Millennium Management LLC Purchases 22,081 Shares of Portland General Electric (NYSE:POR)

Millennium Management LLC increased its holdings in Portland General Electric (NYSE:POR) by 6.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 365,503 shares of the utilities provider’s stock after purchasing an additional 22,081 shares during the quarter. Millennium Management LLC owned approximately 0.35% of Portland General Electric worth $15,804,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Portland General Electric by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 11,146,037 shares of the utilities provider’s stock worth $483,069,000 after buying an additional 212,981 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Portland General Electric by 29.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,524,435 shares of the utilities provider’s stock worth $196,089,000 after acquiring an additional 1,017,503 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Portland General Electric by 6.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,508,666 shares of the utilities provider’s stock valued at $65,234,000 after acquiring an additional 86,718 shares in the last quarter. HITE Hedge Asset Management LLC increased its position in Portland General Electric by 7.1% during the 2nd quarter. HITE Hedge Asset Management LLC now owns 1,485,099 shares of the utilities provider’s stock valued at $64,216,000 after purchasing an additional 97,922 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC raised its holdings in Portland General Electric by 24.5% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 1,265,745 shares of the utilities provider’s stock worth $54,857,000 after purchasing an additional 249,350 shares in the last quarter.

Analysts Set New Price Targets

Several equities analysts recently issued reports on POR shares. Jefferies Financial Group initiated coverage on shares of Portland General Electric in a research report on Friday, September 20th. They set a “hold” rating and a $48.00 price target on the stock. KeyCorp upgraded Portland General Electric from a “sector weight” rating to an “overweight” rating in a report on Monday, July 22nd. Barclays cut Portland General Electric from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $48.00 to $49.00 in a research note on Wednesday, September 18th. Bank of America began coverage on Portland General Electric in a research note on Thursday, September 12th. They issued an “underperform” rating and a $47.00 price target on the stock. Finally, StockNews.com upgraded Portland General Electric from a “sell” rating to a “hold” rating in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Portland General Electric has an average rating of “Hold” and an average price target of $46.78.

Portland General Electric Trading Down 0.4 %

Portland General Electric stock opened at $46.58 on Friday. Portland General Electric has a 12 month low of $39.03 and a 12 month high of $49.45. The company has a market capitalization of $4.80 billion, a price-to-earnings ratio of 17.85, a price-to-earnings-growth ratio of 1.35 and a beta of 0.59. The business’s fifty day simple moving average is $47.52 and its two-hundred day simple moving average is $44.79. The company has a current ratio of 1.00, a quick ratio of 0.86 and a debt-to-equity ratio of 1.33.

Portland General Electric (NYSE:POR) last announced its quarterly earnings results on Friday, July 26th. The utilities provider reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.07. The company had revenue of $758.00 million for the quarter, compared to analysts’ expectations of $716.43 million. Portland General Electric had a net margin of 9.24% and a return on equity of 9.15%. Portland General Electric’s revenue was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.44 EPS. As a group, equities analysts predict that Portland General Electric will post 3.09 earnings per share for the current fiscal year.

Portland General Electric Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 24th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.29%. The ex-dividend date is Tuesday, September 24th. Portland General Electric’s dividend payout ratio (DPR) is currently 76.63%.

Insider Activity at Portland General Electric

In other Portland General Electric news, VP John Teeruk Kochavatr sold 1,100 shares of Portland General Electric stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $46.25, for a total value of $50,875.00. Following the completion of the sale, the vice president now owns 22,606 shares of the company’s stock, valued at approximately $1,045,527.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Portland General Electric news, VP John Teeruk Kochavatr sold 1,100 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $46.25, for a total transaction of $50,875.00. Following the transaction, the vice president now owns 22,606 shares in the company, valued at approximately $1,045,527.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Benjamin Felton sold 1,886 shares of Portland General Electric stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $48.00, for a total transaction of $90,528.00. Following the completion of the sale, the chief operating officer now owns 30,142 shares of the company’s stock, valued at $1,446,816. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,486 shares of company stock valued at $262,153. 0.54% of the stock is owned by corporate insiders.

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.