Portland General Electric (NYSE:POR) Raises Dividend to $0.53 Per Share

by · The Cerbat Gem

Portland General Electric (NYSE:POR – Get Free Report) declared a quarterly dividend on Monday, April 21st, Wall Street Journal reports. Shareholders of record on Tuesday, June 24th will be given a dividend of 0.525 per share by the utilities provider on Tuesday, July 15th. This represents a $2.10 annualized dividend and a yield of 4.95%. The ex-dividend date is Tuesday, June 24th. This is a 5.0% increase from Portland General Electric’s previous quarterly dividend of $0.50.

Portland General Electric has increased its dividend by an average of 5.2% per year over the last three years. Portland General Electric has a payout ratio of 59.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Portland General Electric to earn $3.34 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 59.9%.

Portland General Electric Stock Performance

NYSE:POR traded down $0.69 during mid-day trading on Monday, reaching $42.39. 852,011 shares of the company’s stock were exchanged, compared to its average volume of 1,027,432. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.92. The firm has a market capitalization of $4.64 billion, a PE ratio of 14.08, a price-to-earnings-growth ratio of 1.11 and a beta of 0.49. Portland General Electric has a one year low of $40.05 and a one year high of $49.85. The business’s fifty day simple moving average is $43.51 and its two-hundred day simple moving average is $44.44.

Portland General Electric (NYSE:POR – Get Free Report) last released its earnings results on Friday, February 14th. The utilities provider reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.01. Portland General Electric had a return on equity of 9.10% and a net margin of 9.13%. The company had revenue of $824.00 million for the quarter, compared to analyst estimates of $716.17 million. During the same period in the prior year, the firm posted $0.67 EPS. Analysts anticipate that Portland General Electric will post 3.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Portland General Electric

In related news, CFO Joseph R. Trpik, Jr. sold 1,375 shares of Portland General Electric stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $41.32, for a total value of $56,815.00. Following the completion of the sale, the chief financial officer now owns 31,960 shares of the company’s stock, valued at approximately $1,320,587.20. This trade represents a 4.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Benjamin Felton sold 1,845 shares of Portland General Electric stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $43.02, for a total transaction of $79,371.90. Following the transaction, the executive vice president now owns 32,646 shares of the company’s stock, valued at $1,404,430.92. This represents a 5.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,795 shares of company stock valued at $159,946. Company insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on POR. Bank of America decreased their price target on Portland General Electric from $46.00 to $43.00 and set an “underperform” rating on the stock in a research note on Tuesday, December 24th. Jefferies Financial Group reduced their price target on shares of Portland General Electric from $47.00 to $42.00 and set a “hold” rating on the stock in a research note on Tuesday, January 28th. LADENBURG THALM/SH SH downgraded shares of Portland General Electric from a “buy” rating to a “neutral” rating and set a $42.00 price objective for the company. in a research note on Tuesday, February 18th. StockNews.com downgraded shares of Portland General Electric from a “hold” rating to a “sell” rating in a report on Thursday, April 3rd. Finally, Evercore ISI boosted their price objective on Portland General Electric from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 18th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $45.78.

View Our Latest Stock Analysis on Portland General Electric

About Portland General Electric

(Get Free Report)

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.

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