Renaissance Technologies LLC Sells 50,535 Shares of Portland General Electric (NYSE:POR)

Renaissance Technologies LLC cut its holdings in Portland General Electric (NYSE:POR - Free Report) by 48.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,165 shares of the utilities provider's stock after selling 50,535 shares during the quarter. Renaissance Technologies LLC owned 0.05% of Portland General Electric worth $2,363,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Franklin Resources Inc. boosted its stake in shares of 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 acquiring an additional 81,701 shares in the last quarter. Lord Abbett & CO. LLC grew its position in shares of Portland General Electric by 1.6% in the third quarter. Lord Abbett & CO. LLC now owns 1,062,663 shares of the utilities provider's stock valued at $50,902,000 after purchasing an additional 17,021 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of Portland General Electric by 151.0% during the 4th quarter. Versant Capital Management Inc now owns 748 shares of the utilities provider's stock worth $33,000 after purchasing an additional 450 shares in the last quarter. Nordea Investment Management AB lifted its stake in Portland General Electric by 2.0% in the 4th quarter. Nordea Investment Management AB now owns 989,379 shares of the utilities provider's stock valued at $43,058,000 after buying an additional 19,057 shares in the last quarter. Finally, Oliver Luxxe Assets LLC grew its holdings in Portland General Electric by 4.9% during the 4th quarter. Oliver Luxxe Assets LLC now owns 101,799 shares of the utilities provider's stock valued at $4,440,000 after buying an additional 4,780 shares during the last quarter.

Portland General Electric Stock Performance

NYSE POR traded up $0.42 during midday trading on Wednesday, hitting $42.12. The company had a trading volume of 647,835 shares, compared to its average volume of 1,031,268. Portland General Electric has a fifty-two week low of $40.05 and a fifty-two week high of $49.85. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of 13.99, a P/E/G ratio of 1.11 and a beta of 0.49. The firm has a fifty day simple moving average of $43.51 and a two-hundred day simple moving average of $44.27. The company has a quick ratio of 0.81, a current ratio of 0.92 and a debt-to-equity ratio of 1.22.

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

Portland General Electric Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, June 24th will be issued a dividend of $0.525 per share. This is a boost from Portland General Electric's previous quarterly dividend of $0.50. The ex-dividend date is Tuesday, June 24th. This represents a $2.10 annualized dividend and a yield of 4.99%. Portland General Electric's dividend payout ratio is presently 69.77%.

Wall Street Analyst Weigh In

POR has been the topic of a number of analyst reports. Jefferies Financial Group decreased their price objective on Portland General Electric from $47.00 to $42.00 and set a "hold" rating on the stock in a research note 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 target for the company. in a report on Tuesday, February 18th. StockNews.com raised shares of Portland General Electric from a "sell" rating to a "hold" rating in a research note on Friday, April 25th. Wells Fargo & Company cut their price target on Portland General Electric from $46.00 to $44.00 and set an "equal weight" rating for the company in a report on Monday. Finally, Barclays raised their price objective on Portland General Electric from $47.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Portland General Electric has a consensus rating of "Hold" and a consensus price target of $45.40.

Insiders Place Their Bets

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

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.