Portland General Electric (NYSE:POR) Now Covered by Bank of America

Research analysts at Bank of America began coverage on shares of Portland General Electric (NYSE:POR) in a research report issued to clients and investors on Thursday, StockNewsAPI reports. The firm set an “underperform” rating and a $47.00 price target on the utilities provider’s stock. Bank of America‘s target price indicates a potential downside of 0.78% from the company’s previous close.

Several other research firms also recently commented on POR. StockNews.com downgraded shares of Portland General Electric from a “hold” rating to a “sell” rating in a research note on Friday, September 6th. Mizuho lifted their price target on shares of Portland General Electric from $42.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, May 16th. KeyCorp raised shares of Portland General Electric from a “sector weight” rating to an “overweight” rating in a research report on Monday, July 22nd. Finally, Barclays increased their target price on Portland General Electric from $44.00 to $48.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $45.43.

Portland General Electric Trading Down 1.0 %

Portland General Electric stock traded down $0.46 during trading on Thursday, hitting $47.37. The company had a trading volume of 91,774 shares, compared to its average volume of 932,418. Portland General Electric has a 1-year low of $38.01 and a 1-year high of $49.26. The company has a current ratio of 1.00, a quick ratio of 0.86 and a debt-to-equity ratio of 1.33. The company’s 50 day simple moving average is $46.66 and its 200-day simple moving average is $43.96. The stock has a market cap of $4.88 billion, a price-to-earnings ratio of 18.21 and a beta of 0.59.

Portland General Electric (NYSE:POR) last issued 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. Portland General Electric had a net margin of 9.24% and a return on equity of 9.15%. The company had revenue of $758.00 million for the quarter, compared to analyst estimates of $716.43 million. During the same period in the prior year, the firm earned $0.44 earnings per share. The business’s revenue for the quarter was up 17.0% compared to the same quarter last year. As a group, analysts expect that Portland General Electric will post 3.09 EPS for the current fiscal year.

Insider Buying and Selling at Portland General Electric

In other Portland General Electric news, SVP Maria Angelica Espinosa sold 2,500 shares of Portland General Electric stock in a transaction that occurred on 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 in the company, valued at approximately $688,902.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Maria Angelica Espinosa sold 2,500 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $48.30, for a total transaction of $120,750.00. Following the completion of the sale, the senior vice president now directly owns 14,263 shares of the company’s stock, valued at $688,902.90. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP John Teeruk Kochavatr sold 1,100 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $46.25, for a total transaction of $50,875.00. Following the completion of the transaction, the vice president now directly owns 22,606 shares in the company, valued at $1,045,527.50. The disclosure for this sale can be found here. Insiders sold a total of 5,486 shares of company stock valued at $262,153 in the last ninety days. Insiders own 0.54% of the company’s stock.

Institutional Investors Weigh In On Portland General Electric

Hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its stake in shares of Portland General Electric by 29.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,524,435 shares of the utilities provider’s stock worth $196,089,000 after buying an additional 1,017,503 shares in the last quarter. Norges Bank acquired a new position in Portland General Electric during the fourth quarter worth $39,112,000. Vaughan Nelson Investment Management L.P. purchased a new position in Portland General Electric in the second quarter worth $31,557,000. Cbre Investment Management Listed Real Assets LLC acquired a new stake in Portland General Electric in the fourth quarter valued at $17,460,000. Finally, Marshall Wace LLP lifted its holdings in Portland General Electric by 657.0% in the second quarter. Marshall Wace LLP now owns 314,688 shares of the utilities provider’s stock valued at $13,607,000 after acquiring an additional 273,118 shares during the period.

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.