Portland General Electric (NYSE:POR) Issues Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Portland General Electric (NYSE:POR) released its quarterly earnings results on Thursday. The utilities provider reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.01), FiscalAI reports. Portland General Electric had a net margin of 7.12% and a return on equity of 7.57%. The business had revenue of $814.00 million during the quarter, compared to analysts’ expectations of $839.75 million. During the same quarter last year, the business posted $0.66 earnings per share. The company’s quarterly revenue was up .9% compared to the same quarter last year.

Portland General Electric Stock Performance

POR stock traded down $0.92 during midday trading on Friday, hitting $49.17. 999,018 shares of the stock traded hands, compared to its average volume of 1,258,613. The firm has a market cap of $5.69 billion, a P/E ratio of 21.96, a PEG ratio of 2.17 and a beta of 0.52. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.09 and a quick ratio of 0.95. The stock’s fifty day simple moving average is $51.19 and its 200-day simple moving average is $51.34. Portland General Electric has a 1-year low of $40.81 and a 1-year high of $54.62.

Portland General Electric Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Friday, September 25th will be issued a dividend of $0.5513 per share. The ex-dividend date of this dividend is Friday, September 25th. This represents a $2.21 dividend on an annualized basis and a yield of 4.5%. Portland General Electric’s dividend payout ratio is 98.21%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Portland General Electric from $51.00 to $54.00 and gave the company a “neutral” rating in a research report on Monday, April 20th. Zacks Research lowered shares of Portland General Electric from a “hold” rating to a “strong sell” rating in a research note on Monday, July 6th. Wells Fargo & Company set a $51.00 price target on shares of Portland General Electric in a report on Tuesday, April 21st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Portland General Electric in a research note on Friday, May 15th. Finally, BMO Capital Markets dropped their price objective on shares of Portland General Electric from $55.00 to $54.00 and set a “market perform” rating on the stock in a report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $50.90.

Insider Activity

In other news, VP Juan Diego Gallegos sold 2,750 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $48.67, for a total transaction of $133,842.50. Following the sale, the vice president directly owned 12,127 shares of the company’s stock, valued at $590,221.09. This represents a 18.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Joseph R. Trpik, Jr. sold 7,500 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $49.03, for a total value of $367,725.00. Following the sale, the chief financial officer owned 31,897 shares in the company, valued at $1,563,909.91. This trade represents a 19.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 11,787 shares of company stock valued at $581,230. Insiders own 0.52% of the company’s stock.

Institutional Trading of Portland General Electric

Several institutional investors have recently bought and sold shares of POR. State Street Corp raised its stake in shares of Portland General Electric by 3.4% during the 4th quarter. State Street Corp now owns 4,728,784 shares of the utilities provider’s stock worth $229,333,000 after buying an additional 156,164 shares during the period. AQR Capital Management LLC increased its holdings in Portland General Electric by 42.2% in the 4th quarter. AQR Capital Management LLC now owns 3,551,731 shares of the utilities provider’s stock worth $170,448,000 after acquiring an additional 1,054,450 shares in the last quarter. Invesco Ltd. raised its position in Portland General Electric by 4.9% during the third quarter. Invesco Ltd. now owns 2,569,082 shares of the utilities provider’s stock worth $113,040,000 after acquiring an additional 119,122 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Portland General Electric by 2.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,812,996 shares of the utilities provider’s stock valued at $87,006,000 after purchasing an additional 38,972 shares in the last quarter. Finally, Millennium Management LLC grew its position in shares of Portland General Electric by 29.0% in the fourth quarter. Millennium Management LLC now owns 1,787,901 shares of the utilities provider’s stock valued at $85,801,000 after purchasing an additional 402,124 shares during the period.

Portland General Electric Company Profile

Portland General Electric (NYSE:POR) is an investor-owned electric utility headquartered in Tigard, Oregon, with roots tracing back to the late 19th century. The company generates, transmits and distributes electricity to residential, commercial and industrial customers across a broad territory in Oregon, primarily encompassing the Portland metropolitan area and surrounding regions.

As one of Oregon’s largest electric utilities, Portland General Electric operates a diverse portfolio of generation assets, including hydroelectric facilities, natural gas–fired plants and renewable energy sources.