Portland General Electric (NYSE:POR) Announces Earnings Results

Portland General Electric (NYSE:POR - Get Free Report) released its quarterly earnings data on Friday. The utilities provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.58 by $0.32, RTT News reports. Portland General Electric had a net margin of 9.24% and a return on equity of 9.15%. The company had revenue of $929.00 million during the quarter, compared to the consensus estimate of $882.66 million. During the same period last year, the firm earned $0.46 EPS. Portland General Electric's revenue for the quarter was up 15.8% on a year-over-year basis. Portland General Electric updated its FY 2024 guidance to 3.080-3.180 EPS and its FY24 guidance to $3.08-3.18 EPS.

Portland General Electric Price Performance

Shares of POR traded down $0.48 during midday trading on Friday, reaching $48.33. The stock had a trading volume of 1,498,020 shares, compared to its average volume of 950,543. The company has a market capitalization of $4.98 billion, a price-to-earnings ratio of 16.78, a price-to-earnings-growth ratio of 1.37 and a beta of 0.59. The company has a current ratio of 1.00, a quick ratio of 0.86 and a debt-to-equity ratio of 1.33. Portland General Electric has a 12-month low of $39.13 and a 12-month high of $49.85. The company's 50-day moving average is $47.76 and its 200 day moving average is $45.37.

Portland General Electric Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on POR shares. Jefferies Financial Group initiated coverage on Portland General Electric in a research note on Friday, September 20th. They issued a "hold" rating and a $48.00 target price for the company. JPMorgan Chase & Co. boosted their price objective on shares of Portland General Electric from $54.00 to $55.00 and gave the company an "overweight" rating in a research note on Wednesday. StockNews.com upgraded shares of Portland General Electric from a "sell" rating to a "hold" rating in a research note on Tuesday, September 24th. Evercore ISI started coverage on shares of Portland General Electric in a research report on Wednesday, September 25th. They set an "outperform" rating and a $54.00 price target for the company. Finally, KeyCorp upgraded Portland General Electric from a "sector weight" rating to an "overweight" rating in a research report on Monday, July 22nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, Portland General Electric presently has a consensus rating of "Hold" and an average target price of $48.25.

Insider Buying and Selling

In other Portland General Electric news, SVP Maria Angelica Espinosa sold 2,500 shares of the stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 14,263 shares in the company, valued at $688,902.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP John Teeruk Kochavatr sold 1,100 shares of the firm's stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $46.25, for a total transaction of $50,875.00. Following the transaction, 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 through the SEC website. Also, SVP Maria Angelica Espinosa sold 2,500 shares of the business's stock in a transaction that occurred on 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 sale, the senior vice president now owns 14,263 shares of the company's stock, valued at $688,902.90. The trade was 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 corporate 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.