Portland General Electric (NYSE:POR) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Portland General Electric (NYSE:POR) from a sell rating to a hold rating in a research report sent to investors on Friday morning, Zacks.com reports.

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. “

Separately, Mizuho set a $103.00 target price on shares of Celgene and gave the company a buy rating in a research note on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $48.80.

POR opened at $54.61 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.82 and a debt-to-equity ratio of 0.85. The company has a market cap of $4.88 billion, a PE ratio of 23.04, a P/E/G ratio of 4.56 and a beta of 0.24. The company’s 50-day moving average is $54.72. Portland General Electric has a 52-week low of $43.32 and a 52-week high of $55.98.

Portland General Electric (NYSE:POR) last posted its earnings results on Friday, April 26th. The utilities provider reported $0.82 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.06. The business had revenue of $573.00 million for the quarter, compared to analysts’ expectations of $520.05 million. Portland General Electric had a net margin of 10.67% and a return on equity of 8.84%. The business’s revenue for the quarter was up 16.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.72 EPS. Research analysts forecast that Portland General Electric will post 2.45 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Tuesday, June 25th were given a dividend of $0.385 per share. The ex-dividend date was Monday, June 24th. This represents a $1.54 annualized dividend and a dividend yield of 2.82%. This is a positive change from Portland General Electric’s previous quarterly dividend of $0.36. Portland General Electric’s dividend payout ratio is presently 64.98%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IMA Wealth Inc. bought a new stake in Portland General Electric in the second quarter worth $43,000. Foundry Partners LLC lifted its position in Portland General Electric by 10.5% in the second quarter. Foundry Partners LLC now owns 355,058 shares of the utilities provider’s stock worth $19,233,000 after buying an additional 33,723 shares during the last quarter. Cornerstone Advisors Inc. bought a new stake in Portland General Electric in the second quarter worth $122,000. Unigestion Holding SA lifted its position in Portland General Electric by 104.4% in the second quarter. Unigestion Holding SA now owns 93,988 shares of the utilities provider’s stock worth $5,091,000 after buying an additional 48,009 shares during the last quarter. Finally, Scout Investments Inc. lifted its position in Portland General Electric by 16.3% in the second quarter. Scout Investments Inc. now owns 657,412 shares of the utilities provider’s stock worth $35,612,000 after buying an additional 92,060 shares during the last quarter. 94.36% of the stock is owned by hedge funds and other institutional investors.

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. 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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