KeyCorp Has Strong Estimate for POR FY2024 Earnings

Portland General Electric (NYSE:POR) – Equities research analysts at KeyCorp increased their FY2024 EPS estimates for Portland General Electric in a research report issued on Tuesday, December 3rd. KeyCorp analyst S. Karp now expects that the utilities provider will earn $3.08 per share for the year, up from their prior estimate of $3.04. KeyCorp currently has a “Overweight” rating and a $51.00 target price on the stock. The consensus estimate for Portland General Electric’s current full-year earnings is $3.11 per share. KeyCorp also issued estimates for Portland General Electric’s Q4 2024 earnings at $0.31 EPS, FY2027 earnings at $3.56 EPS and FY2028 earnings at $3.66 EPS.

Portland General Electric (NYSE:POR) last announced its quarterly earnings data on Friday, October 25th. The utilities provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.01. Portland General Electric had a return on equity of 10.28% and a net margin of 10.30%. The firm had revenue of $929.00 million during the quarter, compared to analyst estimates of $882.66 million. During the same period last year, the company earned $0.46 earnings per share. The company’s revenue was up 15.8% on a year-over-year basis.

A number of other equities analysts have also recently issued reports on POR. StockNews.com raised shares of Portland General Electric from a “sell” rating to a “hold” rating in a research note on Tuesday, September 24th. Jefferies Financial Group started coverage on Portland General Electric in a research report on Friday, September 20th. They issued a “hold” rating and a $48.00 price target on the stock. Bank of America assumed coverage on Portland General Electric in a report on Thursday, September 12th. They issued an “underperform” rating and a $47.00 price objective for the company. Barclays reduced their target price on Portland General Electric from $49.00 to $48.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 29th. Finally, 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 target for the company. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $49.13.

Portland General Electric Stock Down 0.9 %

Shares of NYSE:POR opened at $46.05 on Friday. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.98 and a quick ratio of 0.86. The stock has a market cap of $4.86 billion, a price-to-earnings ratio of 13.75, a P/E/G ratio of 1.19 and a beta of 0.59. The company has a 50 day moving average of $47.31 and a 200-day moving average of $46.24. Portland General Electric has a one year low of $39.13 and a one year high of $49.85.

Hedge Funds Weigh In On Portland General Electric

A number of institutional investors and hedge funds have recently added to or reduced their stakes in POR. V Square Quantitative Management LLC bought a new position in Portland General Electric in the third quarter valued at $25,000. Allworth Financial LP increased its position 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 purchasing an additional 265 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of Portland General Electric during the 2nd quarter worth approximately $33,000. Blue Trust Inc. raised its stake 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 purchasing an additional 451 shares in the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Portland General Electric in the 2nd quarter valued at approximately $40,000.

Insider Activity

In related news, SVP Maria Angelica Espinosa sold 2,500 shares of the firm’s stock in a transaction on 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 in the company, valued at $688,902.90. This trade represents a 14.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.54% of the stock is currently owned by company insiders.

Portland General Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 24th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 4.34%. The ex-dividend date of this dividend is Tuesday, December 24th. Portland General Electric’s dividend payout ratio (DPR) is presently 59.70%.

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.