Portland General Electric (NYSE:POR) Issues FY 2024 Earnings Guidance

Portland General Electric (NYSE:POR) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share guidance of 2.980-3.180 for the period, compared to the consensus earnings per share estimate of 3.070. The company issued revenue guidance of -.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on POR. Mizuho reiterated a neutral rating and issued a $42.00 target price (down previously from $43.00) on shares of Portland General Electric in a report on Tuesday, February 20th. Bank of America cut Portland General Electric from a buy rating to a neutral rating and dropped their target price for the stock from $55.00 to $43.00 in a report on Monday, February 5th. UBS Group upgraded Portland General Electric from a neutral rating to a buy rating and dropped their target price for the stock from $47.00 to $45.00 in a report on Monday, January 29th. Barclays dropped their target price on Portland General Electric from $45.00 to $42.00 and set an overweight rating for the company in a report on Wednesday, February 21st. Finally, StockNews.com cut Portland General Electric from a hold rating to a sell rating in a report on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $45.13.

Portland General Electric Price Performance

Shares of POR stock opened at $43.25 on Friday. Portland General Electric has a 52-week low of $38.01 and a 52-week high of $51.58. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.74 and a current ratio of 0.84. The firm has a market capitalization of $4.38 billion, a P/E ratio of 18.56 and a beta of 0.57. The stock has a 50 day moving average price of $41.33 and a 200 day moving average price of $41.50.

Portland General Electric (NYSE:POR) last issued its quarterly earnings results on Friday, February 16th. The utilities provider reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.20). The business had revenue of $725.00 million for the quarter, compared to the consensus estimate of $740.21 million. Portland General Electric had a return on equity of 7.21% and a net margin of 7.80%. Portland General Electric’s revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.70 earnings per share. As a group, sell-side analysts predict that Portland General Electric will post 3.07 earnings per share for the current year.

Portland General Electric Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 24th will be given a dividend of $0.50 per share. The ex-dividend date 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 dividend on an annualized basis and a yield of 4.62%. Portland General Electric’s payout ratio is 81.55%.

Insider Buying and Selling at Portland General Electric

In other Portland General Electric news, COO Benjamin Felton sold 3,500 shares of Portland General Electric stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $40.60, for a total transaction of $142,100.00. Following the completion of 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 filing with the SEC, which is available at the SEC website. 0.54% of the stock is currently owned by corporate insiders.

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.