Portland General Electric (NYSE:POR) Issues Earnings Results

Portland General Electric (NYSE:POR) released its quarterly earnings data on Friday. The utilities provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.07, RTT News reports. The company had revenue of $758.00 million for the quarter, compared to the consensus estimate of $716.43 million. Portland General Electric had a return on equity of 8.50% and a net margin of 8.51%. The company’s quarterly revenue was up 17.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.44 earnings per share. Portland General Electric updated its FY 2024 guidance to 2.980-3.180 EPS and its FY24 guidance to $2.98-3.18 EPS.

Portland General Electric Price Performance

POR opened at $47.42 on Monday. The company has a quick ratio of 1.09, a current ratio of 1.22 and a debt-to-equity ratio of 1.34. Portland General Electric has a 12 month low of $38.01 and a 12 month high of $48.95. The company has a fifty day simple moving average of $43.96 and a 200 day simple moving average of $42.45. The stock has a market cap of $4.89 billion, a P/E ratio of 18.17 and a beta of 0.58.

Portland General Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, September 24th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.22%. The ex-dividend date is Tuesday, September 24th. Portland General Electric’s dividend payout ratio is currently 76.63%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on POR. Barclays boosted their target price on Portland General Electric from $44.00 to $48.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. StockNews.com raised Portland General Electric from a “sell” rating to a “hold” rating in a report on Tuesday, April 30th. KeyCorp raised Portland General Electric from a “sector weight” rating to an “overweight” rating in a report on Monday, July 22nd. Finally, Mizuho upped their price objective on Portland General Electric from $42.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, May 16th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $44.86.

Insider Activity at Portland General Electric

In related news, SVP Maria Angelica Espinosa sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $44.30, for a total value of $88,600.00. Following the completion of the sale, the senior vice president now owns 16,763 shares in the company, valued at approximately $742,600.90. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Portland General Electric news, COO Benjamin Felton sold 1,886 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $48.00, for a total transaction of $90,528.00. Following the completion of the transaction, the chief operating officer now owns 30,142 shares in the company, valued at approximately $1,446,816. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Maria Angelica Espinosa sold 2,000 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $44.30, for a total value of $88,600.00. Following the transaction, the senior vice president now owns 16,763 shares of the company’s stock, valued at approximately $742,600.90. The disclosure for this sale can be found here. Insiders sold a total of 4,849 shares of company stock worth $222,492 in the last quarter. Corporate insiders own 0.54% of the company’s stock.

Hedge Funds Weigh In On Portland General Electric

A number of large investors have recently added to or reduced their stakes in the company. Legato Capital Management LLC boosted its stake in shares of Portland General Electric by 35.9% during the 2nd quarter. Legato Capital Management LLC now owns 48,924 shares of the utilities provider’s stock worth $2,115,000 after buying an additional 12,918 shares during the last quarter. Spirit of America Management Corp NY boosted its stake in shares of Portland General Electric by 68.9% during the 2nd quarter. Spirit of America Management Corp NY now owns 3,800 shares of the utilities provider’s stock worth $164,000 after buying an additional 1,550 shares during the last quarter. GYL Financial Synergies LLC acquired a new position in shares of Portland General Electric during the 2nd quarter worth about $267,000. Scharf Investments LLC boosted its stake in shares of Portland General Electric by 4.4% during the 2nd quarter. Scharf Investments LLC now owns 82,728 shares of the utilities provider’s stock worth $3,577,000 after buying an additional 3,516 shares during the last quarter. Finally, First Pacific Financial boosted its stake in shares of Portland General Electric by 7.1% during the 2nd quarter. First Pacific Financial now owns 11,984 shares of the utilities provider’s stock worth $518,000 after buying an additional 794 shares during the last quarter.

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.