Portland General Electric (NYSE:POR) Price Target Cut to $43.00 by Analysts at Bank of America

Portland General Electric (NYSE:POR) had its price objective trimmed by Bank of America from $46.00 to $43.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has an underperform rating on the utilities provider’s stock.

Several other analysts also 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 for the company in a research note on Tuesday, October 29th. StockNews.com raised Portland General Electric from a “sell” rating to a “hold” rating in a research note on Tuesday, September 24th. Jefferies Financial Group initiated coverage on Portland General Electric in a research report on Friday, September 20th. They issued a “hold” rating and a $48.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on Portland General Electric from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Evercore ISI initiated coverage on shares of Portland General Electric in a research note on Wednesday, September 25th. They set 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 given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $48.63.

Portland General Electric Price Performance

Shares of Portland General Electric stock opened at $43.77 on Tuesday. The stock has a market cap of $4.62 billion, a price-to-earnings ratio of 13.07, a price-to-earnings-growth ratio of 1.13 and a beta of 0.59. 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 stock has a 50 day moving average price of $46.81 and a 200-day moving average price of $46.32. Portland General Electric has a one year low of $39.13 and a one year high of $49.85.

Portland General Electric (NYSE:POR) last posted its quarterly earnings data 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 company had revenue of $929.00 million during the quarter, compared to analyst estimates of $882.66 million. During the same period in the previous year, the firm earned $0.46 earnings per share. Portland General Electric’s quarterly revenue was up 15.8% compared to the same quarter last year. Equities analysts expect that Portland General Electric will post 3.11 EPS for the current year.

Portland General Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 24th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.57%. The ex-dividend date is Tuesday, December 24th. Portland General Electric’s dividend payout ratio (DPR) is 59.70%.

Institutional Investors Weigh In On Portland General Electric

Several hedge funds have recently modified their holdings of the business. Y Intercept Hong Kong Ltd bought a new position in Portland General Electric in the third quarter worth approximately $596,000. Franklin Resources Inc. raised its position in shares of Portland General Electric by 114.1% in the 3rd quarter. Franklin Resources Inc. now owns 153,290 shares of the utilities provider’s stock worth $7,289,000 after acquiring an additional 81,701 shares in the last quarter. Qsemble Capital Management LP purchased a new stake in shares of Portland General Electric during the 2nd quarter worth $678,000. Choreo LLC bought a new stake in Portland General Electric during the second quarter valued at about $965,000. Finally, HighTower Advisors LLC grew its stake in Portland General Electric by 14.2% in the third quarter. HighTower Advisors LLC now owns 85,751 shares of the utilities provider’s stock valued at $4,114,000 after purchasing an additional 10,643 shares during the last quarter.

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.