Citigroup Inc. Acquires 55,529 Shares of Portland General Electric (NYSE:POR)

Citigroup Inc. grew its holdings in Portland General Electric (NYSE:POR) by 43.5% in the 3rd quarter, Holdings Channel reports. The fund owned 183,044 shares of the utilities provider’s stock after purchasing an additional 55,529 shares during the quarter. Citigroup Inc.’s holdings in Portland General Electric were worth $8,768,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of POR. Jane Street Group LLC raised its stake in Portland General Electric by 274.5% during the 1st quarter. Jane Street Group LLC now owns 197,687 shares of the utilities provider’s stock valued at $8,303,000 after purchasing an additional 144,900 shares during the last quarter. Cetera Investment Advisers raised its position in shares of Portland General Electric by 228.4% during the first quarter. Cetera Investment Advisers now owns 52,833 shares of the utilities provider’s stock valued at $2,219,000 after buying an additional 36,744 shares during the last quarter. Cetera Advisors LLC lifted its stake in shares of Portland General Electric by 231.6% in the first quarter. Cetera Advisors LLC now owns 19,499 shares of the utilities provider’s stock valued at $819,000 after buying an additional 13,618 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new stake in Portland General Electric during the second quarter worth about $31,557,000. Finally, Qsemble Capital Management LP bought a new position in Portland General Electric during the second quarter valued at about $678,000.

Portland General Electric Trading Down 0.3 %

Shares of Portland General Electric stock opened at $47.93 on Friday. Portland General Electric has a 12-month low of $39.13 and a 12-month high of $49.85. The stock has a market capitalization of $5.05 billion, a P/E ratio of 14.31, a price-to-earnings-growth ratio of 1.22 and a beta of 0.59. The company has a 50-day simple moving average of $47.40 and a 200 day simple moving average of $46.17. The company has a quick ratio of 0.86, a current ratio of 0.98 and a debt-to-equity ratio of 1.28.

Portland General Electric (NYSE:POR) last posted its quarterly earnings data on Friday, October 25th. The utilities provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.01. The company had revenue of $929.00 million during the quarter, compared to analyst estimates of $882.66 million. Portland General Electric had a net margin of 10.30% and a return on equity of 10.28%. The company’s revenue was up 15.8% on a year-over-year basis. During the same quarter last year, the business posted $0.46 earnings per share. Research analysts expect that Portland General Electric will post 3.12 earnings per share for the current fiscal year.

Portland General Electric Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 24th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.17%. The ex-dividend date is Tuesday, December 24th. Portland General Electric’s dividend payout ratio is currently 59.70%.

Insider Transactions at Portland General Electric

In other news, SVP Maria Angelica Espinosa sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $48.30, for a total transaction 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. This represents a 14.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. StockNews.com upgraded Portland General Electric from a “sell” rating to a “hold” rating in a research report on Tuesday, September 24th. Barclays reduced their target price on Portland General Electric from $49.00 to $48.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 29th. Evercore ISI began coverage on shares of Portland General Electric in a research note on Wednesday, September 25th. They set an “outperform” rating and a $54.00 price target on the stock. JPMorgan Chase & Co. increased their price objective on shares of Portland General Electric from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Jefferies Financial Group initiated coverage on shares of Portland General Electric in a report on Friday, September 20th. They set a “hold” rating and a $48.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $48.86.

Portland General Electric 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.