Portland General Electric (NYSE:POR) Releases Earnings Results, Misses Estimates By $0.01 EPS

Portland General Electric (NYSE:POR) issued its quarterly earnings results on Thursday. The utilities provider reported $0.64 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.01), FiscalAI reports. Portland General Electric had a return on equity of 7.57% and a net margin of 7.12%.The business had revenue of $814.00 million during the quarter, compared to analysts’ expectations of $839.75 million. During the same quarter in the previous year, the company posted $0.66 earnings per share. The company’s quarterly revenue was up .9% compared to the same quarter last year.

Portland General Electric Stock Down 1.8%

POR stock traded down $0.92 during trading on Friday, hitting $49.17. 999,018 shares of the company’s stock traded hands, compared to its average volume of 1,258,613. The firm has a market capitalization of $5.69 billion, a P/E ratio of 21.96, a PEG ratio of 2.17 and a beta of 0.52. The business has a fifty day simple moving average of $51.19 and a two-hundred day simple moving average of $51.34. The company has a quick ratio of 0.95, a current ratio of 1.09 and a debt-to-equity ratio of 1.19. Portland General Electric has a 1 year low of $40.81 and a 1 year high of $54.62.

Portland General Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Friday, September 25th will be given a $0.5513 dividend. This represents a $2.21 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Friday, September 25th. Portland General Electric’s dividend payout ratio is presently 98.21%.

Insider Buying and Selling

In other Portland General Electric news, VP Juan Diego Gallegos sold 2,750 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $48.67, for a total transaction of $133,842.50. Following the completion of the sale, the vice president owned 12,127 shares in the company, valued at $590,221.09. This represents a 18.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Joseph R. Trpik, Jr. sold 7,500 shares of Portland General Electric stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $49.03, for a total value of $367,725.00. Following the completion of the transaction, the chief financial officer owned 31,897 shares in the company, valued at $1,563,909.91. This represents a 19.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 11,787 shares of company stock worth $581,230 in the last three months. Corporate insiders own 0.52% of the company’s stock.

Institutional Trading of Portland General Electric

Several hedge funds have recently modified their holdings of POR. Johnson Financial Group Inc. purchased a new position in shares of Portland General Electric in the 3rd quarter worth approximately $27,000. Northwestern Mutual Wealth Management Co. lifted its position in Portland General Electric by 272.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 719 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 526 shares during the last quarter. IFP Advisors Inc boosted its stake in Portland General Electric by 61.7% in the third quarter. IFP Advisors Inc now owns 1,080 shares of the utilities provider’s stock valued at $48,000 after acquiring an additional 412 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in Portland General Electric by 18.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,469 shares of the utilities provider’s stock valued at $71,000 after acquiring an additional 226 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its holdings in Portland General Electric by 202.7% in the third quarter. CIBC Private Wealth Group LLC now owns 1,816 shares of the utilities provider’s stock worth $80,000 after purchasing an additional 1,216 shares during the last quarter.

Analyst Ratings Changes

Several brokerages have commented on POR. BMO Capital Markets cut their price objective on Portland General Electric from $55.00 to $54.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 22nd. Zacks Research downgraded Portland General Electric from a “hold” rating to a “strong sell” rating in a research report on Monday, July 6th. JPMorgan Chase & Co. boosted their target price on shares of Portland General Electric from $51.00 to $54.00 and gave the company a “neutral” rating in a research note on Monday, April 20th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Portland General Electric in a research note on Friday, May 15th. Finally, Wells Fargo & Company set a $51.00 price objective on shares of Portland General Electric in a report on Tuesday, April 21st. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $50.90.

About Portland General Electric

Portland General Electric (NYSE:POR) is an investor-owned electric utility headquartered in Tigard, Oregon, with roots tracing back to the late 19th century. The company generates, transmits and distributes electricity to residential, commercial and industrial customers across a broad territory in Oregon, primarily encompassing the Portland metropolitan area and surrounding regions.

As one of Oregon’s largest electric utilities, Portland General Electric operates a diverse portfolio of generation assets, including hydroelectric facilities, natural gas–fired plants and renewable energy sources.