Portland General Electric (NYSE:POR) Announces Dividend Increase - $0.53 Per Share

Portland General Electric (NYSE:POR - Get Free Report) declared a quarterly dividend on Monday, April 21st, Wall Street Journal reports. Investors of record on Tuesday, June 24th will be paid 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 5.06%. The ex-dividend date of this dividend 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 payment by an average of 5.2% annually over the last three years. Portland General Electric has a dividend payout ratio of 62.5% indicating that its dividend is sufficiently covered by earnings. Equities 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 $2.10 annual dividend with an expected future payout ratio of 62.9%.

Portland General Electric Trading Down 3.4 %

Shares of POR traded down $1.47 during mid-day trading on Friday, reaching $41.51. 1,847,314 shares of the company were exchanged, compared to its average volume of 1,031,033. The business has a 50 day simple moving average of $43.59 and a two-hundred day simple moving average of $44.33. Portland General Electric has a 52 week low of $40.05 and a 52 week high of $49.85. The stock has a market capitalization of $4.55 billion, a PE ratio of 13.79, a PEG ratio of 1.11 and a beta of 0.49. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.92.

Portland General Electric (NYSE:POR - Get Free Report) last released its quarterly earnings results on Friday, April 25th. The utilities provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). Portland General Electric had a return on equity of 9.10% and a net margin of 9.13%. The firm had revenue of $928.00 million for the quarter, compared to the consensus estimate of $977.02 million. During the same quarter in the previous year, the business posted $1.21 EPS. On average, analysts predict 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 that occurred 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 sale, the chief financial officer now owns 31,960 shares of the company's stock, valued at approximately $1,320,587.20. The trade was a 4.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Benjamin Felton sold 1,845 shares of the company's stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $43.02, for a total value of $79,371.90. Following the transaction, the executive vice president now directly owns 32,646 shares in the company, valued at $1,404,430.92. This represents a 5.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,795 shares of company stock worth $159,946 in the last quarter. 0.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on POR shares. Barclays lifted their price objective on Portland General Electric from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $44.00 price objective (down previously from $50.00) on shares of Portland General Electric in a research report on Thursday, April 10th. Jefferies Financial Group reduced their price target on shares of Portland General Electric from $47.00 to $42.00 and set a "hold" rating for the company in a report on Tuesday, January 28th. LADENBURG THALM/SH SH lowered shares of Portland General Electric from a "buy" rating to a "neutral" rating and set a $42.00 price objective on the stock. in a report on Tuesday, February 18th. Finally, UBS Group restated a "neutral" rating and issued a $47.00 target price (down from $52.00) on shares of Portland General Electric in a research note on Friday, January 3rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $45.89.

Portland General Electric Company Profile

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.