Channing Capital Management LLC Reduces Stake in Portland General Electric Company $POR

Key Points

• Channing Capital Management LLC has reduced its stake in Portland General Electric Company by 12.8%, selling 234,484 shares and now holding approximately 1,597,380 shares.
• Portland General Electric has announced a quarterly dividend of $0.525 per share, with a dividend yield of 4.9% and an annualized dividend of $2.10.
• Despite a positive quarterly earnings report, analysts have adjusted price targets for Portland General Electric, with JPMorgan reducing theirs from $46.00 to $45.00 and Wells Fargo from $46.00 to $44.00.

Channing Capital Management LLC cut its position in Portland General Electric Company (NYSE:POR - Free Report) by 12.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,597,380 shares of the utilities provider's stock after selling 234,484 shares during the quarter. Portland General Electric makes up 2.2% of Channing Capital Management LLC's investment portfolio, making the stock its 19th biggest holding. Channing Capital Management LLC owned about 1.46% of Portland General Electric worth $71,243,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in POR. Raymond James Financial Inc. acquired a new stake in shares of Portland General Electric in the 4th quarter valued at about $7,181,000. Rockefeller Capital Management L.P. lifted its position in Portland General Electric by 13.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 12,741 shares of the utilities provider's stock worth $556,000 after acquiring an additional 1,471 shares during the period. Mariner LLC lifted its position in Portland General Electric by 20.3% during the 4th quarter. Mariner LLC now owns 19,386 shares of the utilities provider's stock worth $846,000 after acquiring an additional 3,269 shares during the period. Freedom Investment Management Inc. lifted its position in Portland General Electric by 38.4% during the 4th quarter. Freedom Investment Management Inc. now owns 6,061 shares of the utilities provider's stock worth $264,000 after acquiring an additional 1,683 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Portland General Electric by 3.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,643,769 shares of the utilities provider's stock worth $71,701,000 after acquiring an additional 59,861 shares during the period.

Insider Activity at Portland General Electric

In related news, CFO Joseph R. Trpik, Jr. sold 2,603 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $41.35, for a total value of $107,634.05. Following the completion of the transaction, the chief financial officer directly owned 27,089 shares of the company's stock, valued at $1,120,130.15. This trade represents a 8.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael A. Lewis sold 1,937 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $40.10, for a total value of $77,673.70. Following the completion of the transaction, the director directly owned 13,509 shares of the company's stock, valued at $541,710.90. The trade was a 12.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on POR shares. Evercore ISI decreased their price objective on Portland General Electric from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Zacks Research raised Portland General Electric from a "strong sell" rating to a "hold" rating in a research report on Monday, August 18th. Wells Fargo & Company decreased their price objective on Portland General Electric from $46.00 to $44.00 and set an "equal weight" rating for the company in a research report on Monday, April 28th. BMO Capital Markets started coverage on Portland General Electric in a research report on Tuesday, May 13th. They set a "market perform" rating and a $46.00 price objective for the company. Finally, KeyCorp cut Portland General Electric from an "overweight" rating to a "sector weight" rating and set a $51.00 price objective for the company. in a research report on Wednesday, May 14th. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $45.40.

Portland General Electric Stock Performance

Shares of POR stock traded down $0.07 during trading hours on Tuesday, reaching $42.43. 409,560 shares of the company's stock were exchanged, compared to its average volume of 1,172,254. The company has a market cap of $4.65 billion, a P/E ratio of 15.65, a price-to-earnings-growth ratio of 3.94 and a beta of 0.55. The company's 50 day moving average is $41.26 and its two-hundred day moving average is $42.26. Portland General Electric Company has a 1 year low of $39.54 and a 1 year high of $49.85. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.97 and a quick ratio of 0.84.

Portland General Electric (NYSE:POR - Get Free Report) last issued its earnings results on Friday, July 25th. The utilities provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.65 by $0.01. The business had revenue of $807.00 million during the quarter, compared to the consensus estimate of $797.97 million. Portland General Electric had a return on equity of 8.07% and a net margin of 8.43%.The company's revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.69 EPS. Portland General Electric has set its FY 2025 guidance at 3.130-3.330 EPS. Equities research analysts anticipate that Portland General Electric Company will post 3.21 EPS for the current fiscal year.

Portland General Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Thursday, September 25th will be paid a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Thursday, September 25th. Portland General Electric's dividend payout ratio (DPR) is presently 77.49%.

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.