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

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

Portland General Electric Price Performance

Shares of NYSE POR opened at $47.87 on Friday. The business’s 50 day moving average price is $43.91 and its 200 day moving average price is $42.45. The firm has a market cap of $4.93 billion, a P/E ratio of 18.34 and a beta of 0.58. Portland General Electric has a 52 week low of $38.01 and a 52 week high of $49.72. The company has a quick ratio of 1.09, a current ratio of 1.22 and a debt-to-equity ratio of 1.34.

Portland General Electric (NYSE:POR) last issued its earnings results on Friday, July 26th. The utilities provider reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.07. Portland General Electric had a return on equity of 8.50% and a net margin of 8.51%. The firm had revenue of $758.00 million for the quarter, compared to analyst estimates of $716.43 million. During the same quarter in the prior year, the firm earned $0.44 earnings per share. Portland General Electric’s revenue for the quarter was up 17.0% on a year-over-year basis. On average, sell-side analysts expect that Portland General Electric will post 3.08 earnings per share for the current year.

Portland General Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 24th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date of this dividend is Tuesday, September 24th. Portland General Electric’s payout ratio is presently 76.63%.

Analysts Set New Price Targets

A number of brokerages have issued reports on POR. KeyCorp raised Portland General Electric from a sector weight rating to an overweight rating in a report on Monday. Mizuho boosted their price target on Portland General Electric from $42.00 to $45.00 and gave the company a neutral rating in a report on Thursday, May 16th. Barclays upped their target price on Portland General Electric from $44.00 to $48.00 and gave the stock an overweight rating in a research note on Monday. Finally, StockNews.com raised Portland General Electric from a sell rating to a hold rating in a research note on Tuesday, April 30th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Portland General Electric presently has a consensus rating of Moderate Buy and an average target price of $44.86.

Insider Activity at Portland General Electric

In related news, VP Brett Michael Sims sold 963 shares of the stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $45.03, for a total value of $43,363.89. Following the completion of the transaction, the vice president now directly owns 13,996 shares of the company’s stock, valued at approximately $630,239.88. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Portland General Electric news, SVP Maria Angelica Espinosa sold 2,000 shares of the company’s stock in a transaction 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 completion of the sale, the senior vice president now directly owns 16,763 shares in the company, valued at approximately $742,600.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Brett Michael Sims sold 963 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $45.03, for a total value of $43,363.89. Following the completion of the sale, the vice president now owns 13,996 shares of the company’s stock, valued at $630,239.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,849 shares of company stock valued at $222,492. 0.54% of the stock is owned by 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.