Portland General Electric Company $POR Stock Position Raised by Jennison Associates LLC

Key Points

• Jennison Associates LLC boosted its Portland General Electric stake by 150.5% in the first quarter, while several other institutional investors also reported sizable position changes.
• Portland General Electric posted Q1 earnings below expectations, with EPS of $0.58 versus the $0.77 consensus and revenue of $879 million versus $953.24 million expected.
• The company raised its quarterly dividend to $0.5513 per share, implying a 4.2% annualized yield, even as its payout ratio remains high at 98.21%.

Jennison Associates LLC increased its position in Portland General Electric Company (NYSE:POR - Free Report) by 150.5% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 46,815 shares of the utilities provider's stock after purchasing an additional 28,128 shares during the period. Jennison Associates LLC's holdings in Portland General Electric were worth $2,470,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Clearbridge Investments LLC raised its stake in Portland General Electric by 1,342.7% during the 4th quarter. Clearbridge Investments LLC now owns 4,643,134 shares of the utilities provider's stock valued at $222,824,000 after purchasing an additional 4,321,305 shares during the period. Norges Bank purchased a new position in shares of Portland General Electric during the fourth quarter valued at $56,497,000. AQR Capital Management LLC raised its position in Portland General Electric by 42.2% during the fourth quarter. AQR Capital Management LLC now owns 3,551,731 shares of the utilities provider's stock valued at $170,448,000 after buying an additional 1,054,450 shares during the period. UBS Group AG raised its position in Portland General Electric by 514.3% during the fourth quarter. UBS Group AG now owns 883,162 shares of the utilities provider's stock valued at $42,383,000 after buying an additional 739,404 shares during the period. Finally, Millennium Management LLC lifted its stake in Portland General Electric by 99.4% in the 3rd quarter. Millennium Management LLC now owns 1,385,777 shares of the utilities provider's stock worth $60,974,000 after acquiring an additional 690,743 shares in the last quarter.

Portland General Electric Price Performance

POR opened at $52.94 on Thursday. The stock has a market cap of $6.13 billion, a price-to-earnings ratio of 23.63, a PEG ratio of 2.19 and a beta of 0.52. Portland General Electric Company has a 1 year low of $39.73 and a 1 year high of $54.62. The company has a current ratio of 1.09, a quick ratio of 0.95 and a debt-to-equity ratio of 1.19. The stock has a fifty day moving average price of $50.89 and a 200 day moving average price of $51.23.

Portland General Electric (NYSE:POR - Get Free Report) last issued its earnings results on Thursday, April 30th. The utilities provider reported $0.58 EPS for the quarter, missing analysts' consensus estimates of $0.77 by ($0.19). Portland General Electric had a net margin of 7.12% and a return on equity of 7.57%. The firm had revenue of $879.00 million during the quarter, compared to analysts' expectations of $953.24 million. During the same quarter last year, the firm earned $0.91 EPS. The business's revenue for the quarter was down 5.3% compared to the same quarter last year. Analysts forecast that Portland General Electric Company will post 3.4 EPS for the current fiscal year.

Portland General Electric Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Thursday, June 25th were given a dividend of $0.5513 per share. The ex-dividend date of this dividend was Thursday, June 25th. This is a boost from Portland General Electric's previous quarterly dividend of $0.53. This represents a $2.21 annualized dividend and a yield of 4.2%. Portland General Electric's payout ratio is 98.21%.

Insider Activity at Portland General Electric

In other news, VP Juan Diego Gallegos sold 2,750 shares of the firm's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $48.67, for a total transaction of $133,842.50. Following the transaction, the vice president owned 12,127 shares in the company, valued at approximately $590,221.09. This trade represents a 18.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert N. Hoglund purchased 2,000 shares of the business's stock in a transaction dated Monday, May 11th. The shares were acquired at an average price of $48.80 per share, for a total transaction of $97,600.00. Following the acquisition, the director directly owned 2,519 shares in the company, valued at $122,927.20. This represents a 385.36% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.52% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. raised their price objective on Portland General Electric from $51.00 to $54.00 and gave the stock a "neutral" rating in a research report on Monday, April 20th. Wells Fargo & Company set a $51.00 price target on shares of Portland General Electric in a research report on Tuesday, April 21st. Weiss Ratings restated a "hold (c+)" rating on shares of Portland General Electric in a report on Friday, May 15th. Zacks Research downgraded shares of Portland General Electric from a "hold" rating to a "strong sell" rating in a research report on Monday, July 6th. Finally, BMO Capital Markets lowered their price objective on shares of Portland General Electric from $55.00 to $54.00 and set a "market perform" rating on the stock in a research report on Wednesday. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Portland General Electric presently has an average rating of "Reduce" and an average target price of $50.90.

Portland General Electric Company Profile

Portland General Electric NYSE: POR is an investor-owned electric utility headquartered in Tigard, Oregon, with roots tracing back to the late 19th century. The company generates, transmits and distributes electricity to residential, commercial and industrial customers across a broad territory in Oregon, primarily encompassing the Portland metropolitan area and surrounding regions.

As one of Oregon's largest electric utilities, Portland General Electric operates a diverse portfolio of generation assets, including hydroelectric facilities, natural gas–fired plants and renewable energy sources.

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