Portland General Electric (NYSE:POR) Hits New 12-Month High on Earnings Beat

Portland General Electric (NYSE:POR)’s stock price hit a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The company traded as high as $49.81 and last traded at $48.73, with a volume of 127174 shares changing hands. The stock had previously closed at $48.81.

The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.32. Portland General Electric had a return on equity of 9.15% and a net margin of 9.24%. The business had revenue of $929.00 million for the quarter, compared to the consensus estimate of $882.66 million. During the same quarter in the previous year, the business earned $0.46 earnings per share. Portland General Electric’s quarterly revenue was up 15.8% on a year-over-year basis.

Portland General Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 24th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date of this dividend is Tuesday, December 24th. Portland General Electric’s dividend payout ratio is currently 68.73%.

Wall Street Analyst Weigh In

POR has been the topic of a number of recent analyst reports. KeyCorp upgraded shares of Portland General Electric from a “sector weight” rating to an “overweight” rating in a report on Monday, July 22nd. Barclays cut shares of Portland General Electric from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $48.00 to $49.00 in a report on Wednesday, September 18th. Jefferies Financial Group assumed coverage on Portland General Electric in a report on Friday, September 20th. They set a “hold” rating and a $48.00 price target for the company. Evercore ISI started coverage on Portland General Electric in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $54.00 price objective on the stock. Finally, StockNews.com upgraded Portland General Electric from a “sell” rating to a “hold” rating in a research note on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Portland General Electric has an average rating of “Hold” and a consensus price target of $48.25.

Insider Transactions at Portland General Electric

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

Institutional Investors Weigh In On Portland General Electric

Several institutional investors and hedge funds have recently bought and sold shares of POR. Allworth Financial LP lifted its holdings in shares of Portland General Electric by 74.4% during the 3rd quarter. Allworth Financial LP now owns 621 shares of the utilities provider’s stock worth $30,000 after acquiring an additional 265 shares during the period. Retirement Systems of Alabama lifted its stake in Portland General Electric by 0.3% during the first quarter. Retirement Systems of Alabama now owns 126,987 shares of the utilities provider’s stock worth $5,333,000 after purchasing an additional 335 shares during the last quarter. First Pacific Financial boosted its holdings in shares of Portland General Electric by 2.9% in the 3rd quarter. First Pacific Financial now owns 12,331 shares of the utilities provider’s stock valued at $591,000 after purchasing an additional 347 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in shares of Portland General Electric by 20.1% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,469 shares of the utilities provider’s stock valued at $107,000 after purchasing an additional 413 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Portland General Electric by 94.5% during the 2nd quarter. Blue Trust Inc. now owns 928 shares of the utilities provider’s stock worth $39,000 after buying an additional 451 shares in the last quarter.

Portland General Electric Stock Performance

The company has a current ratio of 1.00, a quick ratio of 0.86 and a debt-to-equity ratio of 1.33. The firm has a 50-day moving average of $47.76 and a two-hundred day moving average of $45.37. The firm has a market capitalization of $5.03 billion, a P/E ratio of 16.78, a P/E/G ratio of 1.37 and a beta of 0.59.

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.