SG Americas Securities LLC has significantly increased its investment in Portland General Electric Company (NYSE: POR) by acquiring additional shares during the third quarter of 2023. According to the latest Form 13F filing with the Securities and Exchange Commission, SG Americas now holds 88,381 shares, reflecting a remarkable increase of 143.8%. This expansion follows the purchase of 52,127 additional shares during the quarter, bringing the total value of their stake to approximately $3,889,000.
Other institutional investors have also shown interest in Portland General Electric. ATLAS Infrastructure Partners UK Ltd. boosted its stake by 24.1% during the second quarter, now owning 5,459,258 shares valued at $221.8 million. Norges Bank entered the market with a new stake worth $41.6 million, while Covalis Capital LLP purchased a stake valued at $17.9 million. Boston Partners increased its position by 127.9%, now holding 766,362 shares valued at $31.1 million. Additionally, Adage Capital Partners GP L.L.C. acquired a new position worth $12.2 million.
Current Stock Performance and Future Projections
Shares of Portland General Electric opened at $48.86 on Monday, reflecting a slight decrease of 0.2%. The company’s stock has experienced a twelve-month low of $39.54 and a high of $51.14, with a market capitalization of $5.5 billion. The price-to-earnings (P/E) ratio stands at 17.77, while the P/E growth (P/E/G) ratio is 4.28. The stock’s performance is further illustrated by a 50-day moving average of $48.74 and a 200-day moving average of $44.74.
Portland General Electric recently reported its quarterly earnings on October 30, 2023, revealing earnings per share (EPS) of $1.00, surpassing analysts’ expectations of $0.98 by $0.02. The company achieved a net margin of 8.63% and a return on equity of 8.32%, with revenues totaling $952 million for the quarter, slightly below the anticipated $975.6 million. Year-over-year, revenue has increased by 2.5%.
Analysts predict Portland General Electric will post an EPS of $3.21 for the current year, reflecting a positive growth outlook.
Dividend Announcement and Analyst Ratings
Portland General Electric has also announced a quarterly dividend of $0.525 per share, scheduled for payment on January 15, 2024. Shareholders of record as of December 22, 2023 will be eligible for this dividend, which represents an annualized dividend of $2.10 and a yield of 4.3%. The company’s dividend payout ratio stands at 76.36%.
Recent analyst reports have provided varying insights into Portland General Electric’s stock. Jefferies Financial Group raised its price target from $43.00 to $46.00, maintaining a “hold” rating. Conversely, BTIG Research reaffirmed a “buy” rating, while LADENBURG THALM/SH SH reiterated a “sell” rating with a target price of $43.00. Wells Fargo & Company set an “equal weight” rating with a price target of $45.00, and JPMorgan Chase & Co. increased its price objective from $47.00 to $49.00, assigning a “neutral” rating.
Overall, the consensus rating for Portland General Electric is “hold,” with a target price averaging $47.58 according to MarketBeat.com.
Portland General Electric, headquartered in Tigard, Oregon, is one of the state’s largest investor-owned electric utilities, delivering electricity to a diverse customer base throughout the Portland metropolitan area and surrounding regions. The company operates a varied portfolio of generation assets, including hydroelectric facilities and renewable energy sources, contributing significantly to Oregon’s energy landscape.
