Portland General Electric (NYSE:POR) Releases FY24 Earnings Guidance

Portland General Electric (NYSE:POR) issued an update on its FY24 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $2.98-3.18 for the period, compared to the consensus estimate of $3.07. Portland General Electric also updated its FY 2024 guidance to 2.980-3.180 EPS.

Portland General Electric Trading Down 1.0 %

Shares of POR opened at $42.80 on Monday. The firm has a market cap of $4.33 billion, a price-to-earnings ratio of 16.40 and a beta of 0.57. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.09 and a current ratio of 1.22. Portland General Electric has a fifty-two week low of $38.01 and a fifty-two week high of $51.58. The firm has a 50 day moving average price of $41.37 and a 200-day moving average price of $41.50.

Portland General Electric (NYSE:POR) last posted its quarterly earnings results on Friday, April 26th. The utilities provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.11. Portland General Electric had a net margin of 8.51% and a return on equity of 8.50%. The company had revenue of $929.00 million during the quarter, compared to analyst estimates of $828.94 million. During the same period in the prior year, the business posted $0.80 EPS. The firm’s revenue was up 24.2% compared to the same quarter last year. As a group, equities research analysts forecast that Portland General Electric will post 3.07 earnings per share for the current year.

Portland General Electric Increases Dividend

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

Analyst Ratings Changes

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

Insider Transactions at Portland General Electric

In related news, COO Benjamin Felton sold 3,500 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $40.60, for a total transaction of $142,100.00. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.54% of the company’s stock.

Portland General Electric Company Profile

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.