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

Portland General Electric (NYSE:POR) issued an update on its FY24 earnings guidance on Friday morning. The company provided earnings per share guidance of $2.98-3.18 for the period, compared to the consensus earnings per share estimate of $3.07. Portland General Electric also updated its FY 2024 guidance to 2.980-3.180 EPS.

Portland General Electric Trading Down 1.0 %

NYSE:POR opened at $42.80 on Friday. Portland General Electric has a fifty-two week low of $38.01 and a fifty-two week high of $51.58. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.84 and a quick ratio of 0.74. The stock has a market capitalization of $4.33 billion, a PE ratio of 18.37 and a beta of 0.57. The business’s 50-day simple moving average is $41.37 and its 200-day simple moving average is $41.51.

Portland General Electric (NYSE:POR) last announced its earnings results on Friday, April 26th. The utilities provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.11. Portland General Electric had a return on equity of 7.21% and a net margin of 7.80%. The business had revenue of $929.00 million for the quarter, compared to analyst estimates of $828.94 million. During the same quarter last year, the firm earned $0.80 EPS. Portland General Electric’s revenue for the quarter was up 24.2% compared to the same quarter last year. Sell-side analysts expect that Portland General Electric will post 3.07 earnings per share for the current fiscal year.

Portland General Electric Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 24th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 4.67%. The ex-dividend date of this dividend is Friday, June 21st. This is a positive change from Portland General Electric’s previous quarterly dividend of $0.48. Portland General Electric’s dividend payout ratio (DPR) is currently 81.55%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. StockNews.com lowered Portland General Electric from a hold rating to a sell rating in a research report on Tuesday, February 27th. UBS Group raised Portland General Electric from a neutral rating to a buy rating and lowered their price target for the stock from $47.00 to $45.00 in a research report on Monday, January 29th. Barclays lowered their price target on Portland General Electric from $45.00 to $42.00 and set an overweight rating on the stock in a research report on Wednesday, February 21st. Mizuho reaffirmed a neutral rating and set a $42.00 price target (down previously from $43.00) on shares of Portland General Electric in a research report on Tuesday, February 20th. Finally, Bank of America lowered 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 research report on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $45.13.

Insider Buying and Selling

In related news, COO Benjamin Felton sold 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $40.60, for a total transaction of $142,100.00. Following the transaction, the chief operating officer now directly owns 31,950 shares of the company’s stock, valued at approximately $1,297,170. The transaction 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.