Portland General Electric (NYSE: POR) has received an updated price target of $49.00 from JPMorgan Chase & Co., a significant increase from the previous target of $47.00. This adjustment was detailed in a research note published on Friday. While JPMorgan maintains a neutral rating on the utility provider’s stock, other analysts have also weighed in with varying assessments.
On October 22, 2023, BTIG Research upgraded Portland General Electric to a “strong-buy” rating. Meanwhile, Jefferies Financial Group adjusted their price target from $43.00 to $46.00, assigning a “hold” rating. In contrast, Weiss Ratings reaffirmed a “hold (c+)” rating, while LADENBURG THALM/SH SH issued a “sell” rating with a target price of $43.00. Additionally, Zacks Research upgraded the stock from a “strong sell” to a “hold” rating earlier in August.
The consensus among analysts indicates a “hold” rating for Portland General Electric, with an average target price of $47.33 based on data from MarketBeat.com. The stock has drawn attention from various investment analysts, with one recommending a strong buy, one a buy, nine holding, and two selling.
Stock Performance and Financial Health
As of Friday, shares of Portland General Electric opened at $48.11. The company boasts a market capitalization of $5.41 billion, a price-to-earnings (P/E) ratio of 17.49, and a beta of 0.67. The stock has shown a 50-day moving average of $47.32 and a 200-day moving average of $43.72. Over the past year, the stock reached a low of $39.54 and a high of $51.14.
On October 30, 2023, Portland General Electric reported earnings of $1.00 per share for the quarter, exceeding analysts’ expectations of $0.98 by $0.02. The company’s revenue for the quarter totaled $952.00 million, falling short of the forecasted $975.64 million. The net margin stood at 8.63%, and the return on equity was 8.32%. Year-over-year, quarterly revenue increased by 2.5% compared to the previous year, where the company reported $0.90 EPS.
Dividend Announcement and Institutional Activity
Portland General Electric has recently declared a quarterly dividend of $0.525 per share, set to be paid on January 15, 2024. Shareholders of record as of December 22, 2023, will receive this dividend, which translates to an annualized yield of 4.4%. The ex-dividend date is also December 22, 2023, and the company’s payout ratio is 76.36%.
Recent activity among institutional investors shows a notable increase in holdings. IFP Advisors Inc. increased its position in Portland General Electric by an impressive 1,291.7% during the second quarter. Other firms, such as Root Financial Partners LLC and Johnson Financial Group Inc., also purchased new stakes in the company, each valued at approximately $27,000. Additionally, Bell Investment Advisors Inc. raised its position by 80.6%, now owning 829 shares worth around $34,000.
Portland General Electric operates as an integrated electric utility company in Oregon, involved in every aspect of electricity—from generation to retail sales. It manages six thermal plants, three wind farms, and seven hydroelectric facilities, serving 934,000 retail customers across 51 cities. The company continues to adapt and evolve within a competitive energy landscape, responding to the shifting demands of its customer base.