Portland General Electric (NYSE:POR) Issues 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 Price Performance

Shares of NYSE:POR traded down $0.45 during midday trading on Friday, hitting $42.80. The company had a trading volume of 1,517,242 shares, compared to its average volume of 973,154. Portland General Electric has a twelve month low of $38.01 and a twelve month high of $51.58. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.84 and a quick ratio of 0.74. The stock has a market cap of $4.33 billion, a price-to-earnings ratio of 18.75 and a beta of 0.57. The business’s 50-day simple moving average is $41.33 and its 200-day simple moving average is $41.50.

Portland General Electric (NYSE:POR) last posted its quarterly earnings results on Friday, April 26th. The utilities provider reported $1.21 EPS for the quarter, beating the consensus estimate of $0.97 by $0.24. Portland General Electric had a return on equity of 7.21% and a net margin of 7.80%. The firm had revenue of $929.00 million during the quarter, compared to analysts’ expectations of $828.94 million. During the same quarter last year, the firm earned $0.80 earnings per share. The business’s revenue for the quarter was up 24.2% on a year-over-year basis. On average, research analysts predict 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. Shareholders of record on Friday, May 24th will be paid a dividend of $0.50 per share. This is a boost 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 annualized dividend and a yield of 4.67%. Portland General Electric’s dividend payout ratio (DPR) is 81.55%.

Wall Street Analysts Forecast Growth

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

Insider Activity at Portland General Electric

In other Portland General Electric 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 transaction, the chief operating officer now owns 31,950 shares in the company, valued at approximately $1,297,170. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.54% of the stock is currently owned by insiders.

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.