Portland General Electric (NYSE:POR – Get Free Report) released its quarterly earnings results on Friday. The utilities provider reported $0.46 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.08), MarketWatch Earnings reports. The firm had revenue of $802.00 million for the quarter, compared to analysts’ expectations of $741.72 million. Portland General Electric had a net margin of 7.28% and a return on equity of 7.33%. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.65 earnings per share. Portland General Electric updated its FY23 guidance to $2.60-2.65 EPS and its FY 2023 guidance to $2.60-$2.65 EPS.
Portland General Electric Price Performance
Shares of NYSE:POR opened at $39.70 on Monday. Portland General Electric has a twelve month low of $38.01 and a twelve month high of $51.58. The company’s 50 day moving average is $42.29 and its 200 day moving average is $46.30. The company has a current ratio of 1.14, a quick ratio of 0.97 and a debt-to-equity ratio of 1.24. The company has a market cap of $4.01 billion, a PE ratio of 17.96, a price-to-earnings-growth ratio of 2.51 and a beta of 0.57.
Portland General Electric Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Tuesday, December 26th will be issued a $0.475 dividend. The ex-dividend date of this dividend is Friday, December 22nd. This represents a $1.90 annualized dividend and a yield of 4.79%. Portland General Electric’s dividend payout ratio (DPR) is presently 85.97%.
Wall Street Analyst Weigh In
Insider Buying and Selling
In related news, VP Anne Frances Mersereau sold 1,071 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $46.83, for a total value of $50,154.93. Following the transaction, the vice president now owns 17,962 shares in the company, valued at approximately $841,160.46. The sale was disclosed in a filing with the SEC, which is available through this link. 0.51% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Portland General Electric
A number of hedge funds and other institutional investors have recently made changes to their positions in POR. IMA Wealth Inc. grew its stake in shares of Portland General Electric by 100.0% during the 2nd quarter. IMA Wealth Inc. now owns 786 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 393 shares during the period. Benjamin Edwards Inc. grew its stake in shares of Portland General Electric by 136.2% during the 2nd quarter. Benjamin Edwards Inc. now owns 2,234 shares of the utilities provider’s stock worth $105,000 after purchasing an additional 1,288 shares during the period. Covestor Ltd grew its stake in shares of Portland General Electric by 359.6% during the 1st quarter. Covestor Ltd now owns 2,523 shares of the utilities provider’s stock worth $139,000 after purchasing an additional 1,974 shares during the period. Acadian Asset Management LLC acquired a new stake in shares of Portland General Electric during the 1st quarter worth approximately $158,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Portland General Electric during the 1st quarter worth approximately $180,000.
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, 2022, the company owned an electric transmission system consisting of 1,255 circuit miles, including 269 circuit miles of 500 kilovolt line, 413 circuit miles of 230 kilovolt line, and 573 miles of 115 kilovolt line; and served 926 thousand retail customers in 51 cities.
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