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 $3.08. Portland General Electric also updated its FY 2024 guidance to 2.980-3.180 EPS.

Portland General Electric Stock Performance

Shares of Portland General Electric stock traded down $0.45 on Friday, reaching $47.42. 1,396,296 shares of the company were exchanged, compared to its average volume of 1,038,488. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.09 and a current ratio of 1.22. The company’s 50-day moving average is $43.96 and its two-hundred day moving average is $42.47. The firm has a market cap of $4.89 billion, a price-to-earnings ratio of 18.17 and a beta of 0.58. Portland General Electric has a 1-year low of $38.01 and a 1-year high of $48.95.

Portland General Electric (NYSE:POR) last posted its earnings results on Friday, July 26th. The utilities provider reported $0.69 EPS for the quarter, beating the consensus estimate of $0.67 by $0.02. Portland General Electric had a return on equity of 8.50% and a net margin of 8.51%. The firm had revenue of $758.00 million for the quarter, compared to analysts’ expectations of $716.43 million. During the same period last year, the firm earned $0.44 EPS. The firm’s revenue was up 17.0% compared to the same quarter last year. As a group, research analysts expect that Portland General Electric will post 3.08 earnings per share for the current fiscal year.

Portland General Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 24th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.22%. The ex-dividend date is Tuesday, September 24th. Portland General Electric’s dividend payout ratio is currently 76.63%.

Analyst Ratings Changes

POR has been the topic of several recent research reports. Mizuho raised their target price on Portland General Electric from $42.00 to $45.00 and gave the company a neutral rating in a report on Thursday, May 16th. KeyCorp upgraded Portland General Electric from a sector weight rating to an overweight rating in a report on Monday, July 22nd. StockNews.com upgraded Portland General Electric from a sell rating to a hold rating in a report on Tuesday, April 30th. Finally, Barclays raised their target price on Portland General Electric from $44.00 to $48.00 and gave the company an overweight rating in a report on Monday, July 22nd. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Portland General Electric currently has a consensus rating of Moderate Buy and an average target price of $44.86.

Insider Activity

In other news, SVP Maria Angelica Espinosa sold 2,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $44.30, for a total value of $88,600.00. Following the completion of the transaction, the senior vice president now owns 16,763 shares of the company’s stock, valued at approximately $742,600.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, SVP Maria Angelica Espinosa sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $44.30, for a total value of $88,600.00. Following the completion of the transaction, the senior vice president now directly owns 16,763 shares of the company’s stock, valued at approximately $742,600.90. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Benjamin Felton sold 1,886 shares of the company’s 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 completion of the transaction, the chief operating officer now directly owns 30,142 shares of the company’s stock, valued at $1,446,816. The disclosure for this sale can be found here. Insiders sold 4,849 shares of company stock valued at $222,492 in the last quarter. 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.