000. Allworth Financial LP increased its holdings in shares of Portland General Electric by 44.0% in the third quarter. Allworth Financial LP now owns 854 shares of the utilities provider’s stock worth $35,000 after buying an additional 261 shares during the period. McGlone Suttner Wealth Management Inc. purchased a new position in shares of Portland General Electric in the fourth quarter worth about $38,000. Finally, Spirit of America Management Corp NY increased its holdings in shares of Portland General Electric by 50.0% in the fourth quarter. Spirit of America Management Corp NY now owns 1,200 shares of the utilities provider’s stock worth $52,000 after buying an additional 400 shares during the period.

Portland General Electric Stock Performance

Portland General Electric stock opened at $42.80 on Monday. The stock’s 50 day simple moving average is $41.37 and its two-hundred day simple moving average is $41.50. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.74 and a current ratio of 0.84. The stock has a market cap of $4.33 billion, a price-to-earnings ratio of 16.40 and a beta of 0.57. Portland General Electric has a fifty-two week low of $38.01 and a fifty-two week high of $51.58.

Portland General Electric (NYSE:POR) last posted its quarterly earnings data on Friday, April 26th. The utilities provider reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.11. The business had revenue of $929.00 million for the quarter, compared to analysts’ expectations of $828.94 million. Portland General Electric had a return on equity of 7.21% and a net margin of 7.80%. The business’s revenue was up 24.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.80 EPS. As a group, analysts expect that Portland General Electric will post 3.07 earnings per share for the current fiscal year.

Portland General Electric Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, May 24th will be given a $0.50 dividend. This is a boost from Portland General Electric’s previous quarterly dividend of $0.48. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.67%. The ex-dividend date of this dividend is Friday, June 21st. Portland General Electric’s payout ratio is currently 72.80%.

Insider Transactions at Portland General Electric

In other news, COO Benjamin Felton sold 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $40.60, for a total value of $142,100.00. Following the sale, the chief operating officer now directly owns 31,950 shares of the company’s stock, valued at approximately $1,297,170. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.54% of the company’s stock.

Wall Street Analyst Weigh In

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

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.