Portland General Electric (NYSE:POR) Shares Sold by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC cut its holdings in Portland General Electric (NYSE:POR - Free Report) by 49.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 755,576 shares of the utilities provider's stock after selling 729,523 shares during the quarter. Portland General Electric comprises 4.2% of HITE Hedge Asset Management LLC's holdings, making the stock its 3rd largest position. HITE Hedge Asset Management LLC owned 0.72% of Portland General Electric worth $36,192,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the stock. V Square Quantitative Management LLC purchased a new stake in shares of Portland General Electric during the third quarter worth about $25,000. Massmutual Trust Co. FSB ADV increased its stake in Portland General Electric by 767.2% during the second quarter. Massmutual Trust Co. FSB ADV now owns 581 shares of the utilities provider's stock worth $25,000 after purchasing an additional 514 shares during the period. Allworth Financial LP grew its stake in shares of Portland General Electric by 74.4% in the third quarter. Allworth Financial LP now owns 621 shares of the utilities provider's stock worth $30,000 after acquiring an additional 265 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in Portland General Electric in the second quarter worth approximately $33,000. Finally, Blue Trust Inc. increased its holdings in shares of 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 acquiring an additional 451 shares during the last quarter.

Portland General Electric Stock Down 0.2 %

Shares of Portland General Electric stock traded down $0.08 during midday trading on Tuesday, reaching $47.13. 648,992 shares of the company's stock traded hands, compared to its average volume of 946,642. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.86 and a current ratio of 0.98. The company has a market cap of $4.97 billion, a price-to-earnings ratio of 14.07, a price-to-earnings-growth ratio of 1.20 and a beta of 0.59. The company's 50 day simple moving average is $47.39 and its 200 day simple moving average is $46.20. Portland General Electric has a 52 week low of $39.13 and a 52 week high of $49.85.

Portland General Electric (NYSE:POR - Get Free Report) last announced its quarterly earnings data on Friday, October 25th. The utilities provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $882.66 million. During the same quarter last year, the company earned $0.46 EPS. The company's quarterly revenue was up 15.8% on a year-over-year basis. Equities analysts expect that Portland General Electric will post 3.12 earnings per share for the current fiscal year.

Portland General Electric Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 24th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.24%. The ex-dividend date of this dividend is Tuesday, December 24th. Portland General Electric's dividend payout ratio (DPR) 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 firm'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 completion of the transaction, the senior vice president now owns 14,263 shares in the company, valued at $688,902.90. This trade represents a 14.91 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.54% of the company's stock.

Wall Street Analysts Forecast Growth

POR has been the topic of a number of recent research reports. JPMorgan Chase & Co. lifted their target price on shares of Portland General Electric from $54.00 to $55.00 and gave the company an "overweight" rating in a report on Wednesday, October 23rd. Jefferies Financial Group began coverage on shares of Portland General Electric in a research report on Friday, September 20th. They set a "hold" rating and a $48.00 target price on the stock. Barclays lowered 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. Bank of America initiated coverage on shares of Portland General Electric in a research note on Thursday, September 12th. They issued an "underperform" rating and a $47.00 target price for the company. Finally, Evercore ISI began coverage on Portland General Electric in a research note on Wednesday, September 25th. They issued an "outperform" rating and a $54.00 target price for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $48.86.

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.