Portland General Electric Company $POR Stock Sold by ProShare Advisors LLC

Key Points

• ProShare Advisors reduced its Portland General Electric stake by 21.1% in the third quarter, selling 141,675 shares and retaining 530,703 shares valued at approximately $23.7 million.
• Analyst sentiment remains cautious: POR has an overall “Hold” rating, with three Buy ratings and seven Holds, and a consensus price target of $51.56.
• Portland General Electric missed quarterly earnings and revenue estimates, reporting $1.06 in EPS versus $1.11 expected and $971 million in revenue versus $1.02 billion expected, while maintaining a quarterly dividend of $0.5513 per share.

ProShare Advisors LLC trimmed its stake in shares of Portland General Electric Company (NYSE:POR - Free Report) by 21.1% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 530,703 shares of the utilities provider's stock after selling 141,675 shares during the quarter. ProShare Advisors LLC owned about 0.45% of Portland General Electric worth $23,685,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. grew its holdings in shares of Portland General Electric by 7.4% during the 2nd quarter. BlackRock Inc. now owns 18,719,655 shares of the utilities provider's stock worth $970,240,000 after purchasing an additional 1,292,219 shares in the last quarter. Allianz Asset Management GmbH raised its stake in Portland General Electric by 3,222.3% in the second quarter. Allianz Asset Management GmbH now owns 685,133 shares of the utilities provider's stock valued at $35,510,000 after purchasing an additional 664,511 shares in the last quarter. Bank of America Corp DE raised its stake in Portland General Electric by 60.6% in the first quarter. Bank of America Corp DE now owns 1,660,446 shares of the utilities provider's stock valued at $87,622,000 after purchasing an additional 626,223 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in Portland General Electric by 31.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,329,723 shares of the utilities provider's stock valued at $120,750,000 after purchasing an additional 553,570 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Portland General Electric in the first quarter valued at about $26,322,000.

Analyst Ratings Changes

Several brokerages have recently commented on POR. Weiss Ratings cut shares of Portland General Electric from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, August 27th. Zacks Research upgraded shares of Portland General Electric from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 4th. UBS Group decreased their price objective on shares of Portland General Electric from $53.00 to $50.00 and set a "neutral" rating on the stock in a research note on Monday, September 28th. BTIG Research set a $57.00 price objective on shares of Portland General Electric in a research report on Tuesday, October 20th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Portland General Electric from $56.00 to $53.00 and set a "neutral" rating for the company in a research report on Wednesday, September 9th. Three equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $51.56.

Portland General Electric Stock Performance

NYSE:POR opened at $45.55 on Tuesday. The stock's 50-day simple moving average is $46.40 and its 200 day simple moving average is $49.98. The firm has a market capitalization of $5.36 billion, a PE ratio of 19.55, a price-to-earnings-growth ratio of 2.68 and a beta of 0.49. The company has a quick ratio of 0.86, a current ratio of 0.98 and a debt-to-equity ratio of 1.26. Portland General Electric Company has a twelve month low of $43.26 and a twelve month high of $54.62.

Portland General Electric (NYSE:POR - Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The utilities provider reported $1.06 earnings per share for the quarter, missing analysts' consensus estimates of $1.11 by ($0.05). The company had revenue of $971.00 million during the quarter, compared to analyst estimates of $1.02 billion. Portland General Electric had a net margin of 7.27% and a return on equity of 7.47%. The company's revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.00 earnings per share. On average, analysts anticipate that Portland General Electric Company will post 3.22 EPS for the current fiscal year.

Portland General Electric Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Tuesday, December 22nd will be issued a $0.5513 dividend. This represents a $2.21 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend is Tuesday, December 22nd. Portland General Electric's dividend payout ratio is presently 94.42%.

About Portland General Electric

Portland General Electric Company NYSE: POR is an investor-owned electric utility that generates, purchases, transmits, distributes and sells electricity to residential, commercial and industrial customers. The company also offers energy-management programs, renewable energy options and other services designed to support energy efficiency and electrification.

PGE serves communities throughout the state of Oregon, including the Portland metropolitan area and the Willamette Valley. Its operations include a diverse portfolio of power generation resources, transmission and distribution infrastructure, and programs supporting the integration of renewable energy and electric vehicles.

The company traces its history to the development of electric service in Oregon in the late 19th century.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.