Portland General Electric (NYSE:POR) Releases FY 2024 Earnings Guidance

Portland General Electric (NYSE:POR) updated its FY 2024 earnings guidance on Friday. The company provided EPS guidance of 2.980-3.180 for the period, compared to the consensus EPS estimate of 3.070. The company issued revenue guidance of -. Portland General Electric also updated its FY24 guidance to $2.98-3.18 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on POR. Barclays cut their target price on shares of Portland General Electric from $45.00 to $42.00 and set an overweight rating on the stock in a research note on Wednesday, February 21st. Mizuho reissued a neutral rating and set a $42.00 target price (down from $43.00) on shares of Portland General Electric in a research note on Tuesday, February 20th. StockNews.com downgraded shares of Portland General Electric from a hold rating to a sell rating in a research note on Tuesday, February 27th. UBS Group raised shares of Portland General Electric from a neutral rating to a buy rating and cut their target price for the company from $47.00 to $45.00 in a research note on Monday, January 29th. Finally, Bank of America downgraded shares of Portland General Electric from a buy rating to a neutral rating and cut their target price for the company from $55.00 to $43.00 in a research note on Monday, February 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Hold and an average target price of $45.13.

Portland General Electric Stock Performance

Shares of POR stock traded down $0.45 during trading on Friday, reaching $42.80. The company had a trading volume of 1,517,939 shares, compared to its average volume of 881,118. The firm’s 50 day simple moving average is $41.37 and its two-hundred day simple moving average is $41.51. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.84 and a quick ratio of 0.74. Portland General Electric has a one year low of $38.01 and a one year high of $51.58. The company has a market capitalization of $4.33 billion, a PE ratio of 16.40 and a beta of 0.57.

Portland General Electric (NYSE:POR) last issued its quarterly earnings data on Friday, April 26th. The utilities provider reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.11. The business had revenue of $929.00 million for the quarter, compared to the consensus estimate of $828.94 million. Portland General Electric had a return on equity of 7.21% and a net margin of 7.80%. The firm’s revenue was up 24.2% compared to the same quarter last year. During the same period last year, the business earned $0.80 EPS. Sell-side analysts forecast that Portland General Electric will post 3.07 earnings per share for the current year.

Portland General Electric Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 24th will be given a $0.50 dividend. This is an increase from Portland General Electric’s previous quarterly dividend of $0.48. This represents a $2.00 annualized dividend and a yield of 4.67%. The ex-dividend date of this dividend is Friday, June 21st. Portland General Electric’s payout ratio is currently 72.80%.

Insiders Place Their Bets

In other Portland General Electric news, COO Benjamin Felton sold 3,500 shares of Portland General Electric stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $40.60, for a total value of $142,100.00. Following the transaction, the chief operating officer now directly owns 31,950 shares of the company’s stock, valued at approximately $1,297,170. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.54% of the company’s stock.

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. It operates six thermal plants, three wind farms, and seven hydroelectric facilities. As of December 31, 2023, the company owned an electric transmission system consisting of 1,254 circuit miles, including 287 circuit miles of 500 kilovolt line, 413 circuit miles of 230 kilovolt line, and 554 miles of 115 kilovolt line; and served 934 thousand retail customers in 51 cities.