Voya Investment Management LLC Cuts Stake in Portland General Electric (NYSE:POR)

Voya Investment Management LLC cut its stake in Portland General Electric (NYSE:POR) by 55.1% in the fourth quarter, Holdings Channel reports. The firm owned 101,874 shares of the utilities provider’s stock after selling 125,245 shares during the period. Voya Investment Management LLC’s holdings in Portland General Electric were worth $4,444,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in POR. Norges Bank acquired a new position in Portland General Electric during the fourth quarter valued at $62,004,000. Assenagon Asset Management S.A. purchased a new position in Portland General Electric in the 4th quarter valued at about $32,553,000. Fuller & Thaler Asset Management Inc. lifted its position in shares of Portland General Electric by 19.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 3,959,660 shares of the utilities provider’s stock valued at $172,720,000 after acquiring an additional 635,987 shares in the last quarter. Vanguard Group Inc. boosted its stake in Portland General Electric by 5.0% during the 4th quarter. Vanguard Group Inc. now owns 11,913,132 shares of the utilities provider’s stock worth $519,651,000 after purchasing an additional 572,531 shares during the last quarter. Finally, OLD Republic International Corp acquired a new position in Portland General Electric during the fourth quarter worth about $22,464,000.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on POR. JPMorgan Chase & Co. reissued a “neutral” rating and set a $44.00 price target (down previously from $50.00) on shares of Portland General Electric in a research report on Thursday, April 10th. LADENBURG THALM/SH SH lowered Portland General Electric from a “buy” rating to a “neutral” rating and set a $42.00 price target for the company. in a research report on Tuesday, February 18th. Wells Fargo & Company dropped their price objective on shares of Portland General Electric from $46.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday. Evercore ISI lowered their target price on Portland General Electric from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Monday. Finally, Barclays dropped their price objective on shares of Portland General Electric from $48.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, Portland General Electric presently has a consensus rating of “Hold” and an average price target of $45.10.

Insider Transactions at Portland General Electric

In other news, CFO Joseph R. Trpik, Jr. sold 1,375 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $41.32, for a total transaction of $56,815.00. Following the completion of the transaction, the chief financial officer now directly owns 31,960 shares in the company, valued at approximately $1,320,587.20. The trade was a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Benjamin Felton sold 1,845 shares of the company’s stock in a transaction dated Thursday, April 17th. The stock was sold at an average price of $43.02, for a total transaction of $79,371.90. Following the completion of the sale, the executive vice president now directly owns 32,646 shares of the company’s stock, valued at $1,404,430.92. The trade was a 5.35 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,795 shares of company stock worth $159,946. 0.40% of the stock is currently owned by insiders.

Portland General Electric Trading Down 1.3 %

Shares of POR stock opened at $41.56 on Friday. The firm has a market cap of $4.55 billion, a P/E ratio of 13.81, a PEG ratio of 1.11 and a beta of 0.49. The firm’s 50-day simple moving average is $43.41 and its 200-day simple moving average is $44.21. Portland General Electric has a 1-year low of $40.05 and a 1-year high of $49.85. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.92 and a quick ratio of 0.81.

Portland General Electric (NYSE:POR) last announced its quarterly earnings results on Friday, April 25th. The utilities provider reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). Portland General Electric had a return on equity of 9.10% and a net margin of 9.13%. The business had revenue of $928.00 million for the quarter, compared to analysts’ expectations of $977.02 million. During the same period last year, the company posted $1.21 earnings per share. The firm’s revenue for the quarter was down .1% on a year-over-year basis. As a group, equities analysts forecast that Portland General Electric will post 3.21 EPS for the current year.

Portland General Electric Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, June 24th will be issued a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 5.05%. This is a boost from Portland General Electric’s previous quarterly dividend of $0.50. The ex-dividend date is Tuesday, June 24th. Portland General Electric’s dividend payout ratio is 73.94%.

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.