Portland General Electric (NYSE:POR) Posts Earnings Results

Portland General Electric (NYSE:POR) announced its quarterly earnings results on Thursday. The utilities provider reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.01), FiscalAI reports. The company had revenue of $814.00 million for the quarter, compared to analyst estimates of $839.75 million. Portland General Electric had a net margin of 7.12% and a return on equity of 7.57%. Portland General Electric’s revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.66 earnings per share.

Portland General Electric Stock Down 1.5%

Shares of POR stock traded down $0.77 during trading on Friday, reaching $49.32. The company’s stock had a trading volume of 1,083,945 shares, compared to its average volume of 1,258,946. Portland General Electric has a 1-year low of $40.81 and a 1-year high of $54.62. The stock’s 50-day moving average price is $51.19 and its 200 day moving average price is $51.34. The company has a market capitalization of $5.71 billion, a price-to-earnings ratio of 22.00, a P/E/G ratio of 2.17 and a beta of 0.52. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.09 and a quick ratio of 0.95.

Portland General Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Friday, September 25th will be issued a $0.5513 dividend. The ex-dividend date is Friday, September 25th. This represents a $2.21 dividend on an annualized basis and a dividend yield of 4.5%. Portland General Electric’s payout ratio is 98.21%.

Insider Buying and Selling at Portland General Electric

In other Portland General Electric news, CFO Joseph R. Trpik, Jr. sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $49.03, for a total value of $367,725.00. Following the completion of the transaction, the chief financial officer owned 31,897 shares of the company’s stock, valued at $1,563,909.91. This trade represents a 19.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael A. Lewis sold 1,537 shares of the business’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $51.83, for a total transaction of $79,662.71. Following the completion of the transaction, the director owned 15,045 shares of the company’s stock, valued at approximately $779,782.35. This trade represents a 9.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 11,787 shares of company stock valued at $581,230 in the last quarter. Corporate insiders own 0.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of POR. Corient Private Wealth LLC increased its holdings in Portland General Electric by 10.1% during the 4th quarter. Corient Private Wealth LLC now owns 10,254 shares of the utilities provider’s stock worth $483,000 after purchasing an additional 943 shares during the period. Mercer Global Advisors Inc. ADV boosted its stake in shares of Portland General Electric by 14.1% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 82,296 shares of the utilities provider’s stock valued at $3,949,000 after buying an additional 10,160 shares during the period. EP Wealth Advisors LLC purchased a new position in shares of Portland General Electric in the 4th quarter valued at about $593,000. Mackenzie Financial Corp grew its position in shares of Portland General Electric by 66.6% during the fourth quarter. Mackenzie Financial Corp now owns 114,810 shares of the utilities provider’s stock worth $5,510,000 after buying an additional 45,887 shares in the last quarter. Finally, XTX Topco Ltd lifted its stake in Portland General Electric by 126.9% in the fourth quarter. XTX Topco Ltd now owns 25,290 shares of the utilities provider’s stock worth $1,214,000 after acquiring an additional 14,145 shares during the last quarter.

Analysts Set New Price Targets

POR has been the subject of a number of research analyst reports. Zacks Research cut shares of Portland General Electric from a “hold” rating to a “strong sell” rating in a research report on Monday, July 6th. Wells Fargo & Company set a $51.00 price target on Portland General Electric in a research note on Tuesday, April 21st. JPMorgan Chase & Co. raised their price target on Portland General Electric from $51.00 to $54.00 and gave the stock a “neutral” rating in a research report on Monday, April 20th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Portland General Electric in a research note on Friday, May 15th. Finally, BMO Capital Markets dropped their price objective on Portland General Electric from $55.00 to $54.00 and set a “market perform” rating for the company in a research note on Wednesday, July 22nd. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $50.90.

About Portland General Electric

Portland General Electric (NYSE:POR) is an investor-owned electric utility headquartered in Tigard, Oregon, with roots tracing back to the late 19th century. The company generates, transmits and distributes electricity to residential, commercial and industrial customers across a broad territory in Oregon, primarily encompassing the Portland metropolitan area and surrounding regions.

As one of Oregon’s largest electric utilities, Portland General Electric operates a diverse portfolio of generation assets, including hydroelectric facilities, natural gas–fired plants and renewable energy sources.