Zacks Investment Research Upgrades Portland General Electric Company (POR) to “Buy”
Portland General Electric Company (NYSE:POR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage currently has a $52.00 target price on the utilities provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.75% from the company’s current price.
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 analysts have also commented on POR. BidaskClub upgraded shares of Portland General Electric from a “hold” rating to a “buy” rating in a research note on Wednesday, August 23rd. KeyCorp reaffirmed a “hold” rating on shares of Portland General Electric in a research report on Friday, September 1st. Finally, Williams Capital downgraded Portland General Electric from a “hold” rating to a “sell” rating and cut their price target for the company from $44.00 to $41.00 in a research note on Monday, July 24th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $44.00.
Portland General Electric (NYSE:POR) opened at 46.12 on Wednesday. The company has a market cap of $4.11 billion, a PE ratio of 20.59 and a beta of 0.28. Portland General Electric has a 12-month low of $40.28 and a 12-month high of $48.22. The firm’s 50-day moving average price is $46.77 and its 200-day moving average price is $45.97.
Portland General Electric (NYSE:POR) last posted its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.08). Portland General Electric had a return on equity of 8.48% and a net margin of 10.06%. The business had revenue of $449.00 million for the quarter, compared to the consensus estimate of $465.70 million. During the same quarter in the previous year, the company posted $0.42 earnings per share. Portland General Electric’s quarterly revenue was up 4.9% on a year-over-year basis. Equities research analysts forecast that Portland General Electric will post $2.22 earnings per share for the current fiscal year.
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Several institutional investors have recently added to or reduced their stakes in the company. Huntington National Bank boosted its stake in Portland General Electric by 1.2% during the second quarter. Huntington National Bank now owns 2,809 shares of the utilities provider’s stock valued at $128,000 after buying an additional 34 shares during the period. Cornerstone Capital Management Holdings LLC. bought a new position in Portland General Electric in the 2nd quarter worth about $141,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Portland General Electric by 52.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,906 shares of the utilities provider’s stock worth $178,000 after acquiring an additional 1,352 shares during the last quarter. Janney Montgomery Scott LLC bought a new position in Portland General Electric in the 2nd quarter worth about $202,000. Finally, BlueMountain Capital Management LLC increased its stake in Portland General Electric by 0.3% in the 2nd quarter. BlueMountain Capital Management LLC now owns 5,489 shares of the utilities provider’s stock worth $251,000 after acquiring an additional 17 shares during the last quarter. 93.16% of the stock is currently owned by hedge funds and other institutional investors.
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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