Portland General Electric (NYSE:POR) Issues 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 guidance of 3.080-3.180 for the period, compared to the consensus earnings per share estimate of 3.080. The company issued revenue guidance of -. Portland General Electric also updated its FY24 guidance to $3.08-3.18 EPS.

Portland General Electric Stock Performance

Shares of Portland General Electric stock traded down $0.47 during mid-day trading on Friday, hitting $48.34. 1,498,070 shares of the stock were exchanged, compared to its average volume of 950,543. The company has a market capitalization of $4.98 billion, a P/E ratio of 18.52, a P/E/G ratio of 1.37 and a beta of 0.59. 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 company has a 50-day simple moving average of $47.79 and a 200 day simple moving average of $45.44. Portland General Electric has a 12 month low of $39.13 and a 12 month high of $49.85.

Portland General Electric (NYSE:POR) last announced its quarterly earnings data on Friday, October 25th. The utilities provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.01. The business had revenue of $929.00 million during the quarter, compared to analyst estimates of $882.66 million. Portland General Electric had a return on equity of 9.15% and a net margin of 9.24%. Portland General Electric’s revenue was up 15.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.46 earnings per share. Sell-side analysts anticipate that Portland General Electric will post 3.09 earnings per share for the current fiscal year.

Portland General Electric Announces Dividend

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

Wall Street Analyst Weigh In

Several research analysts have commented on POR shares. KeyCorp upgraded shares of Portland General Electric from a “sector weight” rating to an “overweight” rating in a report on Monday, July 22nd. JPMorgan Chase & Co. upped their price objective on shares of Portland General Electric from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Wednesday. StockNews.com upgraded shares of Portland General Electric from a “sell” rating to a “hold” rating in a report on Tuesday, September 24th. Bank of America started coverage on Portland General Electric in a report on Thursday, September 12th. They set an “underperform” rating and a $47.00 price target for the company. Finally, Evercore ISI began coverage on shares of Portland General Electric in a report on Wednesday, September 25th. They issued an “outperform” rating and a $54.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $48.25.

Insider Activity at Portland General Electric

In other news, VP John Teeruk Kochavatr sold 1,100 shares of Portland General Electric stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $46.25, for a total transaction of $50,875.00. Following the completion of the sale, the vice president now owns 22,606 shares of the company’s stock, valued at approximately $1,045,527.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Portland General Electric news, SVP Maria Angelica Espinosa sold 2,500 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $48.30, for a total transaction of $120,750.00. Following the transaction, the senior vice president now directly owns 14,263 shares in the company, valued at $688,902.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Teeruk Kochavatr sold 1,100 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $46.25, for a total transaction of $50,875.00. Following the transaction, the vice president now directly owns 22,606 shares in the company, valued at $1,045,527.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by company 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.