Portland General Electric (NYSE:POR) to Issue Dividend Increase - $0.50 Per Share

Portland General Electric (NYSE:POR - Get Free Report) announced a quarterly dividend on Friday, April 19th, RTT News reports. Shareholders of record on Friday, May 24th will be given a dividend of 0.50 per share by the utilities provider on Monday, July 15th. This represents a $2.00 dividend on an annualized basis and a yield of 4.67%. This is an increase from Portland General Electric's previous quarterly dividend of $0.48.

Portland General Electric has raised its dividend by an average of 5.8% annually over the last three years and has increased its dividend annually for the last 18 consecutive years. Portland General Electric has a payout ratio of 58.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Portland General Electric to earn $3.22 per share next year, which means the company should continue to be able to cover its $1.90 annual dividend with an expected future payout ratio of 59.0%.

Portland General Electric Trading Up 2.6 %

Shares of POR stock traded up $1.09 during mid-day trading on Friday, hitting $42.83. 900,248 shares of the company's stock were exchanged, compared to its average volume of 966,527. The stock has a market cap of $4.33 billion, a price-to-earnings ratio of 18.37 and a beta of 0.57. Portland General Electric has a fifty-two week low of $38.01 and a fifty-two week high of $51.58. The company has a quick ratio of 0.74, a current ratio of 0.84 and a debt-to-equity ratio of 1.26. The stock has a 50-day simple moving average of $41.03 and a two-hundred day simple moving average of $41.37.

Portland General Electric (NYSE:POR - Get Free Report) last announced its quarterly earnings results on Friday, February 16th. The utilities provider reported $0.68 earnings per share for the quarter, missing analysts' consensus estimates of $0.88 by ($0.20). The business had revenue of $725.00 million for the quarter, compared to analysts' expectations of $740.21 million. Portland General Electric had a return on equity of 7.21% and a net margin of 7.80%. The firm's revenue for the quarter was up 5.5% on a year-over-year basis. During the same period last year, the company posted $0.70 earnings per share. Equities analysts expect that Portland General Electric will post 3.07 EPS for the current fiscal year.

Insider Transactions at Portland General Electric

In other news, COO Benjamin Felton sold 3,500 shares of the company's stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $40.60, for a total transaction of $142,100.00. Following the completion of the transaction, the chief operating officer now owns 31,950 shares of the company's stock, valued at $1,297,170. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Portland General Electric

Several large investors have recently modified their holdings of the stock. IMA Wealth Inc. raised its holdings in Portland General Electric by 100.0% in the second 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. KBC Group NV bought a new position in Portland General Electric during the fourth quarter worth about $79,000. International Assets Investment Management LLC grew its stake in Portland General Electric by 4,233.3% in the fourth quarter. International Assets Investment Management LLC now owns 1,820 shares of the utilities provider's stock valued at $79,000 after acquiring an additional 1,778 shares during the period. Benjamin Edwards Inc. grew its stake in Portland General Electric by 136.2% in the second quarter. Benjamin Edwards Inc. now owns 2,234 shares of the utilities provider's stock valued at $105,000 after acquiring an additional 1,288 shares during the period. Finally, Covestor Ltd increased its holdings in shares of Portland General Electric by 359.6% in the first quarter. Covestor Ltd now owns 2,523 shares of the utilities provider's stock worth $139,000 after acquiring an additional 1,974 shares in the last quarter.

Analyst Ratings Changes

Several research firms have recently commented on POR. Barclays lowered their price objective on Portland General Electric from $45.00 to $42.00 and set an "overweight" rating for the company in a research note on Wednesday, February 21st. StockNews.com cut shares of Portland General Electric from a "hold" rating to a "sell" rating in a research report on Tuesday, February 27th. Mizuho restated a "neutral" rating and set a $42.00 target price (down from $43.00) on shares of Portland General Electric in a report on Tuesday, February 20th. Bank of America cut Portland General Electric from a "buy" rating to a "neutral" rating and dropped their price target for the company from $55.00 to $43.00 in a report on Monday, February 5th. Finally, UBS Group upgraded Portland General Electric from a "neutral" rating to a "buy" rating and decreased their target price for the stock from $47.00 to $45.00 in a report on Monday, January 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $45.13.

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.

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