SG Americas Securities LLC has significantly increased its investment in Portland General Electric Company (NYSE: POR), boosting its stake by an impressive 143.8% during the third quarter of 2023. According to the firm’s latest Form 13F submission to the Securities and Exchange Commission, SG Americas now holds 88,381 shares of the utilities provider, having acquired an additional 52,127 shares within the quarter. This brings the total value of their investment to approximately $3.89 million, which represents about 0.08% of the company.
Other institutional investors have also made notable adjustments to their holdings in Portland General Electric. For example, ATLAS Infrastructure Partners UK Ltd. raised its stake by 24.1% during the second quarter, now owning 5,459,258 shares valued at $221.81 million. Norges Bank has entered the fray with a new stake valued at $41.55 million, while Covalis Capital LLP and Boston Partners have also made significant investments worth $17.92 million and $31.14 million, respectively.
Stock Performance and Earnings
On the trading front, shares of Portland General Electric opened at $48.86 on Monday, reflecting a minor decline of 0.2%. The stock has fluctuated within a 12-month range of $39.54 to $51.14, with a market capitalization of $5.5 billion. The company reported a P/E ratio of 17.77, a P/E/G ratio of 4.28, and a beta of 0.67. Recent financial data indicates that Portland General Electric achieved a net margin of 8.63% and a return on equity of 8.32%, with revenue reaching $952 million for the quarter, slightly below analysts’ expectations of $975.64 million.
The company recently announced its quarterly earnings, which exceeded analysts’ estimates. For the quarter ending on October 30, 2023, Portland General Electric reported earnings per share (EPS) of $1.00, surpassing the consensus estimate of $0.98.
Dividend Announcement and Analyst Ratings
In a positive development for shareholders, Portland General Electric declared a quarterly dividend of $0.525, scheduled for payment on January 15, 2024. Shareholders on record as of December 22, 2023 will be eligible for this dividend, which translates to an annualized payout of $2.10 and a yield of 4.3%. The company’s dividend payout ratio stands at 76.36%.
Market analysts have varied opinions on Portland General Electric’s stock. Jefferies Financial Group recently raised its price target from $43.00 to $46.00, maintaining a “hold” rating. In contrast, BTIG Research has reaffirmed a “buy” rating, while LADENBURG THALM/SH has issued a “sell” rating with a target price of $43.00. Wells Fargo & Company has also set a target price of $45.00 with an “equal weight” rating.
Overall, three analysts have rated the stock as a “buy,” eight have given it a “hold,” and one has assigned a “sell” rating. The consensus rating stands at “hold” with a target price of $47.58, according to MarketBeat.com.
Portland General Electric, headquartered in Tigard, Oregon, has a long-standing history in the region, providing electric utility services to residential, commercial, and industrial customers primarily in the Portland metropolitan area. The company operates a diverse range of generation assets, including hydroelectric facilities, natural gas-fired plants, and renewable energy sources, solidifying its position as one of Oregon’s largest electric utilities.
