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

Portland General Electric (NYSE:POR) issued an update on its FY24 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $2.98-3.18 for the period, compared to the consensus estimate of $3.07. Portland General Electric also updated its FY 2024 guidance to 2.980-3.180 EPS.

Portland General Electric Stock Performance

Portland General Electric stock traded down $0.45 on Friday, reaching $42.80. 1,517,242 shares of the stock were exchanged, compared to its average volume of 973,154. The stock has a market cap of $4.33 billion, a PE ratio of 18.75 and a beta of 0.57. The company has a current ratio of 0.84, a quick ratio of 0.74 and a debt-to-equity ratio of 1.26. Portland General Electric has a twelve month low of $38.01 and a twelve month high of $51.58. The firm has a fifty day moving average price of $41.33 and a two-hundred day moving average price of $41.50.

Portland General Electric (NYSE:POR) last announced its quarterly earnings data on Friday, April 26th. The utilities provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.24. The business had revenue of $929.00 million during the quarter, compared to analyst estimates of $828.94 million. Portland General Electric had a net margin of 7.80% and a return on equity of 7.21%. The firm’s revenue for the quarter was up 24.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.80 earnings per share. Sell-side analysts anticipate that Portland General Electric will post 3.07 EPS for the current year.

Portland General Electric Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, May 24th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, June 21st. This represents a $2.00 dividend on an annualized basis and a yield of 4.67%. This is a boost from Portland General Electric’s previous quarterly dividend of $0.48. Portland General Electric’s payout ratio is presently 81.55%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on POR. UBS Group raised shares of Portland General Electric from a neutral rating to a buy rating and decreased their price objective for the stock from $47.00 to $45.00 in a research note on Monday, January 29th. Mizuho reissued a neutral rating and set a $42.00 price target (down from $43.00) on shares of Portland General Electric in a research note on Tuesday, February 20th. Barclays decreased their price target on shares of Portland General Electric from $45.00 to $42.00 and set an overweight rating on the stock in a research note on Wednesday, February 21st. Bank of America cut shares of Portland General Electric from a buy rating to a neutral rating and decreased their price target for the company from $55.00 to $43.00 in a research note on Monday, February 5th. Finally, StockNews.com lowered shares of Portland General Electric from a hold rating to a sell rating in a report on Tuesday, February 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, Portland General Electric presently has a consensus rating of Hold and a consensus target price of $45.13.

Insiders Place Their Bets

In other Portland General Electric news, COO Benjamin Felton sold 3,500 shares of the stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $40.60, for a total value of $142,100.00. Following the sale, the chief operating officer now directly owns 31,950 shares in the company, valued at $1,297,170. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.54% of the company’s stock.

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.