Portland General Electric (POR) Releases Earnings Results, Beats Estimates By $0.02 EPS
Portland General Electric (NYSE:POR) announced its quarterly earnings data on Friday, February 16th. The utilities provider reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.02, Morningstar.com reports. Portland General Electric had a return on equity of 8.50% and a net margin of 9.31%. The firm had revenue of $515.00 million during the quarter, compared to the consensus estimate of $514.60 million. During the same quarter in the previous year, the company posted $0.68 earnings per share. The business’s revenue was down 1.7% on a year-over-year basis. Portland General Electric updated its FY18 guidance to $2.10-2.25 EPS.
Shares of Portland General Electric (NYSE:POR) traded up $0.38 during mid-day trading on Monday, reaching $40.12. The company had a trading volume of 104,472 shares, compared to its average volume of 825,894. The stock has a market capitalization of $3,541.41, a PE ratio of 17.35, a price-to-earnings-growth ratio of 6.08 and a beta of 0.25. Portland General Electric has a 12 month low of $39.40 and a 12 month high of $50.11. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.04 and a current ratio of 1.22.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Monday, March 26th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Friday, March 23rd. This represents a $1.36 annualized dividend and a yield of 3.39%. Portland General Electric’s payout ratio is 64.76%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio grew its stake in shares of Portland General Electric by 4.5% in the second quarter. Public Employees Retirement System of Ohio now owns 6,478 shares of the utilities provider’s stock worth $296,000 after acquiring an additional 281 shares during the last quarter. Ameritas Investment Partners Inc. lifted its holdings in shares of Portland General Electric by 3.9% during the second quarter. Ameritas Investment Partners Inc. now owns 7,856 shares of the utilities provider’s stock valued at $359,000 after purchasing an additional 293 shares in the last quarter. ClariVest Asset Management LLC lifted its holdings in shares of Portland General Electric by 3.3% during the third quarter. ClariVest Asset Management LLC now owns 40,800 shares of the utilities provider’s stock valued at $1,862,000 after purchasing an additional 1,300 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Portland General Electric by 16.1% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 9,739 shares of the utilities provider’s stock valued at $445,000 after purchasing an additional 1,348 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in shares of Portland General Electric by 11.6% during the third quarter. Pacer Advisors Inc. now owns 13,674 shares of the utilities provider’s stock valued at $624,000 after purchasing an additional 1,425 shares in the last quarter. 91.53% of the stock is currently owned by hedge funds and other institutional investors.
POR has been the subject of several recent research reports. Zacks Investment Research downgraded Portland General Electric from a “hold” rating to a “sell” rating in a research report on Wednesday, December 13th. Guggenheim reissued a “hold” rating and set a $48.00 target price on shares of Portland General Electric in a research note on Wednesday, January 3rd. JPMorgan Chase & Co. reduced their target price on Portland General Electric from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, January 25th. UBS Group assumed coverage on Portland General Electric in a research note on Friday, February 2nd. They set a “sell” rating and a $40.00 target price on the stock. Finally, Wells Fargo & Co set a $42.00 target price on Portland General Electric and gave the company a “hold” rating in a research note on Tuesday, February 13th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $42.83.
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Portland General Electric Company Profile
Portland General Electric Company is an electric utility that is engaged in the wholesale purchase, transmission, distribution and retail sale of electricity in the State of Oregon. Its service area allocation of approximately 4,000 square miles is located entirely within Oregon and includes approximately 51 incorporated cities, of which Portland and Salem.
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