Portland General Electric Company (POR) Raised to “Hold” at Zacks Investment Research
Portland General Electric Company (NYSE:POR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Portland General Electric, headquartered in Portland, Ore., is a vertically integrated electric utility that serves residential, commercial and industrial customers in Oregon. The company has more than a century of experience in power delivery. PGE generates power from a diverse mix of resources, including hydropower, coal and natural gas. PGE also participates in the wholesale market by purchasing and selling electricity and natural gas to utilities and energy marketers. “
A number of other equities analysts have also weighed in on POR. Williams Capital lowered shares of Portland General Electric from a “hold” rating to a “sell” rating and cut their target price for the stock from $44.00 to $41.00 in a research report on Monday, July 24th. BidaskClub lowered shares of Portland General Electric from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. Finally, KeyCorp reiterated a “hold” rating on shares of Portland General Electric in a research report on Friday, September 1st. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Portland General Electric presently has a consensus rating of “Hold” and an average price target of $42.00.
Shares of Portland General Electric (POR) traded down 0.83% during mid-day trading on Thursday, reaching $45.58. 452,427 shares of the company’s stock traded hands. The company has a market cap of $4.06 billion, a P/E ratio of 20.35 and a beta of 0.29. The firm has a 50-day moving average of $46.70 and a 200 day moving average of $45.86. Portland General Electric has a 12-month low of $40.28 and a 12-month high of $48.22.
Portland General Electric (NYSE:POR) last posted its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.36 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.08). The company had revenue of $449.00 million for the quarter, compared to the consensus estimate of $465.70 million. Portland General Electric had a net margin of 10.06% and a return on equity of 8.48%. Portland General Electric’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.42 EPS. Equities analysts forecast that Portland General Electric will post $2.22 EPS for the current year.
A number of large investors have recently modified their holdings of POR. Russell Investments Group Ltd. boosted its position in Portland General Electric by 32.6% during the first quarter. Russell Investments Group Ltd. now owns 151,972 shares of the utilities provider’s stock worth $6,750,000 after purchasing an additional 37,340 shares during the period. State Board of Administration of Florida Retirement System boosted its position in Portland General Electric by 36.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 96,732 shares of the utilities provider’s stock worth $4,297,000 after purchasing an additional 25,929 shares during the period. Advisors Asset Management Inc. boosted its position in Portland General Electric by 22.6% during the first quarter. Advisors Asset Management Inc. now owns 10,180 shares of the utilities provider’s stock worth $452,000 after purchasing an additional 1,874 shares during the period. US Bancorp DE boosted its position in Portland General Electric by 5.0% during the first quarter. US Bancorp DE now owns 8,217 shares of the utilities provider’s stock worth $365,000 after purchasing an additional 388 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Portland General Electric by 0.4% during the first quarter. Bank of New York Mellon Corp now owns 1,285,532 shares of the utilities provider’s stock worth $57,104,000 after purchasing an additional 4,646 shares during the period. Hedge funds and other institutional investors own 93.16% of the company’s stock.
About Portland General Electric
Portland General Electric Company is an electric utility that is engaged in the wholesale purchase, transmission, distribution and retail sale of electricity in the State of Oregon. Its service area allocation of approximately 4,000 square miles is located entirely within Oregon and includes approximately 51 incorporated cities, of which Portland and Salem.
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