Portland General Electric (NYSE:POR) Issues Earnings Results

by · The Markets Daily

Portland General Electric (NYSE:POR – Get Free Report) issued its quarterly earnings data on Friday. The utilities provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.58 by $0.32, RTT News reports. The firm had revenue of $929.00 million during the quarter, compared to the consensus estimate of $882.66 million. Portland General Electric had a return on equity of 9.15% and a net margin of 9.24%. The company’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.46 earnings per share. Portland General Electric updated its FY 2024 guidance to 3.080-3.180 EPS and its FY24 guidance to $3.08-3.18 EPS.

Portland General Electric Price Performance

NYSE POR traded down $0.07 during trading hours on Friday, hitting $48.74. The company had a trading volume of 669,899 shares, compared to its average volume of 946,591. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.86 and a current ratio of 1.00. The firm has a market capitalization of $5.02 billion, a price-to-earnings ratio of 16.78, a PEG ratio of 1.37 and a beta of 0.59. Portland General Electric has a 52 week low of $39.13 and a 52 week high of $49.81. The firm has a 50 day simple moving average of $47.76 and a 200 day simple moving average of $45.37.

Portland General Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 24th will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, December 24th. This represents a $2.00 dividend on an annualized basis and a yield of 4.10%. Portland General Electric’s dividend payout ratio (DPR) is 68.73%.

Insider Activity

In related news, VP John Teeruk Kochavatr sold 1,100 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $46.25, for a total transaction of $50,875.00. Following the completion of the transaction, the vice president now owns 22,606 shares of the company’s stock, valued at approximately $1,045,527.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP John Teeruk Kochavatr sold 1,100 shares of Portland General Electric stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $46.25, for a total transaction of $50,875.00. Following the completion of the sale, the vice president now owns 22,606 shares of the company’s stock, valued at approximately $1,045,527.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Maria Angelica Espinosa sold 2,500 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $48.30, for a total value of $120,750.00. Following the completion of the transaction, the senior vice president now owns 14,263 shares in the company, valued at $688,902.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.54% of the company’s stock.

Wall Street Analysts Forecast Growth

POR has been the topic of several recent analyst reports. Jefferies Financial Group began coverage on Portland General Electric in a research note on Friday, September 20th. They set a “hold” rating and a $48.00 price objective on the stock. Evercore ISI began coverage on shares of Portland General Electric in a report on Wednesday, September 25th. They set an “outperform” rating and a $54.00 price target on the stock. KeyCorp upgraded shares of Portland General Electric from a “sector weight” rating to an “overweight” rating in a research note on Monday, July 22nd. StockNews.com raised shares of Portland General Electric from a “sell” rating to a “hold” rating in a report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Portland General Electric from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Portland General Electric has an average rating of “Hold” and a consensus price target of $48.25.

Check Out Our Latest Stock Analysis on POR

About Portland General Electric

(Get Free Report)

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.

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