Portland General Electric (NYSE:POR) Posts Quarterly Earnings Results

Portland General Electric (NYSE:POR) issued its earnings results on Friday. The utilities provider reported $1.21 EPS for the quarter, topping the consensus estimate of $1.09 by $0.12, RTT News reports. Portland General Electric had a return on equity of 8.50% and a net margin of 8.51%. The business had revenue of $929.00 million during the quarter, compared to the consensus estimate of $828.94 million. During the same quarter last year, the company earned $0.80 EPS. The firm’s revenue was up 24.2% compared to the same quarter last year. Portland General Electric updated its FY 2024 guidance to 2.980-3.180 EPS and its FY24 guidance to $2.98-3.18 EPS.

Portland General Electric Stock Performance

Portland General Electric stock opened at $42.85 on Tuesday. Portland General Electric has a fifty-two week low of $38.01 and a fifty-two week high of $51.58. The stock’s 50 day simple moving average is $41.42 and its two-hundred day simple moving average is $41.51. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.09 and a current ratio of 1.22. The stock has a market cap of $4.33 billion, a price-to-earnings ratio of 16.62 and a beta of 0.57.

Portland General Electric Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 24th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Friday, June 21st. This is a positive change from Portland General Electric’s previous quarterly dividend of $0.48. This represents a $2.00 annualized dividend and a yield of 4.67%. Portland General Electric’s dividend payout ratio (DPR) is 72.80%.

Analyst Upgrades and Downgrades

POR has been the topic of a number of recent analyst reports. Bank of America downgraded Portland General Electric from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $55.00 to $43.00 in a research report on Monday, February 5th. UBS Group upgraded shares of Portland General Electric from a “neutral” rating to a “buy” rating and cut their target price for the stock from $47.00 to $45.00 in a research report on Monday, January 29th. Mizuho reissued a “neutral” rating and issued a $42.00 target price (down previously from $43.00) on shares of Portland General Electric in a research note on Tuesday, February 20th. Barclays decreased their price target 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. Finally, StockNews.com lowered shares of Portland General Electric from a “hold” rating to a “sell” rating in a report on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, Portland General Electric currently has a consensus rating of “Hold” and an average target price of $45.13.

Insider Activity

In other Portland General Electric news, COO Benjamin Felton sold 3,500 shares of the stock in a transaction 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 completion of the transaction, the chief operating officer now owns 31,950 shares in the company, valued at $1,297,170. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Johnson Financial Group Inc. bought a new position in Portland General Electric in the 4th quarter worth about $25,000. Fifth Third Bancorp increased its holdings in Portland General Electric by 181.8% during the fourth quarter. Fifth Third Bancorp now owns 634 shares of the utilities provider’s stock valued at $27,000 after buying an additional 409 shares during the last quarter. Spirit of America Management Corp NY purchased a new position in shares of Portland General Electric during the 3rd quarter worth $32,000. BKM Wealth Management LLC purchased a new stake in shares of Portland General Electric in the 4th quarter worth $33,000. Finally, Mather Group LLC. bought a new position in Portland General Electric in the 1st quarter worth $34,000.

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.