GAMMA Investing LLC Buys 102,994 Shares of Portland General Electric (NYSE:POR)

GAMMA Investing LLC lifted its position in shares of Portland General Electric (NYSE:POR) by 2,545.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 107,040 shares of the utilities provider’s stock after purchasing an additional 102,994 shares during the quarter. GAMMA Investing LLC owned about 0.10% of Portland General Electric worth $4,774,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Portland General Electric by 5.0% during the 4th quarter. Vanguard Group Inc. now owns 11,913,132 shares of the utilities provider’s stock valued at $519,651,000 after acquiring an additional 572,531 shares during the period. Fuller & Thaler Asset Management Inc. raised its stake in Portland General Electric by 19.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 3,959,660 shares of the utilities provider’s stock worth $172,720,000 after acquiring an additional 635,987 shares during the period. JPMorgan Chase & Co. raised its holdings in Portland General Electric by 2.9% during the fourth quarter. JPMorgan Chase & Co. now owns 3,333,393 shares of the utilities provider’s stock valued at $145,403,000 after acquiring an additional 93,903 shares during the period. Geode Capital Management LLC raised its stake in Portland General Electric by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 2,491,658 shares of the utilities provider’s stock valued at $108,710,000 after purchasing an additional 47,172 shares during the period. Finally, Zimmer Partners LP raised its position in shares of Portland General Electric by 25.2% during the fourth quarter. Zimmer Partners LP now owns 2,306,227 shares of the utilities provider’s stock valued at $100,598,000 after buying an additional 463,685 shares during the last quarter.

Portland General Electric Price Performance

POR opened at $41.41 on Wednesday. The stock has a market capitalization of $4.53 billion, a PE ratio of 13.76, a P/E/G ratio of 1.11 and a beta of 0.57. Portland General Electric has a 1 year low of $40.05 and a 1 year high of $49.85. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.92. The company’s 50 day simple moving average is $42.18 and its 200 day simple moving average is $43.13.

Portland General Electric (NYSE:POR) last posted its quarterly earnings results on Friday, April 25th. The utilities provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). The company had revenue of $928.00 million during the quarter, compared to analyst estimates of $977.02 million. Portland General Electric had a net margin of 9.13% and a return on equity of 9.10%. The company’s revenue was down .1% on a year-over-year basis. During the same period in the prior year, the company earned $1.21 earnings per share. As a group, sell-side analysts expect that Portland General Electric will post 3.21 EPS for the current year.

Portland General Electric Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, June 24th will be issued a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 5.07%. This is a boost from Portland General Electric’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Tuesday, June 24th. Portland General Electric’s dividend payout ratio is 73.94%.

Insider Buying and Selling

In other Portland General Electric news, EVP Benjamin Felton sold 1,845 shares of the firm’s stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $43.02, for a total transaction of $79,371.90. Following the transaction, the executive vice president now owns 32,646 shares of the company’s stock, valued at approximately $1,404,430.92. This trade represents a 5.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

POR has been the topic of a number of recent research reports. Wall Street Zen upgraded Portland General Electric from a “sell” rating to a “hold” rating in a research report on Friday, April 25th. UBS Group raised shares of Portland General Electric from a “neutral” rating to a “buy” rating and raised their target price for the company from $47.00 to $50.00 in a research report on Monday, May 5th. BMO Capital Markets initiated coverage on shares of Portland General Electric in a research report on Tuesday, May 13th. They issued a “market perform” rating and a $46.00 price objective on the stock. JPMorgan Chase & Co. dropped their price target on Portland General Electric from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Monday, May 19th. Finally, LADENBURG THALM/SH SH downgraded shares of Portland General Electric from a “buy” rating to a “neutral” rating and set a $42.00 price objective on the stock. in a report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $45.60.

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.