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

Portland General Electric (NYSE:POR) updated its FY24 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of $2.98-3.18 for the period, compared to the consensus estimate of $3.08. Portland General Electric also updated its FY 2024 guidance to 2.980-3.180 EPS.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. StockNews.com upgraded shares of Portland General Electric from a sell rating to a hold rating in a report on Tuesday, April 30th. Mizuho increased their price target on Portland General Electric from $42.00 to $45.00 and gave the stock a neutral rating in a research report on Thursday, May 16th. KeyCorp upgraded Portland General Electric from a sector weight rating to an overweight rating in a research note on Monday, July 22nd. Finally, Barclays lifted their price target on Portland General Electric from $44.00 to $48.00 and gave the company an overweight rating in a research report on Monday, July 22nd. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $44.86.

Portland General Electric Price Performance

NYSE POR traded down $0.45 during trading hours on Friday, reaching $47.42. The company’s stock had a trading volume of 1,396,296 shares, compared to its average volume of 1,038,488. The firm has a market capitalization of $4.89 billion, a price-to-earnings ratio of 18.17 and a beta of 0.58. The company’s 50-day moving average is $43.96 and its two-hundred day moving average is $42.47. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.22 and a quick ratio of 1.09. Portland General Electric has a 1-year low of $38.01 and a 1-year high of $48.95.

Portland General Electric (NYSE:POR) last announced its earnings results on Friday, July 26th. The utilities provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.02. Portland General Electric had a return on equity of 8.50% and a net margin of 8.51%. The business had revenue of $758.00 million during the quarter, compared to the consensus estimate of $716.43 million. During the same period in the prior year, the company posted $0.44 EPS. The business’s quarterly revenue was up 17.0% on a year-over-year basis. On average, equities analysts predict that Portland General Electric will post 3.08 EPS for the current year.

Portland General Electric Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 24th will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, September 24th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.22%. Portland General Electric’s payout ratio is currently 76.63%.

Insider Transactions at Portland General Electric

In other news, COO Benjamin Felton sold 1,886 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $48.00, for a total value of $90,528.00. Following the transaction, the chief operating officer now directly owns 30,142 shares of the company’s stock, valued at $1,446,816. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, COO Benjamin Felton sold 1,886 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $48.00, for a total value of $90,528.00. Following the completion of the sale, the chief operating officer now directly owns 30,142 shares in the company, valued at $1,446,816. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Maria Angelica Espinosa sold 2,000 shares of Portland General Electric stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $44.30, for a total value of $88,600.00. Following the transaction, the senior vice president now owns 16,763 shares in the company, valued at approximately $742,600.90. The disclosure for this sale can be found here. Insiders have sold 4,849 shares of company stock valued at $222,492 over the last ninety days. 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.