KBC Group NV has decreased its ownership in Portland General Electric Company (NYSE: POR) by 30.6% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The investment firm now holds 3,273 shares of the utility provider’s stock after selling 1,444 shares in the period, with a total value of approximately $133,000.
Other institutional investors have also adjusted their stakes in Portland General Electric. For instance, Campbell & Co Investment Adviser LLC increased its holdings by 38.8%, now owning 44,777 shares, valued at approximately $1.8 million. Similarly, Sequoia Financial Advisors LLC acquired a new position worth $376,000, while Eastern Bank purchased a stake valued at about $65,000. Vanguard Group Inc. raised its position by 4.7%, owning over 12.4 million shares worth around $556 million.
In a notable insider transaction, CEO Maria M. Pope sold 18,896 shares on September 10, 2023, at an average price of $42.50, totaling approximately $803,080. This transaction reduced her ownership by 8.87%, leaving her with 194,135 shares valued at around $8.25 million. Insider ownership currently stands at 0.40% of the company’s stock.
Portland General Electric’s Recent Financial Performance
Portland General Electric reported its earnings on October 30, 2023, revealing earnings per share of $1.00, exceeding analyst expectations of $0.98 by $0.02. The company generated revenue of $952 million for the quarter, falling short of forecasts of $975.64 million. Year-over-year, the company’s revenue increased by 2.5%, with a return on equity of 8.07% and a net margin of 8.43%.
Analysts predict that Portland General Electric will report earnings of $3.21 per share for the current fiscal year.
Dividend Announcement and Analyst Ratings
The utility firm also announced a quarterly dividend of $0.525, set to be paid on January 15, 2024, to investors recorded as of December 22, 2023. This dividend represents an annualized payout of $2.10 and a yield of 4.3%, with a payout ratio of 76.36%.
On the analyst front, Portland General Electric has received varied evaluations. Barclays raised its price target from $43.00 to $47.00 and maintained an “equal weight” rating. Mizuho also set a price target of $47.00, while BTIG Research upgraded the stock to a “strong-buy” rating. In contrast, Zacks Research shifted its rating from “strong sell” to “hold.” Currently, one analyst rates the stock as a Strong Buy, one as a Buy, ten as Hold, and one as Sell, leading to a consensus rating of “Hold” with a target price of $46.92.
Portland General Electric Company operates as an integrated electric utility in Oregon, providing generation, transmission, and distribution of electricity. The company manages six thermal plants, three wind farms, and seven hydroelectric facilities, serving approximately 934,000 retail customers across 51 cities as of December 31, 2023.
