Portland General Electric (NYSE:POR) Updates FY 2024 Earnings Guidance

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

Portland General Electric Stock Down 1.0 %

POR stock traded down $0.47 during trading on Friday, hitting $48.34. 1,498,070 shares of the company’s stock traded hands, compared to its average volume of 950,543. The business has a fifty day simple moving average of $47.79 and a two-hundred day simple moving average of $45.42. The company has a quick ratio of 0.86, a current ratio of 1.00 and a debt-to-equity ratio of 1.33. The firm has a market capitalization of $4.98 billion, a P/E ratio of 16.61, a PEG ratio of 1.37 and a beta of 0.59. Portland General Electric has a 1 year low of $39.13 and a 1 year high of $49.85.

Portland General Electric (NYSE:POR) last released its quarterly earnings results on Friday, October 25th. The utilities provider reported $0.90 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 firm had revenue of $929.00 million during the quarter, compared to analyst estimates of $882.66 million. During the same period in the previous year, the company posted $0.46 EPS. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. Sell-side analysts anticipate that Portland General Electric will post 3.09 EPS for the current year.

Portland General Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 24th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, December 24th. This represents a $2.00 annualized dividend and a dividend yield of 4.14%. Portland General Electric’s dividend payout ratio (DPR) is presently 68.73%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Bank of America started coverage on shares of Portland General Electric in a report on Thursday, September 12th. They issued an “underperform” rating and a $47.00 price target on the stock. Barclays downgraded Portland General Electric from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $48.00 to $49.00 in a research note on Wednesday, September 18th. StockNews.com upgraded Portland General Electric from a “sell” rating to a “hold” rating in a research note on Tuesday, September 24th. Jefferies Financial Group started coverage on Portland General Electric in a research note on Friday, September 20th. They set a “hold” rating and a $48.00 price target on the stock. Finally, KeyCorp raised shares of Portland General Electric from a “sector weight” rating to an “overweight” rating in a research report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Portland General Electric currently has an average rating of “Hold” and a consensus target price of $48.25.

Insiders Place Their Bets

In related news, SVP Maria Angelica Espinosa sold 2,500 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $48.30, for a total transaction of $120,750.00. Following the completion of the transaction, the senior vice president now directly owns 14,263 shares in the company, valued at $688,902.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, VP John Teeruk Kochavatr sold 1,100 shares of the firm’s 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 directly owns 22,606 shares in the company, valued at $1,045,527.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Maria Angelica Espinosa sold 2,500 shares of Portland General Electric stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $48.30, for a total value of $120,750.00. Following the completion of the transaction, the senior vice president now owns 14,263 shares of the company’s stock, valued at approximately $688,902.90. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by insiders.

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.