Portland General Electric Company (POR): Are Hedge Funds Right About This Stock?

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Is Portland General Electric Company (NYSE:POR) ready to rally soon? Money managers are in an optimistic mood. The number of bullish hedge fund positions improved by 2 in recent months.

Portland General Electric Company (NYSE:POR)

To most investors, hedge funds are perceived as underperforming, old financial vehicles of yesteryear. While there are over 8000 funds in operation today, we at Insider Monkey choose to focus on the elite of this group, about 450 funds. It is estimated that this group oversees most of the smart money’s total capital, and by watching their best stock picks, we have deciphered a number of investment strategies that have historically outpaced Mr. Market. Our small-cap hedge fund strategy beat the S&P 500 index by 18 percentage points annually for a decade in our back tests, and since we’ve began to sharing our picks with our subscribers at the end of August 2012, we have outpaced the S&P 500 index by 23.3 percentage points in 8 months (check out a sample of our picks).

Equally as key, positive insider trading activity is another way to break down the investments you’re interested in. Obviously, there are a variety of reasons for an upper level exec to drop shares of his or her company, but just one, very simple reason why they would initiate a purchase. Various academic studies have demonstrated the valuable potential of this method if investors understand what to do (learn more here).

Keeping this in mind, let’s take a peek at the key action encompassing Portland General Electric Company (NYSE:POR).

How have hedgies been trading Portland General Electric Company (NYSE:POR)?

Heading into Q2, a total of 14 of the hedge funds we track held long positions in this stock, a change of 17% from the first quarter. With hedge funds’ sentiment swirling, there exists a select group of notable hedge fund managers who were boosting their holdings significantly.

Of the funds we track, Dreman Value Management, managed by David Dreman, holds the most valuable position in Portland General Electric Company (NYSE:POR). Dreman Value Management has a $37.7 million position in the stock, comprising 1% of its 13F portfolio. Coming in second is Adage Capital Management, managed by Phill Gross and Robert Atchinson, which held a $24.3 million position; the fund has 0.1% of its 13F portfolio invested in the stock. Some other hedge funds that hold long positions include Clint Carlson’s Carlson Capital, Jim Simons’s Renaissance Technologies and Cliff Asness’s AQR Capital Management.

Now, key hedge funds have jumped into Portland General Electric Company (NYSE:POR) headfirst. Millennium Management, managed by Israel Englander, assembled the biggest position in Portland General Electric Company (NYSE:POR). Millennium Management had 4.9 million invested in the company at the end of the quarter. Joel Greenblatt’s Gotham Asset Management also made a $2.9 million investment in the stock during the quarter. The other funds with brand new POR positions are Steven Cohen’s SAC Capital Advisors, Matthew Tewksbury’s Stevens Capital Management, and Matthew Hulsizer’s PEAK6 Capital Management.

Insider trading activity in Portland General Electric Company (NYSE:POR)

Insider trading activity, especially when it’s bullish, is best served when the company we’re looking at has seen transactions within the past six months. Over the last half-year time period, Portland General Electric Company (NYSE:POR) has seen zero unique insiders purchasing, and 1 insider sales (see the details of insider trades here).

Let’s also review hedge fund and insider activity in other stocks similar to Portland General Electric Company (NYSE:POR). These stocks are Hawaiian Electric Industries, Inc. (NYSE:HE), Black Hills Corp (NYSE:BKH), UIL Holdings Corporation (NYSE:UIL), UNS Energy Corp (NYSE:UNS), and IDACORP Inc (NYSE:IDA). This group of stocks are in the electric utilities industry and their market caps are similar to POR’s market cap.

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