Bank of America Cuts Portland General Electric (NYSE:POR) Price Target to $43.00

Portland General Electric (NYSE:POR) had its price target reduced by Bank of America from $46.00 to $43.00 in a research note published on Tuesday,Benzinga reports. Bank of America currently has an underperform rating on the utilities provider’s stock.

A number of other research firms have also recently weighed in on POR. JPMorgan Chase & Co. lifted their price objective on Portland General Electric from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. StockNews.com upgraded shares of Portland General Electric from a “sell” rating to a “hold” rating in a research note on Tuesday, September 24th. Jefferies Financial Group assumed coverage on Portland General Electric in a research note on Friday, September 20th. They issued a “hold” rating and a $48.00 price target for the company. Barclays lowered their price objective on Portland General Electric from $49.00 to $48.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 29th. Finally, Evercore ISI started coverage on Portland General Electric in a research report on Wednesday, September 25th. They set an “outperform” rating and a $54.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $48.63.

Portland General Electric Stock Up 0.0 %

POR opened at $43.78 on Tuesday. The stock has a market capitalization of $4.62 billion, a price-to-earnings ratio of 13.07, a PEG ratio of 1.13 and a beta of 0.59. The firm has a 50 day moving average price of $46.62 and a 200-day moving average price of $46.30. Portland General Electric has a twelve month low of $39.13 and a twelve month high of $49.85. The company has a quick ratio of 0.86, a current ratio of 0.98 and a debt-to-equity ratio of 1.28.

Portland General Electric (NYSE:POR) last issued its quarterly earnings data on Friday, October 25th. The utilities provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.89 by $0.01. Portland General Electric had a return on equity of 10.28% and a net margin of 10.30%. The company had revenue of $929.00 million during the quarter, compared to analyst estimates of $882.66 million. During the same quarter in the previous year, the company posted $0.46 earnings per share. Portland General Electric’s revenue was up 15.8% compared to the same quarter last year. Equities research analysts forecast that Portland General Electric will post 3.11 earnings per share for the current year.

Portland General Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 24th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.57%. The ex-dividend date of this dividend is Tuesday, December 24th. Portland General Electric’s dividend payout ratio (DPR) is presently 59.70%.

Hedge Funds Weigh In On Portland General Electric

A number of hedge funds and other institutional investors have recently modified their holdings of POR. Whittier Trust Co. raised its position in shares of Portland General Electric by 3.9% in the 2nd quarter. Whittier Trust Co. now owns 99,508 shares of the utilities provider’s stock valued at $4,302,000 after purchasing an additional 3,703 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in Portland General Electric by 3.9% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 52,222 shares of the utilities provider’s stock worth $2,257,000 after buying an additional 1,944 shares during the last quarter. Ridgewood Investments LLC acquired a new position in Portland General Electric during the second quarter valued at $66,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Portland General Electric by 13.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,019 shares of the utilities provider’s stock valued at $952,000 after purchasing an additional 2,594 shares during the period. Finally, Signaturefd LLC boosted its holdings in Portland General Electric by 21.1% in the second quarter. Signaturefd LLC now owns 3,091 shares of the utilities provider’s stock valued at $134,000 after purchasing an additional 539 shares during the last quarter.

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. It operates six thermal plants, three wind farms, and seven hydroelectric facilities. As of December 31, 2023, the company owned an electric transmission system consisting of 1,254 circuit miles, including 287 circuit miles of 500 kilovolt line, 413 circuit miles of 230 kilovolt line, and 554 miles of 115 kilovolt line; and served 934 thousand retail customers in 51 cities.