Portland General Electric (POR) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Portland General Electric (NYSE:POR) from a hold rating to a sell rating in a report issued on Wednesday.

According to Zacks, “Portland General Electric, headquartered in Portland, Ore., is a vertically integrated electric utility that serves residential, commercial and industrial customers in Oregon. The company has more than a century of experience in power delivery. PGE generates power from a diverse mix of resources, including hydropower, coal and natural gas. PGE also participates in the wholesale market by purchasing and selling electricity and natural gas to utilities and energy marketers. “

Other analysts have also recently issued reports about the company. BidaskClub raised Portland General Electric from a hold rating to a buy rating in a report on Wednesday, August 23rd. KeyCorp reissued a hold rating on shares of Portland General Electric in a report on Friday, September 1st. J P Morgan Chase & Co boosted their price objective on Portland General Electric from $47.00 to $48.00 and gave the stock a neutral rating in a report on Monday, October 30th. Finally, Bank of America started coverage on Portland General Electric in a report on Tuesday, October 24th. They set a neutral rating and a $45.00 price objective for the company. Four research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $46.00.

Portland General Electric (NYSE POR) traded down $0.06 during trading on Wednesday, hitting $47.73. The company had a trading volume of 579,100 shares, compared to its average volume of 587,599. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.81. Portland General Electric has a fifty-two week low of $42.11 and a fifty-two week high of $50.11. The company has a market capitalization of $4,257.72, a PE ratio of 20.78, a price-to-earnings-growth ratio of 5.57 and a beta of 0.30.

Portland General Electric (NYSE:POR) last released its quarterly earnings results on Friday, October 27th. The utilities provider reported $0.44 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.06. Portland General Electric had a return on equity of 8.65% and a net margin of 10.21%. The business had revenue of $515.00 million during the quarter, compared to analysts’ expectations of $497.85 million. During the same period in the previous year, the business posted $0.38 earnings per share. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. equities analysts predict that Portland General Electric will post 2.26 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Tuesday, December 26th will be issued a dividend of $0.34 per share. The ex-dividend date is Friday, December 22nd. This represents a $1.36 annualized dividend and a yield of 2.85%. Portland General Electric’s dividend payout ratio is currently 59.13%.

Large investors have recently made changes to their positions in the business. Cornerstone Capital Management Holdings LLC. acquired a new position in shares of Portland General Electric during the 2nd quarter worth about $141,000. Mark Sheptoff Financial Planning LLC grew its position in shares of Portland General Electric by 121.2% during the 3rd quarter. Mark Sheptoff Financial Planning LLC now owns 3,650 shares of the utilities provider’s stock worth $167,000 after buying an additional 2,000 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Portland General Electric by 52.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,906 shares of the utilities provider’s stock worth $178,000 after buying an additional 1,352 shares during the period. Jane Street Group LLC acquired a new position in shares of Portland General Electric during the 3rd quarter worth about $201,000. Finally, Janney Montgomery Scott LLC acquired a new position in shares of Portland General Electric during the 2nd quarter worth about $202,000. 92.62% of the stock is owned by hedge funds and other institutional investors.

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About Portland General Electric

Portland General Electric Company is an electric utility that is engaged in the wholesale purchase, transmission, distribution and retail sale of electricity in the State of Oregon. Its service area allocation of approximately 4,000 square miles is located entirely within Oregon and includes approximately 51 incorporated cities, of which Portland and Salem.

Analyst Recommendations for Portland General Electric (NYSE:POR)

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