Portland General Electric (NYSE:POR) Updates 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 -.

Analysts Set New Price Targets

A number of research firms recently weighed in on POR. Bank of America cut Portland General Electric from a buy rating to a neutral rating and lowered their price target for the stock from $55.00 to $43.00 in a report on Monday, February 5th. Mizuho reaffirmed a neutral rating and issued a $42.00 target price (down previously from $43.00) on shares of Portland General Electric in a research note on Tuesday, February 20th. Barclays reduced their target price on Portland General Electric from $45.00 to $42.00 and set an overweight rating on the stock in a research note on Wednesday, February 21st. UBS Group raised Portland General Electric from a neutral rating to a buy rating and reduced their target price for the company from $47.00 to $45.00 in a research note on Monday, January 29th. Finally, StockNews.com lowered Portland General Electric from a hold rating to a sell rating in a research note on Tuesday, February 27th. One equities 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. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $45.13.

Portland General Electric Trading Down 1.0 %

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

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

Portland General Electric Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 24th will be issued a $0.50 dividend. This is an increase from Portland General Electric’s previous quarterly dividend of $0.48. This represents a $2.00 annualized dividend and a yield of 4.62%. The ex-dividend date of this dividend is Friday, June 21st. Portland General Electric’s dividend payout ratio is currently 81.55%.

Insider Activity at Portland General Electric

In other news, COO Benjamin Felton sold 3,500 shares of the firm’s stock in a transaction dated 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 in the company, valued at $1,297,170. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.