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

Portland General Electric (NYSE:POR) updated its FY24 earnings guidance on Friday. The company provided EPS guidance of $2.98-3.18 for the period, compared to the consensus EPS estimate of $3.08. Portland General Electric also updated its FY 2024 guidance to 2.980-3.180 EPS.

Portland General Electric Price Performance

Shares of NYSE POR traded down $0.45 during trading on Friday, hitting $47.42. The company had a trading volume of 1,396,296 shares, compared to its average volume of 1,038,488. Portland General Electric has a 52 week low of $38.01 and a 52 week high of $48.95. The business’s 50-day moving average is $43.96 and its 200 day moving average is $42.47. The company has a market cap of $4.89 billion, a P/E ratio of 18.17 and a beta of 0.58. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.09 and a current ratio of 1.22.

Portland General Electric (NYSE:POR) last issued its earnings results on Friday, July 26th. The utilities provider reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.02. The business had revenue of $758.00 million for the quarter, compared to analysts’ expectations of $716.43 million. Portland General Electric had a return on equity of 8.50% and a net margin of 8.51%. The company’s quarterly revenue was up 17.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.44 EPS. Equities research analysts predict that Portland General Electric will post 3.08 earnings per share for the current fiscal year.

Portland General Electric Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. KeyCorp upgraded shares of Portland General Electric from a sector weight rating to an overweight rating in a research report on Monday, July 22nd. Barclays boosted their target price on shares of Portland General Electric from $44.00 to $48.00 and gave the company an overweight rating in a research note on Monday, July 22nd. Mizuho raised their target price on Portland General Electric from $42.00 to $45.00 and gave the stock a neutral rating in a research report on Thursday, May 16th. Finally, StockNews.com raised Portland General Electric from a sell rating to a hold rating in a research report on Tuesday, April 30th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $44.86.

Insider Transactions at Portland General Electric

In other Portland General Electric news, COO Benjamin Felton sold 1,886 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $48.00, for a total value of $90,528.00. Following the transaction, the chief operating officer now directly owns 30,142 shares of the company’s stock, valued at approximately $1,446,816. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, SVP Maria Angelica Espinosa sold 2,000 shares of Portland General Electric stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $44.30, for a total value of $88,600.00. Following the transaction, the senior vice president now directly owns 16,763 shares in the company, valued at $742,600.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Benjamin Felton sold 1,886 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $48.00, for a total transaction of $90,528.00. Following the completion of the sale, 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. Over the last ninety days, insiders have sold 4,849 shares of company stock valued at $222,492. 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.