On September 14, 2023, it was reported that ProShare Advisors LLC had increased its stake in Portland General Electric (NYSE:POR) by a significant 355.2% during the first quarter. According to the Securities and Exchange Commission filing, the institutional investor now holds 932,178 shares of the utilities provider’s stock after acquiring an additional 727,396 shares within that period. At the end of the reporting period, ProShare Advisors LLC’s stake in Portland General Electric was valued at $45,574,000.
Turning our attention to Portland General Electric’s most recent quarterly earnings results announced on July 28th, 2023. The utilities provider reported earnings per share (EPS) of $0.44 for the quarter. This figure falls short of analysts’ consensus estimates by ($0.05). Despite this deviation from expectations, Portland General Electric registered a net margin of 7.82% and a return on equity of 8.03%. Additionally, the company generated revenue amounting to $648.00 million during the quarter, outperforming analysts’ anticipated figure of $571.82 million. Comparatively, during the same quarter in the previous year, Portland General Electric earned $0.72 EPS.The company experienced a growth rate of 9.6% in revenue compared to the corresponding period last year.
Several analyst firms have recently shared their assessments of POR shares. StockNews.com downgraded Portland General Electric from a “hold” rating to a “sell” rating in a research note released on September 7th, 2023. UBS Group initiated coverage on POR shares with a “neutral” rating and assigned a price target of $46.00 for the company on August 22nd, 2023.A research note published by securities firm58.com reiterated its “downgrade” rating for Portland General Electric shares on June 20th,
Meanwhile,some positive ratings were also given to the company. Guggenheim upgraded their rating for Portland General Electric from “neutral” to “buy” and set a price target of $48.00 in a research note dated August 18th, 2023. Lastly, Barclays initiated coverage on Portland General Electric shares on August 23rd, 2023, with an “equal weight” rating and a price target of $43.00.
In summary, one analyst has rated Portland General Electric’s stock as a sell, five analysts have rated it as hold, and three analysts have assigned a buy rating.The average rating for the company according to Bloomberg data is “Hold,” with a consensus price target of $49.25.
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Investor Interest and Analyst Reactions Surrounding Portland General Electric
September 14, 2023 – Portland General Electric (POR) has witnessed several large investors modifying their holdings of the stock. Empower Advisory Group LLC, for instance, has acquired a new position in shares of Portland General Electric during the first quarter this year. The investment was valued at an impressive $25,708,000. Ameriprise Financial Inc., on the other hand, boosted its holdings in shares of Portland General Electric by 6.7% during the same quarter and now owns 1,174,539 shares of the utilities provider’s stock valued at $57,435,000 after buying an additional 73,889 shares.
Moreover, JPMorgan Chase & Co., another major investor, has also shown interest in Portland General Electric by boosting its holdings by 7.8% in the first quarter. JPMorgan Chase & Co. now owns 3,163,031 shares of the utilities provider’s stock valued at $154,641,000 after purchasing an additional 228,283 shares.
B. Riley Wealth Advisors Inc., meanwhile, joined Empower Advisory Group LLC as another investor acquiring a new position in shares of Portland General Electric during the first quarter with a value of $208,000. Lastly, Thrivent Financial for Lutherans increased its stake in Portland General Electric by 12.0% during the first quarter and now owns 819,.486 shares worth $40,o65,o00 after purchasing an additional 87.943 shares during that period.
Shares of POR opened at $43.72 on Thursday with a decline from previous days. It is pertinent to note that despite this dip in share value lately and varied interests from multiple investors take stake in this promising company are expected to strengthen it moving forward.
Several analysts have recently weighed in on POR shares as well following these significant recent developments for Portland General Electric stocks which caused movements and fluctuations within them but to no alarming extent. StockNews.com, for instance, downgraded shares of Portland General Electric from a “hold” rating to a “sell” rating in a research note on Thursday, September 7th.
Alternatively, UBS Group commenced coverage on shares of Portland General Electric and assigned it a “neutral” rating with a $46.00 price target for the company in their research note released on Tuesday, August 22nd. These ratings marked varying positions that were somewhat balanced between bullish optimism and slight skeptical caution.
While some analysts have expressed concerns about the stock’s performance, others like Guggenheim have upgraded shares of Portland General Electric from “neutral” to “buy,” setting a $48.00 price target, indicating confidence in the growth potential this company possesses.
Barclays has also looked into Portland General Electric recently and assumed coverage with an “equal weight” rating and a $43.00 price target for the company in their research note on Wednesday, August 23rd.
In terms of dividends, Portland General Electric declared a quarterly dividend to be paid on Monday, October 16th to shareholders of record as of Monday, September 25th. This dividend amounts to $0.475 per share. The ex-dividend date for this particular payment is Friday, September 22nd.
Looking at recent news relating to insider activity within the company reveals that VP Anne Frances Mersereau sold 10,891 shares of Portland General Electric stock on Friday, August 25th at an average price per share of $44.16. The total value of this transaction amounted to an impressive $480,946.56. Following this sale, Mersereau now directly owns 7,071 shares valued at $312,o255.36.
These recent developments pertaining to investors acquiring new positions in Portland General Electric stocks and various analysts weighing in on its performance indicate that there is both interest and skepticism surrounding the company. However, it is important to take into account that stock market trends are subject to fluctuations, and these recent activities may simply be indicative of a temporary shift.
Investors should consider these factors when making decisions and analyze the long-term outlook of Portland General Electric. With a 52-week low of $41.58 and a 52-week high of $51.58, the stock has shown resilience in the face of uncertainty.
