Portland General Electric (NYSE:POR) Announces $0.50 Quarterly Dividend

Portland General Electric (NYSE:POR) announced a quarterly dividend on Friday, July 19th, RTT News reports. Investors of record on Tuesday, September 24th will be given a dividend of 0.50 per share by the utilities provider on Tuesday, October 15th. This represents a $2.00 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date of this dividend is Tuesday, September 24th.

Portland General Electric has increased its dividend by an average of 5.8% annually over the last three years and has raised its dividend every year for the last 19 years. Portland General Electric has a payout ratio of 61.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Portland General Electric to earn $3.21 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 62.3%.

Portland General Electric Stock Performance

NYSE:POR opened at $47.70 on Monday. The firm’s fifty day simple moving average is $47.37 and its 200 day simple moving average is $44.38. 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 twelve month low of $38.01 and a twelve month high of $49.45. The firm has a market capitalization of $4.91 billion, a price-to-earnings ratio of 18.28, a PEG ratio of 1.38 and a beta of 0.59.

Portland General Electric (NYSE:POR) last issued its quarterly earnings data on Friday, July 26th. The utilities provider reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.07. Portland General Electric had a return on equity of 9.15% and a net margin of 9.24%. The company had revenue of $758.00 million for the quarter, compared to analysts’ expectations of $716.43 million. During the same quarter in the previous year, the firm posted $0.44 earnings per share. The firm’s quarterly revenue was up 17.0% on a year-over-year basis. As a group, equities research analysts expect that Portland General Electric will post 3.09 earnings per share for the current fiscal year.

Insider Transactions at Portland General Electric

In other Portland General Electric news, COO Benjamin Felton sold 1,886 shares of Portland General Electric stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $48.00, for a total transaction of $90,528.00. Following the sale, the chief operating officer now owns 30,142 shares of the company’s stock, valued at approximately $1,446,816. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP John Teeruk Kochavatr sold 1,100 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $46.25, for a total value of $50,875.00. Following the completion of the transaction, the vice president now owns 22,606 shares in the company, valued at approximately $1,045,527.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Benjamin Felton sold 1,886 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $48.00, for a total transaction of $90,528.00. Following the sale, the chief operating officer now owns 30,142 shares in the company, valued at $1,446,816. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,486 shares of company stock worth $262,153. Company insiders own 0.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on POR. KeyCorp raised shares of Portland General Electric from a “sector weight” rating to an “overweight” rating in a research report on Monday, July 22nd. StockNews.com downgraded Portland General Electric from a “hold” rating to a “sell” rating in a research note on Friday, September 6th. Bank of America initiated coverage on Portland General Electric in a research note on Thursday, September 12th. They issued an “underperform” rating and a $47.00 price target for the company. Jefferies Financial Group started coverage on Portland General Electric in a research note on Friday. They set a “hold” rating and a $48.00 price objective on the stock. Finally, Barclays lowered Portland General Electric from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $48.00 to $49.00 in a research report on Wednesday, September 18th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $45.88.

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.