SG Americas Securities LLC has significantly increased its investment in Portland General Electric Company (NYSE: POR), raising its ownership by an impressive 143.8% during the third quarter of this year. According to the firm’s recent Form 13F filing with the Securities and Exchange Commission, SG Americas now holds 88,381 shares of the utility provider, having added 52,127 shares during the quarter. As of the latest filing, this stake is valued at approximately $3.89 million, representing around 0.08% of Portland General Electric.
Several other institutional investors have also adjusted their positions in the company. ATLAS Infrastructure Partners UK Ltd. increased its stake by 24.1% in the second quarter, acquiring 1,058,623 shares to bring its total holdings to 5,459,258 shares, valued at $221.81 million. Similarly, Norges Bank entered the fray by acquiring a new stake valued at $41.55 million, while Covalis Capital LLP purchased shares worth $17.92 million. Boston Partners expanded its position by 127.9%, now holding 766,362 shares valued at $31.14 million, after an increase of 430,083 shares.
As of Monday, Portland General Electric shares opened at $48.86, which represents a slight decline of 0.2%. The stock has fluctuated between a twelve-month low of $39.54 and a high of $51.14. With a market capitalization of $5.50 billion, the company has a price-to-earnings (P/E) ratio of 17.77 and a P/E growth (P/E/G) ratio of 4.28. The stock’s 50-day moving average stands at $48.74, while the 200-day moving average is $44.74. Financial ratios indicate a current ratio of 1.08, a quick ratio of 0.95, and a debt-to-equity ratio of 1.25.
In its latest quarterly earnings report, released on October 30, 2023, Portland General Electric reported earnings per share (EPS) of $1.00, surpassing analysts’ estimates of $0.98 by $0.02. The company achieved a net margin of 8.63% and a return on equity of 8.32%. However, revenue for the quarter was $952 million, falling short of expectations of $975.64 million. Year-over-year, revenue increased by 2.5%, with last year’s EPS recorded at $0.90.
Looking ahead, analysts anticipate that Portland General Electric will post an EPS of $3.21 for the current fiscal year.
In addition to its earnings report, the company announced a quarterly dividend of $0.525 per share, which will be distributed on January 15, 2024. Shareholders of record as of December 22, 2023, will be eligible for this dividend, which translates to an annualized dividend of $2.10 and a dividend yield of 4.3%. The company’s dividend payout ratio is recorded at 76.36%.
Recent reports from analysts indicate mixed opinions on Portland General Electric’s stock. Jefferies Financial Group raised its price target from $43.00 to $46.00 while maintaining a “hold” rating. In contrast, BTIG Research reaffirmed a “buy” rating, while LADENBURG THALM/SH SH issued a “sell” rating with a target price of $43.00. Wells Fargo & Company initiated coverage with an “equal weight” rating and a target price of $45.00, and JPMorgan Chase & Co. raised their price objective from $47.00 to $49.00 with a “neutral” rating. Overall, the consensus rating is categorized as “hold,” with an average target price of $47.58.
Portland General Electric, headquartered in Tigard, Oregon, has a long history dating back to the late 19th century. The investor-owned electric utility generates, transmits, and distributes electricity across a wide territory in Oregon, primarily serving the Portland metropolitan area and surrounding regions. It operates a diverse range of generation assets, including hydroelectric facilities, natural gas-fired plants, and renewable energy sources.
