Zacks Investment Research Lowers Portland General Electric (NYSE:POR) to Sell

Zacks Investment Research lowered shares of Portland General Electric (NYSE:POR) from a hold rating to a sell rating in a research note issued to investors on Wednesday, 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 stock a buy rating in a report on Friday, April 5th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The company presently has an average rating of Hold and an average target price of $47.67.

Shares of POR opened at $54.52 on Wednesday. The firm has a market capitalization of $4.93 billion, a P/E ratio of 23.00, a price-to-earnings-growth ratio of 4.61 and a beta of 0.24. Portland General Electric has a 1-year low of $42.97 and a 1-year high of $55.98. The stock’s fifty day moving average price is $54.47. 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 (NYSE:POR) last issued its earnings results on Friday, April 26th. The utilities provider reported $0.82 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.06. The business had revenue of $573.00 million for the quarter, compared to the consensus estimate of $520.05 million. Portland General Electric had a net margin of 10.67% and a return on equity of 8.84%. The firm’s revenue for the quarter was up 16.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.72 earnings per share. On average, analysts predict that Portland General Electric will post 2.45 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Tuesday, June 25th will be given a dividend of $0.385 per share. This represents a $1.54 dividend on an annualized basis and a yield of 2.82%. This is a boost from Portland General Electric’s previous quarterly dividend of $0.36. The ex-dividend date is Monday, June 24th. Portland General Electric’s payout ratio is 64.98%.

Hedge funds have recently added to or reduced their stakes in the business. Washington Trust Bank bought a new position in Portland General Electric during the first quarter worth $30,000. Manchester Capital Management LLC bought a new position in Portland General Electric during the first quarter worth $54,000. Marshall Wace North America L.P. bought a new position in Portland General Electric during the first quarter worth $57,000. Cullen Frost Bankers Inc. bought a new position in Portland General Electric during the first quarter worth $73,000. Finally, NumerixS Investment Technologies Inc boosted its position in Portland General Electric by 50.0% during the fourth quarter. NumerixS Investment Technologies Inc now owns 2,100 shares of the utilities provider’s stock worth $96,000 after purchasing an additional 700 shares during the period. 94.32% 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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