Portland General Electric (POR) To Go Ex-Dividend on June 24th

Portland General Electric (NYSE:POR) announced a quarterly dividend on Monday, April 21st, Wall Street Journal reports. Stockholders of record on Tuesday, June 24th will be given a dividend of 0.525 per share by the utilities provider on Tuesday, July 15th. This represents a $2.10 annualized dividend and a dividend yield of 4.81%. The ex-dividend date is Tuesday, June 24th. This is a 5.0% increase from Portland General Electric’s previous quarterly dividend of $0.50.

Portland General Electric has raised its dividend by an average of 5.2% per year over the last three years. Portland General Electric has a payout ratio of 59.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Portland General Electric to earn $3.34 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 59.9%.

Portland General Electric Stock Performance

Shares of POR stock opened at $43.68 on Wednesday. The company’s 50-day simple moving average is $43.56 and its 200-day simple moving average is $44.40. Portland General Electric has a one year low of $40.05 and a one year high of $49.85. The stock has a market capitalization of $4.78 billion, a price-to-earnings ratio of 14.51, a PEG ratio of 1.11 and a beta of 0.49. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.92.

Portland General Electric (NYSE:POR) last released its quarterly earnings results on Friday, February 14th. The utilities provider reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. Portland General Electric had a return on equity of 9.10% and a net margin of 9.13%. The company had revenue of $824.00 million for the quarter, compared to analysts’ expectations of $716.17 million. During the same quarter in the previous year, the company posted $0.67 earnings per share. Equities analysts anticipate that Portland General Electric will post 3.21 earnings per share for the current fiscal year.

Insider Transactions at Portland General Electric

In other news, EVP Benjamin Felton sold 1,845 shares of the company’s stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $43.02, for a total transaction of $79,371.90. Following the completion of the sale, the executive vice president now owns 32,646 shares of the company’s stock, valued at approximately $1,404,430.92. This represents a 5.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Joseph R. Trpik, Jr. sold 1,375 shares of Portland General Electric stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $41.32, for a total value of $56,815.00. Following the completion of the transaction, the chief financial officer now owns 31,960 shares in the company, valued at approximately $1,320,587.20. The trade was a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,795 shares of company stock worth $159,946 in the last 90 days. Corporate insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

POR has been the subject of several research reports. UBS Group reissued a “neutral” rating and set a $47.00 price objective (down from $52.00) on shares of Portland General Electric in a research note on Friday, January 3rd. Barclays lifted their target price on shares of Portland General Electric from $47.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday. Bank of America reduced their price objective on Portland General Electric from $46.00 to $43.00 and set an “underperform” rating for the company in a research report on Tuesday, December 24th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $44.00 price objective (down from $50.00) on shares of Portland General Electric in a report on Thursday, April 10th. Finally, StockNews.com cut shares of Portland General Electric from a “hold” rating to a “sell” rating in a research note on Thursday, April 3rd. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $45.89.

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.