Magellan Asset Management Ltd boosted its position in Portland General Electric (NYSE:POR) by 10.2% during the first quarter, HoldingsChannel reports. The institutional investor owned 71,115 shares of the utilities provider’s stock after acquiring an additional 6,578 shares during the quarter. Magellan Asset Management Ltd’s holdings in Portland General Electric were worth $3,687,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of POR. BlackRock Inc. lifted its holdings in Portland General Electric by 20.8% in the 4th quarter. BlackRock Inc. now owns 8,758,280 shares of the utilities provider’s stock worth $401,568,000 after buying an additional 1,510,055 shares in the last quarter. Norges Bank acquired a new position in Portland General Electric in the 4th quarter worth $55,862,000. Lord Abbett & CO. LLC acquired a new position in Portland General Electric in the 4th quarter worth $21,779,000. Principal Financial Group Inc. lifted its holdings in Portland General Electric by 63.4% in the 1st quarter. Principal Financial Group Inc. now owns 1,101,999 shares of the utilities provider’s stock worth $57,128,000 after buying an additional 427,754 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in Portland General Electric by 92.7% in the 1st quarter. Acadian Asset Management LLC now owns 596,688 shares of the utilities provider’s stock worth $30,933,000 after buying an additional 287,013 shares in the last quarter. Hedge funds and other institutional investors own 94.42% of the company’s stock.
A number of equities analysts have commented on the stock. Zacks Investment Research lowered shares of Portland General Electric from a “buy” rating to a “hold” rating in a report on Wednesday, May 22nd. Mizuho reiterated a “buy” rating and issued a $50.00 price objective on shares of Portland General Electric in a report on Thursday, February 14th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. Portland General Electric currently has an average rating of “Hold” and an average target price of $47.67.
Shares of Portland General Electric stock traded up $0.77 during trading on Wednesday, reaching $54.89. The company had a trading volume of 25,894 shares, compared to its average volume of 549,118. The firm has a market cap of $4.87 billion, a PE ratio of 23.16, a price-to-earnings-growth ratio of 4.57 and a beta of 0.24. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.82. Portland General Electric has a fifty-two week low of $39.67 and a fifty-two week high of $55.70.
Portland General Electric (NYSE:POR) last issued its earnings results on Friday, April 26th. The utilities provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.06. The business had revenue of $573.00 million for the quarter, compared to analyst estimates of $520.05 million. Portland General Electric had a net margin of 10.67% and a return on equity of 8.84%. The company’s revenue for the quarter was up 16.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.72 EPS. On average, equities analysts predict that Portland General Electric will post 2.45 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Tuesday, June 25th will be paid a $0.385 dividend. This represents a $1.54 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date is Monday, June 24th. This is a positive change from Portland General Electric’s previous quarterly dividend of $0.36. Portland General Electric’s dividend payout ratio is 61.18%.
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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. The company operates seven thermal plants; seven hydroelectric plants; and two wind farms. As of December 31, 2018, it owned an electric transmission system consisting of 1,256 circuit miles, including 287 circuit miles of 500 kilovolt line, 410 circuit miles of 230 kilovolt line, and 561 miles of 115 kilovolt line.
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