Published On: Tue, Sep 6th, 2016

Portland General Electric Co. (POR) Lowered to Sell at Zacks Investment Research

Portland General Electric Co. (NYSE:POR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
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 issued research reports about the stock. Bank of America Corp. lowered shares of Portland General Electric from a “buy” rating to a “neutral” rating and set a $45.00 price target on the stock. in a research report on Tuesday, August 2nd. Williams Capital boosted their price objective on shares of Portland General Electric from $41.00 to $45.00 and gave the company a “hold” rating in a research note on Friday, August 5th. Finally, Goldman Sachs Group cut shares of Portland General Electric from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $39.00 to $38.00 in a research note on Monday, June 6th. Four investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Portland General Electric presently has a consensus rating of “Hold” and a consensus target price of $41.21.

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Portland General Electric (NYSE:POR) opened at 42.65 on Tuesday. The stock’s 50 day moving average is $43.20 and its 200 day moving average is $41.22. The company has a market cap of $3.79 billion and a P/E ratio of 20.55. Portland General Electric has a 1-year low of $33.82 and a 1-year high of $45.21.
Portland General Electric (NYSE:POR) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by $0.01. The firm had revenue of $428 million for the quarter, compared to the consensus estimate of $439.08 million. The firm’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.44 earnings per share. Equities analysts anticipate that Portland General Electric will post $2.12 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Monday, September 26th will be paid a $0.32 dividend. The ex-dividend date is Thursday, September 22nd. This represents a $1.28 dividend on an annualized basis and a yield of 3.00%.
A number of institutional investors recently added to or reduced their stakes in POR. Silvercrest Asset Management Group LLC boosted its position in Portland General Electric by 1.8% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,332,985 shares of the company’s stock worth $52,639,000 after buying an additional 23,865 shares in the last quarter. State Street Corp boosted its position in Portland General Electric by 4.2% in the first quarter. State Street Corp now owns 1,793,466 shares of the company’s stock worth $70,824,000 after buying an additional 71,660 shares in the last quarter. Norges Bank bought a new position in Portland General Electric during the fourth quarter worth approximately $22,523,000. Jacobs Levy Equity Management Inc. boosted its position in Portland General Electric by 15.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 10,870 shares of the company’s stock worth $429,000 after buying an additional 1,430 shares in the last quarter. Finally, Prudential Financial Inc. boosted its position in Portland General Electric by 334.2% in the first quarter. Prudential Financial Inc. now owns 67,559 shares of the company’s stock worth $2,668,000 after buying an additional 52,000 shares in the last quarter.
Portland General Electric Company (PGE) is an electric utility company. The Company is engaged in the generation, wholesale purchase, transmission, distribution and retail sale of electricity in the state of Oregon. The Company also sells electricity and natural gas in the wholesale market to utilities, brokers and power marketers.

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