Portland General Electric (NYSE:POR) Updates 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 guidance of $2.98-3.18 for the period, compared to the consensus earnings per share estimate of $3.07. Portland General Electric also updated its FY 2024 guidance to 2.980-3.180 EPS.

Portland General Electric Price Performance

POR stock opened at $42.80 on Friday. 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 one year low of $38.01 and a one year high of $51.58. The firm has a market capitalization of $4.33 billion, a PE ratio of 18.37 and a beta of 0.57. The firm has a 50-day moving average of $41.37 and a two-hundred day moving average of $41.51.

Portland General Electric (NYSE:POR) last posted its quarterly earnings data on Friday, April 26th. The utilities provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.11. Portland General Electric had a net margin of 7.80% and a return on equity of 7.21%. The company had revenue of $929.00 million during the quarter, compared to analyst estimates of $828.94 million. During the same period in the prior year, the firm earned $0.80 earnings per share. The business’s quarterly revenue was up 24.2% on a year-over-year basis. On average, analysts forecast that Portland General Electric will post 3.07 earnings per share 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. Stockholders of record on Monday, June 24th will be issued a $0.50 dividend. This is an increase from Portland General Electric’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Friday, June 21st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.67%. Portland General Electric’s dividend payout ratio is currently 81.55%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on POR. StockNews.com downgraded Portland General Electric from a hold rating to a sell rating in a report on Tuesday, February 27th. UBS Group upgraded Portland General Electric from a neutral rating to a buy rating and dropped their target price for the company from $47.00 to $45.00 in a report on Monday, January 29th. Bank of America downgraded Portland General Electric from a buy rating to a neutral rating and dropped their target price for the company from $55.00 to $43.00 in a report on Monday, February 5th. Mizuho reiterated a neutral rating and issued a $42.00 target price (down previously from $43.00) on shares of Portland General Electric in a report on Tuesday, February 20th. Finally, Barclays dropped their price objective on Portland General Electric from $45.00 to $42.00 and set an overweight rating on the stock in a report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $45.13.

Insiders Place Their Bets

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

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.