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

Portland General Electric (NYSE:POR) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share guidance of 2.980-3.180 for the period, compared to the consensus earnings per share 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 Stock Performance

NYSE:POR traded down $0.45 during trading on Friday, reaching $42.80. The company’s stock had a trading volume of 1,517,939 shares, compared to its average volume of 881,118. The firm has a market cap of $4.33 billion, a price-to-earnings ratio of 16.40 and a beta of 0.57. The firm has a 50 day moving average of $41.37 and a 200-day moving average 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. Portland General Electric has a 12 month low of $38.01 and a 12 month high of $51.58.

Portland General Electric (NYSE:POR) last posted its earnings results on Friday, April 26th. The utilities provider reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.11. The business had revenue of $929.00 million during the quarter, compared to analyst estimates of $828.94 million. Portland General Electric had a return on equity of 7.21% and a net margin of 7.80%. The company’s quarterly revenue was up 24.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.80 EPS. Research analysts expect that Portland General Electric will post 3.07 EPS for the current fiscal year.

Portland General Electric Increases Dividend

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

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Bank of America cut Portland General Electric from a buy rating to a neutral rating and reduced their target price for the company from $55.00 to $43.00 in a research note on Monday, February 5th. 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 downgraded shares of Portland General Electric from a hold rating to a sell rating in a research note on Tuesday, February 27th. UBS Group raised shares of Portland General Electric from a neutral rating to a buy rating and cut their price objective for the company from $47.00 to $45.00 in a research note on Monday, January 29th. Finally, 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 research report on Tuesday, February 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and an average target price of $45.13.

Insider Buying and Selling 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 on Tuesday, April 16th. The shares were 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 directly owns 31,950 shares in the company, valued at approximately $1,297,170. The sale was disclosed in a document filed with the SEC, which is available through this link. 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.