Portland General Electric (NYSE:POR) Releases FY 2024 Earnings Guidance

Portland General Electric (NYSE:POR) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 2.980-3.180 for the period, compared to the consensus estimate of 3.070. The company issued revenue guidance of -. Portland General Electric also updated its FY24 guidance to $2.98-3.18 EPS.

Portland General Electric Price Performance

Portland General Electric stock traded down $0.45 during midday trading on Friday, hitting $42.80. 1,517,939 shares of the company’s stock were exchanged, compared to its average volume of 881,118. Portland General Electric has a 52-week low of $38.01 and a 52-week high of $51.58. The stock has a 50-day moving average price of $41.37 and a two-hundred day moving average price of $41.51. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.74 and a current ratio of 0.84. The company has a market cap of $4.33 billion, a P/E ratio of 16.40 and a beta of 0.57.

Portland General Electric (NYSE:POR) last posted its earnings results on Friday, April 26th. The utilities provider reported $1.21 EPS for the quarter, topping the consensus estimate of $1.10 by $0.11. Portland General Electric had a return on equity of 7.21% and a net margin of 7.80%. The business had revenue of $929.00 million during the quarter, compared to analysts’ expectations of $828.94 million. During the same period in the previous year, the business earned $0.80 earnings per share. The firm’s revenue was up 24.2% on a year-over-year basis. On average, equities research analysts forecast that Portland General Electric will post 3.07 earnings per share for the current year.

Portland General Electric Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, June 24th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.67%. The ex-dividend date of this dividend is Friday, June 21st. This is a positive change from Portland General Electric’s previous quarterly dividend of $0.48. Portland General Electric’s payout ratio is 72.80%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on POR. Barclays lowered their target price on Portland General Electric from $45.00 to $42.00 and set an overweight rating for the company in a research note on Wednesday, February 21st. Mizuho reaffirmed a neutral rating and set a $42.00 price target (down previously from $43.00) on shares of Portland General Electric in a research report on Tuesday, February 20th. UBS Group raised Portland General Electric from a neutral rating to a buy rating and lowered their price target for the company from $47.00 to $45.00 in a research report on Monday, January 29th. Bank of America lowered Portland General Electric from a buy rating to a neutral rating and decreased their target price for the stock from $55.00 to $43.00 in a research report on Monday, February 5th. Finally, StockNews.com lowered Portland General Electric from a hold rating to a sell rating in a research report on Tuesday, February 27th. One 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. According to data from MarketBeat.com, Portland General Electric presently has an average rating of Hold and a consensus target price of $45.13.

Insider Buying and Selling at Portland General Electric

In related news, COO Benjamin Felton sold 3,500 shares of the business’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 transaction, the chief operating officer now directly owns 31,950 shares in the company, valued at approximately $1,297,170. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 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.