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

by · The Markets Daily

Portland General Electric (NYSE:POR – Get Free Report) updated its FY24 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of $3.08-3.18 for the period, compared to the consensus estimate of $3.09. Portland General Electric also updated its FY 2024 guidance to 3.080-3.180 EPS.

Portland General Electric Trading Down 1.0 %

Shares of NYSE:POR traded down $0.47 during midday trading on Friday, reaching $48.34. The company’s stock had a trading volume of 1,498,070 shares, compared to its average volume of 950,543. Portland General Electric has a fifty-two week low of $39.13 and a fifty-two week high of $49.85. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.86 and a current ratio of 1.00. The firm has a 50 day moving average price of $47.79 and a two-hundred day moving average price of $45.44. The firm has a market capitalization of $4.98 billion, a price-to-earnings ratio of 18.52, a PEG ratio of 1.37 and a beta of 0.59.

Portland General Electric (NYSE:POR – Get Free Report) last issued its quarterly earnings results on Friday, October 25th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.01. Portland General Electric had a return on equity of 9.15% and a net margin of 9.24%. The firm had revenue of $929.00 million for the quarter, compared to analyst estimates of $882.66 million. During the same period in the previous year, the firm earned $0.46 earnings per share. The company’s revenue was up 15.8% compared to the same quarter last year. As a group, analysts forecast that Portland General Electric will post 3.09 earnings per share for the current year.

Portland General Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 24th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend is Tuesday, December 24th. Portland General Electric’s dividend payout ratio is currently 76.63%.

Wall Street Analysts Forecast Growth

POR has been the topic of several recent research reports. Evercore ISI assumed coverage on shares of Portland General Electric in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $54.00 price target on the stock. StockNews.com upgraded shares of Portland General Electric from a “sell” rating to a “hold” rating in a research note on Tuesday, September 24th. Barclays lowered shares of Portland General Electric from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $48.00 to $49.00 in a research report on Wednesday, September 18th. Jefferies Financial Group assumed coverage on shares of Portland General Electric in a research report on Friday, September 20th. They issued a “hold” rating and a $48.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their price target on Portland General Electric from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Portland General Electric has a consensus rating of “Hold” and an average target price of $48.25.

Read Our Latest Analysis on Portland General Electric

Insiders Place Their Bets

In other news, SVP Maria Angelica Espinosa sold 2,500 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $48.30, for a total transaction of $120,750.00. Following the completion of the transaction, the senior vice president now owns 14,263 shares in the company, valued at approximately $688,902.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 completion of the transaction, the vice president now directly owns 22,606 shares of the company’s stock, valued at approximately $1,045,527.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.54% of the company’s stock.

About Portland General Electric

(Get Free Report)

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.

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