Portland General Electric (NYSE:POR) Reaches New 52-Week High Following Earnings Beat

Portland General Electric (NYSE:POR)’s stock price reached a new 52-week high 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, topping analysts’ consensus estimates of $0.58 by $0.32. The firm had revenue of $929.00 million during the quarter, compared to analysts’ expectations of $882.66 million. Portland General Electric had a net margin of 9.24% and a return on equity of 9.15%. Portland General Electric’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.46 earnings per share.

Portland General Electric Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 24th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date is Tuesday, December 24th. Portland General Electric’s dividend payout ratio is 68.73%.

Analysts Set New Price Targets

POR has been the subject of a number of research analyst reports. Jefferies Financial Group initiated coverage on shares of Portland General Electric in a research report on Friday, September 20th. They set a “hold” rating and a $48.00 target price for the company. Evercore ISI initiated coverage on shares of Portland General Electric in a research report on Wednesday, September 25th. They set an “outperform” rating and a $54.00 target price for the company. Barclays lowered shares of Portland General Electric from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $48.00 to $49.00 in a research report on Wednesday, September 18th. KeyCorp raised shares of Portland General Electric from a “sector weight” rating to an “overweight” rating in a research report on Monday, July 22nd. Finally, Bank of America started coverage on shares of Portland General Electric in a research report on Thursday, September 12th. They set an “underperform” rating and a $47.00 price objective for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Portland General Electric currently has an average rating of “Hold” and an average price target of $48.25.

Insider Buying and Selling

In other Portland General Electric news, SVP Maria Angelica Espinosa sold 2,500 shares of the company’s 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 sale, the senior vice president now directly owns 14,263 shares of the company’s stock, valued at approximately $688,902.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Portland General Electric news, SVP Maria Angelica Espinosa sold 2,500 shares of the company’s 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 sale, the senior vice president now directly owns 14,263 shares of the company’s stock, valued at approximately $688,902.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Teeruk Kochavatr sold 1,100 shares of the 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.54% of the company’s stock.

Institutional Trading of Portland General Electric

Several hedge funds have recently modified their holdings of POR. Vaughan Nelson Investment Management L.P. acquired a new position in shares of Portland General Electric during the 2nd quarter worth about $31,557,000. Marshall Wace LLP boosted its stake in Portland General Electric by 657.0% during the 2nd quarter. Marshall Wace LLP now owns 314,688 shares of the utilities provider’s stock worth $13,607,000 after acquiring an additional 273,118 shares during the last quarter. Systematic Financial Management LP increased its stake in Portland General Electric by 83.4% in the second quarter. Systematic Financial Management LP now owns 424,701 shares of the utilities provider’s stock valued at $18,364,000 after purchasing an additional 193,164 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in Portland General Electric in the second quarter worth $7,459,000. Finally, Natixis Advisors LLC boosted its position in shares of Portland General Electric by 91.7% during the second quarter. Natixis Advisors LLC now owns 312,313 shares of the utilities provider’s stock worth $13,505,000 after purchasing an additional 149,429 shares in the last quarter.

Portland General Electric Stock Down 1.0 %

The company has a market cap of $4.98 billion, a price-to-earnings ratio of 16.61, a price-to-earnings-growth ratio of 1.37 and a beta of 0.59. 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’s fifty day moving average price is $47.79 and its 200-day moving average price is $45.42.

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.