Norges Bank Makes New $62 Million Investment in Portland General Electric (NYSE:POR)

Norges Bank acquired a new position in shares of Portland General Electric (NYSE:POR - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,421,455 shares of the utilities provider's stock, valued at approximately $62,004,000. Norges Bank owned 1.35% of Portland General Electric at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of POR. Vanguard Group Inc. boosted its holdings in shares of 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 buying an additional 572,531 shares during the period. State Street Corp lifted its position in Portland General Electric by 1.6% during the third quarter. State Street Corp now owns 4,123,279 shares of the utilities provider's stock worth $199,509,000 after acquiring an additional 66,438 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Portland General Electric by 2.9% during the fourth quarter. JPMorgan Chase & Co. now owns 3,333,393 shares of the utilities provider's stock worth $145,403,000 after acquiring an additional 93,903 shares during the period. Geode Capital Management LLC grew its position in shares of Portland General Electric by 1.0% in the third quarter. Geode Capital Management LLC now owns 2,444,486 shares of the utilities provider's stock valued at $117,114,000 after purchasing an additional 25,332 shares during the last quarter. Finally, Zimmer Partners LP increased its stake in shares of Portland General Electric by 107.0% during the third quarter. Zimmer Partners LP now owns 1,842,542 shares of the utilities provider's stock worth $88,258,000 after purchasing an additional 952,214 shares during the period.

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Portland General Electric Price Performance

Shares of NYSE POR traded down $0.21 during trading hours on Tuesday, hitting $41.37. 1,385,133 shares of the stock were exchanged, compared to its average volume of 1,025,380. The company's fifty day simple moving average is $43.26 and its two-hundred day simple moving average is $44.75. The company has a market cap of $4.53 billion, a PE ratio of 13.74, a price-to-earnings-growth ratio of 1.11 and a beta of 0.49. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.92. Portland General Electric has a 1-year low of $40.05 and a 1-year high of $49.85.

Portland General Electric (NYSE:POR - Get Free Report) last issued its earnings results on Friday, February 14th. The utilities provider reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.01. Portland General Electric had a return on equity of 9.10% and a net margin of 9.13%. The firm had revenue of $824.00 million for the quarter, compared to the consensus estimate of $716.17 million. During the same quarter last year, the business posted $0.67 EPS. On average, sell-side analysts predict that Portland General Electric will post 3.21 EPS for the current year.

Portland General Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 24th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.83%. The ex-dividend date of this dividend is Monday, March 24th. Portland General Electric's payout ratio is 66.45%.

Analyst Upgrades and Downgrades

POR has been the subject of several recent research reports. UBS Group restated a "neutral" rating and issued a $47.00 price target (down from $52.00) on shares of Portland General Electric in a research note on Friday, January 3rd. LADENBURG THALM/SH SH cut shares of Portland General Electric from a "buy" rating to a "neutral" rating and set a $42.00 target price for the company. in a research report on Tuesday, February 18th. Evercore ISI upped their price target on shares of Portland General Electric from $50.00 to $51.00 and gave the company an "outperform" rating in a research note on Tuesday, February 18th. Bank of America dropped their price objective on shares of Portland General Electric from $46.00 to $43.00 and set an "underperform" rating for the company in a research note on Tuesday, December 24th. Finally, StockNews.com lowered shares of Portland General Electric from a "hold" rating to a "sell" rating in a research report on Thursday, April 3rd. Two analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $47.00.

Insider Buying and Selling at Portland General Electric

In other news, CFO Joseph R. Trpik, Jr. sold 1,375 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $41.32, for a total value 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. This represents a 4.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.40% of the company's stock.

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. 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.