Point72 Asset Management L.P. Buys 120,380 Shares of Portland General Electric (NYSE:POR)

Point72 Asset Management L.P. increased its stake in shares of Portland General Electric (NYSE:POR - Free Report) by 69.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 292,880 shares of the utilities provider's stock after buying an additional 120,380 shares during the quarter. Point72 Asset Management L.P. owned about 0.28% of Portland General Electric worth $14,029,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new stake in shares of Portland General Electric during the 3rd quarter worth $25,000. Allworth Financial LP lifted its position in Portland General Electric by 74.4% during the third quarter. Allworth Financial LP now owns 621 shares of the utilities provider's stock worth $30,000 after purchasing an additional 265 shares during the period. Ashton Thomas Private Wealth LLC acquired a new stake in Portland General Electric during the second quarter worth about $33,000. Blue Trust Inc. increased its holdings in Portland General Electric by 94.5% in the 2nd quarter. Blue Trust Inc. now owns 928 shares of the utilities provider's stock valued at $39,000 after buying an additional 451 shares during the period. Finally, Quest Partners LLC acquired a new position in shares of Portland General Electric in the 2nd quarter valued at approximately $40,000.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Barclays decreased their price objective on shares of Portland General Electric from $49.00 to $48.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 29th. Evercore ISI started coverage on Portland General Electric in a research note on Wednesday, September 25th. They issued an "outperform" rating and a $54.00 price target on the stock. Bank of America initiated coverage on Portland General Electric in a research report on Thursday, September 12th. They set an "underperform" rating and a $47.00 price objective for the company. Jefferies Financial Group began coverage on Portland General Electric in a research report on Friday, September 20th. They issued a "hold" rating and a $48.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their target price on shares of Portland General Electric from $54.00 to $55.00 and gave the stock an "overweight" rating in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $49.13.

Portland General Electric Trading Down 0.9 %

Shares of POR stock traded down $0.41 during mid-day trading on Friday, reaching $46.05. 381,104 shares of the stock traded hands, compared to its average volume of 782,671. The company has a market cap of $4.86 billion, a price-to-earnings ratio of 13.75, a price-to-earnings-growth ratio of 1.19 and a beta of 0.59. The company has a quick ratio of 0.86, a current ratio of 0.98 and a debt-to-equity ratio of 1.28. The stock's fifty day simple moving average is $47.31 and its two-hundred day simple moving average is $46.23. Portland General Electric has a 1-year low of $39.13 and a 1-year high of $49.85.

Portland General Electric (NYSE:POR - Get Free Report) last posted its earnings results 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 net margin of 10.30% and a return on equity of 10.28%. The business had revenue of $929.00 million for the quarter, compared to the consensus estimate of $882.66 million. During the same period last year, the company earned $0.46 EPS. The firm's revenue was up 15.8% compared to the same quarter last year. On average, research analysts anticipate that Portland General Electric will post 3.11 EPS for the current fiscal year.

Portland General Electric Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 24th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.34%. The ex-dividend date of this dividend is Tuesday, December 24th. Portland General Electric's payout ratio is presently 59.70%.

Insider Buying and Selling at Portland General Electric

In other news, SVP Maria Angelica Espinosa sold 2,500 shares of the business's stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $48.30, for a total value of $120,750.00. Following the transaction, the senior vice president now directly owns 14,263 shares of the company's stock, valued at $688,902.90. The trade was a 14.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.54% 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.