HITE Hedge Asset Management LLC Increases Stake in Portland General Electric (NYSE:POR)

HITE Hedge Asset Management LLC boosted its stake in Portland General Electric (NYSE:POR) by 30.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 986,930 shares of the utilities provider’s stock after purchasing an additional 231,354 shares during the period. Portland General Electric comprises about 3.2% of HITE Hedge Asset Management LLC’s holdings, making the stock its 8th largest holding. HITE Hedge Asset Management LLC owned about 0.94% of Portland General Electric worth $43,050,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Portland General Electric in the 4th quarter valued at $62,004,000. Assenagon Asset Management S.A. bought a new position in Portland General Electric in the fourth quarter valued at about $32,553,000. Vanguard Group Inc. boosted its stake in shares of Portland General Electric by 5.0% during the fourth quarter. Vanguard Group Inc. now owns 11,913,132 shares of the utilities provider’s stock valued at $519,651,000 after purchasing an additional 572,531 shares in the last quarter. OLD Republic International Corp bought a new stake in shares of Portland General Electric during the fourth quarter worth about $22,464,000. Finally, Brandywine Global Investment Management LLC increased its stake in shares of Portland General Electric by 1,510.2% in the fourth quarter. Brandywine Global Investment Management LLC now owns 359,126 shares of the utilities provider’s stock valued at $15,665,000 after buying an additional 336,823 shares during the period.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Evercore ISI lifted their target price on shares of Portland General Electric from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 18th. UBS Group reiterated a “neutral” rating and set a $47.00 price target (down previously from $52.00) on shares of Portland General Electric in a report on Friday, January 3rd. Barclays increased their price objective on Portland General Electric from $42.00 to $47.00 and gave the company an “equal weight” rating in a report on Tuesday, March 4th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $44.00 target price (down from $50.00) on shares of Portland General Electric in a report on Thursday, April 10th. Finally, Bank of America decreased their price target on 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. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $45.78.

Insider Transactions at Portland General Electric

In other Portland General Electric news, CFO Joseph R. Trpik, Jr. sold 1,375 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $41.32, for a total value of $56,815.00. Following the completion of the sale, the chief financial officer now directly owns 31,960 shares of the company’s stock, valued at approximately $1,320,587.20. This represents a 4.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.40% of the company’s stock.

Portland General Electric Stock Down 0.0 %

Shares of NYSE POR opened at $42.99 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.92 and a debt-to-equity ratio of 1.22. The firm has a market cap of $4.71 billion, a PE ratio of 14.28, a P/E/G ratio of 1.11 and a beta of 0.49. The company’s fifty day simple moving average is $43.49 and its 200 day simple moving average is $44.51. Portland General Electric has a 12-month low of $40.05 and a 12-month high of $49.85.

Portland General Electric (NYSE:POR) last released its quarterly earnings data on Friday, February 14th. The utilities provider reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.01. The firm had revenue of $824.00 million for the quarter, compared to the consensus estimate of $716.17 million. Portland General Electric had a net margin of 9.13% and a return on equity of 9.10%. During the same quarter in the prior year, the company posted $0.67 earnings per share. As a group, sell-side analysts forecast that Portland General Electric will post 3.21 earnings per share for the current fiscal year.

Portland General Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 24th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.65%. The ex-dividend date was Monday, March 24th. Portland General Electric’s dividend payout ratio is 66.45%.

Portland General Electric Company Profile

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.