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 $3.08-3.18 for the period, compared to the consensus EPS estimate of $3.09. Portland General Electric also updated its FY 2024 guidance to 3.080-3.180 EPS.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of Portland General Electric from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Wednesday. KeyCorp raised Portland General Electric from a “sector weight” rating to an “overweight” rating in a research note on Monday, July 22nd. StockNews.com raised Portland General Electric from a “sell” rating to a “hold” rating in a research note on Tuesday, September 24th. Barclays cut shares of Portland General Electric from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $48.00 to $49.00 in a research report on Wednesday, September 18th. Finally, Evercore ISI initiated coverage on shares of Portland General Electric in a research report on Wednesday, September 25th. They set an “outperform” rating and a $54.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $48.25.

Portland General Electric Stock Down 1.0 %

NYSE:POR traded down $0.48 during trading hours on Friday, hitting $48.33. 1,498,020 shares of the stock traded hands, compared to its average volume of 950,543. The firm has a market cap of $4.98 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 1.37 and a beta of 0.59. The firm has a 50 day moving average price of $47.79 and a 200 day moving average price of $45.42. The company has a current ratio of 1.00, a quick ratio of 0.86 and a debt-to-equity ratio of 1.33. Portland General Electric has a fifty-two week low of $39.13 and a fifty-two week high of $49.85.

Portland General Electric (NYSE:POR) last announced its quarterly earnings data on Friday, October 25th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.32. Portland General Electric had a return on equity of 9.15% and a net margin of 9.24%. The firm had revenue of $929.00 million during the quarter, compared to the consensus estimate of $882.66 million. During the same period in the prior year, the business earned $0.46 EPS. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. Equities research analysts anticipate that Portland General Electric will post 3.09 earnings per share for the current year.

Portland General Electric Announces Dividend

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 given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date is Tuesday, December 24th. Portland General Electric’s payout ratio is presently 68.73%.

Insider Buying and Selling at Portland General Electric

In other Portland General Electric news, VP John Teeruk Kochavatr sold 1,100 shares of Portland General Electric stock in a transaction 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 sale, the vice president now owns 22,606 shares of the company’s stock, valued at $1,045,527.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, SVP Maria Angelica Espinosa sold 2,500 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $48.30, for a total transaction of $120,750.00. Following 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP John Teeruk Kochavatr sold 1,100 shares of Portland General Electric stock in a transaction 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 sale, the vice president now directly 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 position. The disclosure for this sale can be found here. Company insiders own 0.54% of the company’s stock.

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.