Atom Investors LP, a prominent institutional investor, has reduced its stake in Portland General Electric (NYSE:POR) by 16.0% during the first quarter of this year, as indicated in its recent filing with the Securities and Exchange Commission. The investor sold 7,115 shares during this period, leaving them with 37,284 shares of the utilities provider’s stock. Although Atom Investors LP still considers Portland General Electric as a significant part of their portfolio, it currently occupies the 19th position. At the end of the most recent quarter, Atom Investors LP’s holdings in Portland General Electric were valued at $1,823,000.
Following these updates on Atom Investors LP’s investment decisions, let us examine Portland General Electric’s latest financial performance. On July 28th of this year, the utilities provider announced its quarterly earnings results. The company reported earnings per share (EPS) of $0.44 for the quarter, falling short of analysts’ consensus estimates of $0.49 by ($0.05). Additionally, Portland General Electric recorded a net margin of 7.82% and a return on equity of 8.03%. The company generated $648 million in revenue during this period, surpassing analyst estimates that projected $571.82 million for the quarter. Comparatively, in the same quarter last year, Portland General Electric achieved an EPS of $0.72 while witnessing a 9.6% increase in revenue on a year-over-year basis.
Looking ahead to future prospects for Portland General Electric, research analysts anticipate that it will post an EPS of 2.67 for the current year.
Various equities research analysts have offered their insights regarding POR shares recently. For instance, UBS Group initiated coverage on Portland General Electric and assigned it a “neutral” rating along with a price objective of $46.00 per share on August 22nd this year.
Meanwhile, Bank of America reduced their target price for Portland General Electric from $56.00 to $52.00 in a research note on June 22nd.
Barclays also joined the conversation by beginning coverage on Portland General Electric and providing an “equal weight” rating with a target price of $43.00 per share on August 23rd.
Another analyst from StockNews.com downgraded Portland General Electric from a “hold” rating to a “sell” rating on September 10th, creating additional discussions around the stock.
Overall, based on data compiled by Bloomberg.com, Portland General Electric currently holds a consensus rating of “Hold” amongst analysts. The average price target for the stock is projected at $49.25.
In conclusion, Atom Investors LP has reduced its position in Portland General Electric, highlighting their strategic investment decision-making process. Meanwhile, Portland General Electric’s recent quarterly earnings fell short of expectations but still exhibited positive year-over-year growth in terms of revenue. With varying ratings and targets assigned by research analysts, it remains to be seen how the utility provider will progress in the coming months and what actions it will take to address any concerns raised by investors and analysts alike.
[bs_slider_forecast ticker=”BX”]
Investor Activity and Analyst Opinions Surrounding Portland General Electric in September 2023
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”BX” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]September 10, 2023 – Numerous investors have recently made adjustments to their holdings of Portland General Electric (NYSE:POR), a major utilities provider. Cascade Investment Advisors Inc., for instance, acquired a new stake in the company during the first quarter, valued at approximately $36,000. Likewise, Ridgewood Investments LLC also acquired a new stake worth about $39,000 during the same period. Benjamin Edwards Inc. increased its position in Portland General Electric by an impressive 150.9% in the first quarter. The company now owns 946 shares of the utilities provider’s stock valued at $46,000 after purchasing an additional 569 shares during that period.
EverSource Wealth Advisors LLC also saw its holdings in Portland General Electric rise significantly by 475.1% in the fourth quarter. After acquiring an additional 822 shares during that time frame, EverSource Wealth Advisors now owns a total of 995 shares worth $49,000. Additionally, CI Investments Inc., boosted its position in shares of Portland General Electric by 54.6% during the fourth quarter and currently possesses 1,435 shares valued at $70,000.
On Friday, September 10th, NYSE:POR traded up at a rate of $0.26 and reached $43.68 per share. The stock experienced a trading volume of around 1,046,553 shares compared to its average volume of approximately 936,728 shares. Over the past year, Portland General Electric has witnessed fluctuations with a low point of $41.58 and a high point of $53.12 per share.
The company currently boasts a market capitalization of $4.42 billion and exhibits a relatively steady P/E ratio of 18.20 and price-to-earnings-growth ratio of 2.71 as well as a beta value standing at 0.56—a factor indicative of lower volatility compared to the market. Portland General Electric has a quick ratio of 0.75, a current ratio of 0.89, and a debt-to-equity ratio of 1.18.
Various equities research analysts have recently expressed their opinions about POR shares. UBS Group initiated coverage on Portland General Electric and assigned a “neutral” rating alongside a $46.00 price objective for the company on August 22nd, 2023. Meanwhile, Bank of America adjusted their target price from $56.00 to $52.00 in a research note published on June 22nd, 2023. Barclays also joined in, initiating coverage on Portland General Electric with an “equal weight” rating and setting a $43.00 price target on the stock in another report that came out on August 23rd, 2023.
58.com reiterated its “downgrade” rating regarding shares of Portland General Electric on June 20th, 2023—reinforcing some cautiousness among investors in the utilities sector during this period. Finally, StockNews.com downgraded Portland General Electric from a “hold” rating to a “sell” rating as well.
Looking ahead, shareholders can anticipate receiving quarterly dividends from Portland General Electric as announced by the firm recently. The dividend is set to be paid out on Monday, October 16th with shareholders of record as of Monday, September 25th being eligible to receive it. The dividend amounts to $0.475 per share and holders must take note that the ex-dividend date is scheduled for Friday, September 22nd.
