Short Interest in Portland General Electric (POR) Drops By 38.2%

Portland General Electric (NYSE:POR) was the target of a significant drop in short interest in March. As of March 29th, there was short interest totalling 1,123,628 shares, a drop of 38.2% from the March 15th total of 1,817,091 shares. Approximately 1.3% of the company’s stock are sold short. Based on an average trading volume of 835,858 shares, the days-to-cover ratio is currently 1.3 days.

Shares of POR stock opened at $40.43 on Friday. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.22 and a quick ratio of 1.04. The company has a market cap of $3,646.57, a P/E ratio of 17.66, a P/E/G ratio of 6.38 and a beta of 0.22. Portland General Electric has a twelve month low of $39.02 and a twelve month high of $50.11.

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Portland General Electric (NYSE:POR) last announced its quarterly earnings results on Friday, February 16th. The utilities provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.02. The company had revenue of $515.00 million during the quarter, compared to analysts’ expectations of $514.60 million. Portland General Electric had a return on equity of 8.50% and a net margin of 9.31%. Portland General Electric’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period last year, the business earned $0.68 earnings per share. equities analysts predict that Portland General Electric will post 2.19 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, April 16th. Investors of record on Monday, March 26th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 3.36%. The ex-dividend date was Friday, March 23rd. Portland General Electric’s dividend payout ratio is currently 59.39%.

In other Portland General Electric news, VP Bradley Young Jenkins sold 618 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $40.47, for a total value of $25,010.46. Following the completion of the sale, the vice president now owns 896 shares of the company’s stock, valued at $36,261.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.62% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in POR. New York State Common Retirement Fund raised its position in Portland General Electric by 134.6% during the third quarter. New York State Common Retirement Fund now owns 250,075 shares of the utilities provider’s stock valued at $11,413,000 after acquiring an additional 143,500 shares in the last quarter. Jane Street Group LLC purchased a new position in Portland General Electric during the third quarter valued at approximately $201,000. California Public Employees Retirement System raised its position in Portland General Electric by 7.6% during the third quarter. California Public Employees Retirement System now owns 181,813 shares of the utilities provider’s stock valued at $8,298,000 after acquiring an additional 12,913 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in Portland General Electric by 2.0% during the third quarter. Parametric Portfolio Associates LLC now owns 360,858 shares of the utilities provider’s stock valued at $16,470,000 after acquiring an additional 6,974 shares in the last quarter. Finally, Dalton Greiner Hartman Maher & Co. raised its position in Portland General Electric by 3.4% during the fourth quarter. Dalton Greiner Hartman Maher & Co. now owns 320,604 shares of the utilities provider’s stock valued at $14,613,000 after acquiring an additional 10,396 shares in the last quarter. Institutional investors own 92.84% of the company’s stock.

A number of equities research analysts recently commented on POR shares. Zacks Investment Research raised Portland General Electric from a “sell” rating to a “hold” rating in a report on Tuesday, January 2nd. JPMorgan Chase decreased their target price on Portland General Electric from $48.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, January 25th. UBS started coverage on Portland General Electric in a report on Friday, February 2nd. They set a “sell” rating and a $40.00 target price for the company. Bank of America downgraded Portland General Electric from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $41.00 to $39.00 in a report on Tuesday, March 6th. Finally, Guggenheim reaffirmed a “hold” rating and set a $48.00 target price on shares of Portland General Electric in a report on Wednesday, January 3rd. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. Portland General Electric presently has a consensus rating of “Hold” and a consensus price target of $42.61.

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About Portland General Electric

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. The company operates seven thermal plants; seven hydroelectric plants; and two wind farms. As of December 31, 2017, it owned an electric transmission system consisting of 1,250 circuit miles, including 287 circuit miles of 500 kilovolt line, 402 circuit miles of 230 kilovolt line, and 561 miles of 115 kilovolt line.

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