HITE Hedge Asset Management LLC Sells 14,910 Shares of Portland General Electric Company $POR

Key Points

• HITE Hedge Asset Management LLC has sold 14,910 shares of Portland General Electric Company, reducing its holdings by 1.5% and maintaining ownership of 972,020 shares, which make up 2.7% of its portfolio.
• Portland General Electric announced a quarterly dividend of $0.525 per share, representing a yield of 5.0%, with payment scheduled for October 15th.
• In recent earnings, the company reported earnings per share of $0.66, slightly exceeding analyst expectations, alongside a revenue increase of 6.5% year-over-year.

HITE Hedge Asset Management LLC decreased its position in shares of Portland General Electric Company (NYSE:POR - Free Report) by 1.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 972,020 shares of the utilities provider's stock after selling 14,910 shares during the quarter. Portland General Electric makes up 2.7% of HITE Hedge Asset Management LLC's investment portfolio, making the stock its 11th largest position. HITE Hedge Asset Management LLC owned approximately 0.89% of Portland General Electric worth $43,352,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Portland General Electric by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 12,472,333 shares of the utilities provider's stock worth $556,266,000 after acquiring an additional 559,201 shares during the period. Fuller & Thaler Asset Management Inc. grew its stake in shares of Portland General Electric by 22.8% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 4,864,352 shares of the utilities provider's stock worth $216,950,000 after acquiring an additional 904,692 shares during the period. Zimmer Partners LP grew its stake in shares of Portland General Electric by 25.2% during the 4th quarter. Zimmer Partners LP now owns 2,306,227 shares of the utilities provider's stock worth $100,598,000 after acquiring an additional 463,685 shares during the period. Invesco Ltd. lifted its holdings in Portland General Electric by 3.7% during the 1st quarter. Invesco Ltd. now owns 2,282,513 shares of the utilities provider's stock worth $101,800,000 after purchasing an additional 82,427 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings 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 purchasing an additional 59,861 shares in the last quarter.

Portland General Electric Price Performance

Shares of NYSE:POR traded up $0.8510 on Friday, hitting $43.0510. The company's stock had a trading volume of 1,294,843 shares, compared to its average volume of 1,179,016. The company has a 50-day simple moving average of $41.18 and a 200 day simple moving average of $42.23. Portland General Electric Company has a 1 year low of $39.54 and a 1 year high of $49.85. The company has a market capitalization of $4.72 billion, a PE ratio of 15.89, a PEG ratio of 3.89 and a beta of 0.55. 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 announced its quarterly earnings data on Friday, July 25th. The utilities provider reported $0.66 EPS for the quarter, beating the consensus estimate of $0.65 by $0.01. The firm had revenue of $807.00 million for the quarter, compared to analyst estimates 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 was up 6.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.69 EPS. Portland General Electric has set its FY 2025 guidance at 3.130-3.330 EPS. Sell-side analysts forecast 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. Stockholders of record on Thursday, September 25th will be given a dividend of $0.525 per share. The ex-dividend date is Thursday, September 25th. This represents a $2.10 annualized dividend and a dividend yield of 4.9%. Portland General Electric's dividend payout ratio is 77.49%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. UBS Group raised Portland General Electric from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $47.00 to $50.00 in a report on Monday, May 5th. KeyCorp cut Portland General Electric from an "overweight" rating to a "sector weight" rating and set a $51.00 price objective on the stock. in a report on Wednesday, May 14th. Barclays dropped their price objective on Portland General Electric from $45.00 to $43.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 22nd. Evercore ISI dropped their price objective on Portland General Electric from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Finally, Wells Fargo & Company lowered 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. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $45.40.

Insider Activity

In other news, Director Michael A. Lewis sold 1,937 shares of the stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $40.10, for a total transaction of $77,673.70. Following the transaction, the director directly owned 13,509 shares in the company, valued at approximately $541,710.90. This represents a 12.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Joseph R. Trpik, Jr. sold 2,603 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $41.35, for a total value of $107,634.05. Following the transaction, the chief financial officer owned 27,089 shares in the company, valued at $1,120,130.15. This trade represents a 8.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

About Portland General Electric

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.