Portland General Electric (NYSE:POR) Releases Quarterly Earnings Results, Misses Estimates By $0.06 EPS

Key Points

• Portland General Electric missed quarterly earnings and revenue estimates: EPS was $1.06 versus the $1.12 consensus, while revenue reached $971 million compared with expectations of $1.02 billion. Revenue nevertheless increased 2.0% year over year.
• The stock rose 0.5% to $44.50 following the results, but remains below its 50-day and 200-day moving averages and well below its one-year high of $54.62.
• PGE declared a quarterly dividend of $0.5513 per share, representing a 5.0% yield and a 96.92% payout ratio. Analysts maintain a consensus “Hold” rating with an average price target of $50.50.

Portland General Electric (NYSE:POR - Get Free Report) released its quarterly earnings results on Wednesday. The utilities provider reported $1.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.12 by ($0.06), FiscalAI reports. Portland General Electric had a net margin of 7.27% and a return on equity of 7.47%. The company had revenue of $971.00 million during the quarter, compared to analysts' expectations of $1.02 billion. During the same period last year, the firm posted $1.00 earnings per share. Portland General Electric's revenue was up 2.0% on a year-over-year basis.

Portland General Electric Trading Up 0.5%

NYSE:POR traded up $0.23 during trading hours on Thursday, reaching $44.50. The company's stock had a trading volume of 1,249,471 shares, compared to its average volume of 1,406,063. Portland General Electric has a 1 year low of $43.26 and a 1 year high of $54.62. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.86 and a current ratio of 0.98. The firm has a 50-day simple moving average of $46.71 and a 200-day simple moving average of $50.04. The firm has a market capitalization of $5.23 billion, a price-to-earnings ratio of 19.52, a PEG ratio of 2.69 and a beta of 0.49.

Portland General Electric Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Tuesday, December 22nd will be paid a dividend of $0.5513 per share. The ex-dividend date of this dividend is Tuesday, December 22nd. This represents a $2.21 annualized dividend and a yield of 5.0%. Portland General Electric's payout ratio is 96.92%.

Wall Street Analysts Forecast Growth

POR has been the subject of several research analyst reports. LADENBURG THALM/SH SH raised Portland General Electric from a "neutral" rating to a "buy" rating and set a $48.50 price objective for the company in a research note on Thursday, August 13th. KeyCorp restated a "sector weight" rating on shares of Portland General Electric in a report on Thursday, September 24th. JPMorgan Chase & Co. decreased their price objective on shares of Portland General Electric from $56.00 to $53.00 and set a "neutral" rating for the company in a report on Wednesday, September 9th. UBS Group reduced their target price on Portland General Electric from $53.00 to $50.00 and set a "neutral" rating on the stock in a report on Monday, September 28th. Finally, BTIG Research set a $57.00 target price on shares of Portland General Electric in a report on Tuesday, October 20th. Two investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Portland General Electric presently has an average rating of "Hold" and an average target price of $50.50.

About Portland General Electric

Portland General Electric Company NYSE: POR is an investor-owned electric utility that generates, purchases, transmits, distributes and sells electricity to residential, commercial and industrial customers. The company also offers energy-management programs, renewable energy options and other services designed to support energy efficiency and electrification.

PGE serves communities throughout the state of Oregon, including the Portland metropolitan area and the Willamette Valley. Its operations include a diverse portfolio of power generation resources, transmission and distribution infrastructure, and programs supporting the integration of renewable energy and electric vehicles.

The company traces its history to the development of electric service in Oregon in the late 19th century.

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