BlueCrest Capital Management Ltd Buys New Stake in Portland General Electric (NYSE:POR)

BlueCrest Capital Management Ltd purchased a new position in Portland General Electric (NYSE:POR) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 6,348 shares of the utilities provider’s stock, valued at approximately $304,000.

A number of other large investors have also made changes to their positions in POR. Allworth Financial LP boosted its stake in Portland General Electric by 74.4% in the 3rd quarter. Allworth Financial LP now owns 621 shares of the utilities provider’s stock worth $30,000 after purchasing an additional 265 shares in the last quarter. First Pacific Financial lifted its stake in shares of Portland General Electric by 2.9% during the third quarter. First Pacific Financial now owns 12,331 shares of the utilities provider’s stock worth $591,000 after buying an additional 347 shares during the period. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Portland General Electric by 20.1% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,469 shares of the utilities provider’s stock valued at $107,000 after buying an additional 413 shares during the last quarter. Blue Trust Inc. increased its position in shares of Portland General Electric by 94.5% in the 2nd quarter. Blue Trust Inc. now owns 928 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 451 shares during the period. Finally, Townsquare Capital LLC raised its stake in Portland General Electric by 6.4% in the 3rd quarter. Townsquare Capital LLC now owns 7,607 shares of the utilities provider’s stock worth $364,000 after acquiring an additional 458 shares during the last quarter.

Wall Street Analyst Weigh In

POR has been the topic of several research analyst reports. Evercore ISI began coverage on Portland General Electric in a research note on Wednesday, September 25th. They set an “outperform” rating and a $54.00 price target on the stock. Barclays cut their price target on shares of Portland General Electric from $49.00 to $48.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 29th. StockNews.com upgraded shares of Portland General Electric from a “sell” rating to a “hold” rating in a research note on Tuesday, September 24th. Bank of America initiated coverage on shares of Portland General Electric in a research note on Thursday, September 12th. They issued an “underperform” rating and a $47.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their target price on shares of Portland General Electric from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Portland General Electric has an average rating of “Hold” and an average target price of $48.86.

Insider Activity

In other Portland General Electric news, SVP Maria Angelica Espinosa sold 2,500 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $48.30, for a total transaction of $120,750.00. Following the transaction, the senior vice president now directly owns 14,263 shares of the company’s stock, valued at $688,902.90. This trade represents a 14.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.54% of the company’s stock.

Portland General Electric Stock Performance

Shares of NYSE POR opened at $47.93 on Friday. The company has a market capitalization of $5.05 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 1.22 and a beta of 0.59. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.86 and a current ratio of 0.98. The company’s fifty day moving average price is $47.40 and its 200 day moving average price is $46.17. Portland General Electric has a 1 year low of $39.13 and a 1 year high of $49.85.

Portland General Electric (NYSE:POR) last posted its earnings results on Friday, October 25th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.01. Portland General Electric had a net margin of 10.30% and a return on equity of 10.28%. The business had revenue of $929.00 million for the quarter, compared to analyst estimates of $882.66 million. During the same period in the prior year, the company posted $0.46 EPS. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. On average, research analysts predict that Portland General Electric will post 3.12 earnings per share for the current year.

Portland General Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 24th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.17%. The ex-dividend date of this dividend is Tuesday, December 24th. Portland General Electric’s payout ratio is currently 59.70%.

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.