Portland General Electric (NYSE:POR) announced a quarterly dividend on Friday, July 31st, Wall Street Journal reports. Investors of record on Friday, September 25th will be given a dividend of 0.4075 per share by the utilities provider on Thursday, October 15th. This represents a $1.63 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date of this dividend is Thursday, September 24th. This is a positive change from Portland General Electric’s previous quarterly dividend of $0.39.
Portland General Electric has increased its dividend by an average of 20.4% annually over the last three years and has increased its dividend annually for the last 14 consecutive years. Portland General Electric has a dividend payout ratio of 65.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Portland General Electric to earn $2.61 per share next year, which means the company should continue to be able to cover its $1.54 annual dividend with an expected future payout ratio of 59.0%.
NYSE:POR opened at $44.13 on Friday. Portland General Electric has a 52 week low of $37.83 and a 52 week high of $63.08. The firm has a 50 day moving average of $42.97 and a 200 day moving average of $49.52. The company has a quick ratio of 0.65, a current ratio of 0.80 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $3.95 billion, a price-to-earnings ratio of 16.78, a PEG ratio of 3.48 and a beta of 0.31.
Portland General Electric (NYSE:POR) last posted its earnings results on Friday, July 31st. The utilities provider reported $0.43 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.10. Portland General Electric had a net margin of 10.46% and a return on equity of 8.59%. The company had revenue of $469.00 million during the quarter, compared to analysts’ expectations of $455.83 million. During the same quarter in the prior year, the company posted $0.28 earnings per share. Portland General Electric’s revenue for the quarter was up 2.0% compared to the same quarter last year. As a group, analysts expect that Portland General Electric will post 2.4 EPS for the current year.
A number of research analysts have issued reports on POR shares. Zacks Investment Research upgraded shares of Portland General Electric from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Tuesday, June 30th. Wells Fargo & Co cut their price target on shares of Portland General Electric from $64.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Monday, April 27th. Guggenheim upgraded shares of Portland General Electric from a “sell” rating to a “neutral” rating and upped their price target for the company from $44.00 to $45.00 in a research note on Monday, April 27th. They noted that the move was a valuation call. Wolfe Research upgraded shares of Portland General Electric from an “underperform” rating to a “peer perform” rating and set a $43.00 price target on the stock in a research note on Friday, July 17th. Finally, Mizuho lowered shares of Portland General Electric from a “buy” rating to a “neutral” rating and cut their price target for the company from $47.00 to $44.50 in a research note on Tuesday, May 12th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $48.94.
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. The company operates seven thermal plants; seven hydroelectric plants; and two wind farms. As of December 31, 2018, it owned an electric transmission system consisting of 1,256 circuit miles, including 287 circuit miles of 500 kilovolt line, 410 circuit miles of 230 kilovolt line, and 561 miles of 115 kilovolt line.
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