Portland General Electric Declares Quarterly Dividend of $0.50 (NYSE:POR)

Portland General Electric (NYSE:POR) declared a quarterly dividend on Friday, October 18th,RTT News reports. Investors of record on Tuesday, December 24th will be given a dividend of 0.50 per share by the utilities provider on Wednesday, January 15th. This represents a $2.00 annualized dividend and a yield of 4.54%. The ex-dividend date of this dividend is Tuesday, December 24th.

Portland General Electric has increased its dividend payment by an average of 5.8% per year over the last three years and has increased its dividend every year for the last 19 years. Portland General Electric has a dividend payout ratio of 61.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Portland General Electric to earn $3.22 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 62.1%.

Portland General Electric Stock Performance

Shares of POR opened at $44.03 on Friday. Portland General Electric has a 52 week low of $39.13 and a 52 week high of $49.85. The company has a quick ratio of 0.86, a current ratio of 0.98 and a debt-to-equity ratio of 1.28. The stock has a market cap of $4.64 billion, a price-to-earnings ratio of 13.14, a PEG ratio of 1.13 and a beta of 0.59. The business has a 50-day simple moving average of $46.88 and a two-hundred day simple moving average of $46.29.

Portland General Electric (NYSE:POR) last issued its quarterly earnings results on Friday, October 25th. The utilities provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.01. The business had revenue of $929.00 million for the quarter, compared to the consensus estimate of $882.66 million. Portland General Electric had a net margin of 10.30% and a return on equity of 10.28%. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.46 earnings per share. On average, analysts expect that Portland General Electric will post 3.11 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on POR shares. JPMorgan Chase & Co. increased their price target on Portland General Electric from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Barclays dropped their price target on Portland General Electric from $49.00 to $48.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 29th. KeyCorp reduced their price objective on shares of Portland General Electric from $52.00 to $51.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 4th. Bank of America assumed coverage on shares of Portland General Electric in a research report on Thursday, September 12th. They set an “underperform” rating and a $47.00 target price for the company. Finally, Evercore ISI initiated coverage on shares of Portland General Electric in a report on Wednesday, September 25th. They issued an “outperform” rating and a $54.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $49.13.

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.