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

Portland General Electric (NYSE:POR) updated its FY24 earnings guidance on Friday. The company provided earnings per share guidance of $3.08-3.18 for the period, compared to the consensus earnings per share estimate of $3.09. Portland General Electric also updated its FY 2024 guidance to 3.080-3.180 EPS.

Wall Street Analysts Forecast Growth

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

Portland General Electric Stock Down 1.0 %

Shares of POR stock traded down $0.47 on Friday, reaching $48.34. 1,498,070 shares of the stock were exchanged, compared to its average volume of 950,543. The company has a market capitalization 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 business’s 50 day moving average price is $47.79 and its 200 day moving average price is $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 twelve month low of $39.13 and a twelve month high of $49.85.

Portland General Electric (NYSE:POR) last released 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 $0.89 by $0.01. Portland General Electric had a return on equity of 9.15% and a net margin of 9.24%. The business had revenue of $929.00 million during the quarter, compared to analysts’ expectations of $882.66 million. During the same period in the prior year, the firm posted $0.46 EPS. The business’s quarterly revenue was up 15.8% compared to the same quarter last year. As a group, sell-side analysts expect that Portland General Electric will post 3.09 earnings per share for the current fiscal year.

Portland General Electric Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 24th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, December 24th. This represents a $2.00 annualized dividend and a yield of 4.14%. Portland General Electric’s dividend payout ratio is currently 68.73%.

Insider Activity

In other news, VP John Teeruk Kochavatr sold 1,100 shares of Portland General Electric stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $46.25, for a total transaction of $50,875.00. Following the sale, the vice president now owns 22,606 shares in the company, valued at approximately $1,045,527.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Maria Angelica Espinosa sold 2,500 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $48.30, for a total value of $120,750.00. Following the transaction, the senior vice president now owns 14,263 shares in the company, valued at $688,902.90. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP John Teeruk Kochavatr sold 1,100 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $46.25, for a total value of $50,875.00. Following the sale, the vice president now directly owns 22,606 shares of the company’s stock, valued at $1,045,527.50. The trade was a 0.00 % decrease in their ownership of the stock. 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.