Balyasny Asset Management L.P. Makes New Investment in Portland General Electric (NYSE:POR)

Balyasny Asset Management L.P. acquired a new stake in shares of Portland General Electric (NYSE:POR - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 79,752 shares of the utilities provider's stock, valued at approximately $3,479,000. Balyasny Asset Management L.P. owned about 0.08% of Portland General Electric at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Franklin Resources Inc. lifted its holdings in Portland General Electric by 114.1% during the 3rd quarter. Franklin Resources Inc. now owns 153,290 shares of the utilities provider's stock worth $7,289,000 after buying an additional 81,701 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Portland General Electric during the fourth quarter worth $32,553,000. Park Avenue Securities LLC boosted its holdings in Portland General Electric by 24.0% in the fourth quarter. Park Avenue Securities LLC now owns 20,862 shares of the utilities provider's stock worth $910,000 after purchasing an additional 4,044 shares during the period. USA Financial Formulas bought a new stake in Portland General Electric during the fourth quarter valued at $71,000. Finally, Trust Co. of Vermont lifted its position in shares of Portland General Electric by 5.8% in the 4th quarter. Trust Co. of Vermont now owns 8,536 shares of the utilities provider's stock worth $372,000 after buying an additional 465 shares during the last quarter.

Portland General Electric Price Performance

NYSE:POR traded up $1.27 during mid-day trading on Thursday, reaching $42.21. 964,132 shares of the stock were exchanged, compared to its average volume of 1,023,985. The company has a current ratio of 0.92, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22. The business has a fifty day moving average price of $43.07 and a 200 day moving average price of $43.83. Portland General Electric has a 1-year low of $40.05 and a 1-year high of $49.85. The firm has a market capitalization of $4.62 billion, a PE ratio of 14.02, a PEG ratio of 1.11 and a beta of 0.57.

Portland General Electric (NYSE:POR - Get Free Report) last released its earnings results on Friday, April 25th. The utilities provider reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). The business had revenue of $928.00 million for the quarter, compared to analyst estimates of $977.02 million. Portland General Electric had a net margin of 9.13% and a return on equity of 9.10%. The firm's revenue for the quarter was down .1% on a year-over-year basis. During the same period in the prior year, the company earned $1.21 earnings per share. Research analysts expect that Portland General Electric will post 3.21 earnings per share for the current fiscal year.

Portland General Electric Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, June 24th will be paid a dividend of $0.525 per share. The ex-dividend date of this dividend is Tuesday, June 24th. This is a positive change from Portland General Electric's previous quarterly dividend of $0.50. This represents a $2.10 annualized dividend and a dividend yield of 4.98%. Portland General Electric's dividend payout ratio (DPR) is currently 73.94%.

Insider Buying and Selling

In other Portland General Electric news, CFO Joseph R. Trpik, Jr. sold 1,375 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $41.32, for a total transaction of $56,815.00. Following the completion of the sale, the chief financial officer now directly owns 31,960 shares in the company, valued at approximately $1,320,587.20. This trade represents a 4.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Benjamin Felton sold 1,845 shares of the company's stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $43.02, for a total value of $79,371.90. Following the completion of the transaction, the executive vice president now owns 32,646 shares in the company, valued at $1,404,430.92. This represents a 5.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,795 shares of company stock worth $159,946 in the last three months. 0.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

POR has been the topic of several research reports. KeyCorp lowered shares of Portland General Electric from an "overweight" rating to a "sector weight" rating and set a $51.00 price objective on the stock. in a research note on Wednesday. Jefferies Financial Group lowered their price target on shares of Portland General Electric from $47.00 to $42.00 and set a "hold" rating for the company in a research report on Tuesday, January 28th. LADENBURG THALM/SH SH downgraded shares of Portland General Electric from a "buy" rating to a "neutral" rating and set a $42.00 price objective on the stock. in a research report on Tuesday, February 18th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $44.00 target price (down from $50.00) on shares of Portland General Electric in a research note on Thursday, April 10th. Finally, Wells Fargo & Company cut their price target on Portland General Electric from $46.00 to $44.00 and set an "equal weight" rating on the stock in a report on Monday, April 28th. One analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $45.45.

Portland General Electric Company 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.