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Portland General Electric Company (POR)
NYSE:POR
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Portland GE
(NYSE:POR)
73Outperform
Positive Factors
Financial Performance
POR reported FY 2024 EPS of $3.13/share, above the $3.08 estimate, driven by weather and higher system loads from industrial customers.
Financial Strategy
A hold-co structure allows for flexible financing options, such as converts / preferreds, and could lower cost of capital by issuing at the subsidiary level.
Legislative Developments
Pursuit of a state wildfire fund in the Oregon legislature is the highest priority that can significantly de-risk the story and enhance value.
Negative Factors
Earnings Performance
1Q25 GAAP EPS decreased by 16% year over year, missing both BofA and Consensus estimates.
Rate Case Outcome
POR received an adverse final order in its rate case, and there is heightened regulatory risk.
Regulatory Environment
Portland General Electric faces headwinds from a relatively less constructive regulatory environment driving regulatory lag and elevated wildfire risk.
Portland GE (POR) vs. S&P 500 (SPY)
Market Cap
$4.57B
Dividend Yield4.79%
Average Volume (3M)1.23M
Price to Earnings (P/E)14.6
Beta (1Y)0.24
Revenue Growth11.83%
EPS Growth9.53%
CountryUS
Employees2,915
SectorUtilities
Sector Strength84
IndustryRegulated Electric
Share Statistics
EPS (TTM)2.86
Shares Outstanding109,514,336
10 Day Avg. Volume1,137,387
30 Day Avg. Volume1,227,804
Financial Highlights & Ratios
PEG Ratio1.53
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap2.17
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit6.25
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$44.50Price Target Upside6.56% Upside
Rating ConsensusHold
Number of Analyst Covering8
Portland GE Business Overview & Revenue Model
Company DescriptionPortland 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, 2021, the company owned an electric transmission system consisting of 1,274 circuit miles, including 287 circuit miles of 500 kilovolt line, 415 circuit miles of 230 kilovolt line, and 572 miles of 115 kilovolt line. It has 28,206 circuit miles of distribution lines. The company also purchases and sells wholesale natural gas in the United States and Canada. It serves approximately 917 thousand residential, commercial, and industrial customers in 51 cities. The company was founded in 1889 and is headquartered in Portland, Oregon.
How the Company Makes Money
Portland GE Financial Statement Overview
Summary
Portland GE shows strong revenue growth and operational efficiency, with a robust equity base. However, increased leverage and negative free cash flow due to high capital expenditures pose potential risks.Income Statement
Portland GE shows strong revenue growth, with a notable increase from $2.6 billion in 2022 to $3.5 billion in the TTM period. The gross profit margin remains robust, indicating effective cost management, while net profit margins are stable. EBIT and EBITDA margins reflect consistent operational efficiency. However, the slight decline in net income from 2024 to TTM suggests potential challenges in maintaining profit growth.85
Very Positive
Balance Sheet
The balance sheet reveals a stable equity position with stockholders' equity increasing over the years. The debt-to-equity ratio has increased slightly, reflecting higher leverage but remains manageable within the industry norms. The equity ratio indicates a solid asset base supported by equity, although the rise in total debt warrants monitoring for future financial stability.78
Positive
Cash Flow
Portland GE's cash flow statements highlight strong operating cash flows, though the high capital expenditures result in negative free cash flow. The operating cash flow to net income ratio is favorable, indicating solid cash generation capability. However, the free cash flow to net income ratio is negative, pointing to significant reinvestment and capital spending requirements that may limit liquidity in the short term.72
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 3.44B | 2.92B | 2.65B | 2.40B | 2.15B | Gross Profit |
| 1.59B | 1.36B | 1.66B | 1.57B | 1.44B | EBIT |
| 512.00M | 396.00M | 397.00M | 378.00M | 269.00M | EBITDA |
| 1.06B | 904.00M | 845.00M | 808.00M | 718.00M | Net Income Common Stockholders |
| 313.00M | 228.00M | 233.00M | 244.00M | 13.00M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 12.00M | 5.00M | 165.00M | 52.00M | 257.00M | Total Assets |
| 12.79B | 11.21B | 10.46B | 9.49B | 9.07B | Total Debt |
| 4.83B | 4.44B | 3.96B | 3.58B | 3.34B | Net Debt |
| 4.82B | 4.43B | 3.79B | 3.53B | 3.08B | Total Liabilities |
| 8.75B | 7.89B | 7.68B | 6.79B | 6.46B | Stockholders Equity |
| 3.79B | 3.32B | 2.78B | 2.71B | 2.61B |
| Cash Flow | Free Cash Flow | |||
| -490.00M | -938.00M | -92.00M | -104.00M | -217.00M | Operating Cash Flow |
| 778.00M | 420.00M | 674.00M | 532.00M | 567.00M | Investing Cash Flow |
| -1.30B | -1.36B | -758.00M | -656.00M | -787.00M | Financing Cash Flow |
| 526.00M | 778.00M | 197.00M | -81.00M | 447.00M |
Portland GE Technical Analysis
Negative
41.76
Price Trends
43.27
Negative
42.67
Negative
44.38
Negative
Market Momentum
-0.39
Positive
43.81
Neutral
34.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For POR, the sentiment is Negative. The current price of 41.76 is below the 20-day moving average (MA) of 42.33, below the 50-day MA of 43.27, and below the 200-day MA of 44.38, indicating a bearish trend. The MACD of -0.39 indicates Positive momentum. The RSI at 43.81 is Neutral, neither overbought nor oversold. The STOCH value of 34.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for POR.
Portland GE Risk Analysis
Portland GE disclosed 25 risk factors in its most recent earnings report. Portland GE reported the most risks in the “Legal & Regulatory” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Portland GE Peers Comparison
Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $4.96B | 20.04 | 9.89% | 2.97% | 1.65% | 162.78% | |
73 Outperform | $4.57B | 14.61 | 8.33% | 4.79% | 11.83% | 9.53% | |
72 Outperform | $9.08B | 20.57 | 10.72% | 3.73% | 15.56% | 21.90% | |
70 Outperform | $11.26B | 18.01 | 9.08% | 3.76% | 9.13% | 21.11% | |
68 Neutral | $4.87B | 32.22 | 3.23% | 6.25% | -17.27% | -77.67% | |
67 Neutral | $6.35B | 21.39 | 9.60% | 2.88% | 3.48% | 6.67% | |
63 Neutral | $8.48B | 11.84 | 5.32% | 4.35% | 3.04% | -11.46% |
* Utilities Sector Average
Performance Comparison
POR
Portland GE
41.76
-0.58
-1.37%
IDA
IdaCorp
117.54
23.68
25.23%
OGE
OGE Energy
45.11
11.01
32.29%
PNW
Pinnacle West Capital
94.32
20.64
28.01%
TXNM
TXNM Energy
53.56
16.62
44.99%
ENIC
Enel Chile SA
3.58
0.84
30.66%
Portland GE Earnings Call Summary
Earnings Call Date:Apr 25, 2025
(Q1-2025)
| % Change Since: -2.84%|
Next Earnings Date:Jul 25, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted strong industrial performance and ongoing efforts in wildfire mitigation and capital investments. However, challenges such as decreased net income and increased operating expenses were noted. The sentiment is balanced with both positive growth prospects and ongoing challenges.Q1-2025 Updates
Positive Updates
Strong Load Growth and Industrial Performance
Portland General Electric reported a 4.6% total load growth and a significant 16.4% growth in industrial load, primarily driven by high-tech and data center customers.
Advancements in Wildfire Mitigation
PGE plans to spend over $120 million on wildfire mitigation in 2025, including capital investments and operational expenses, and is actively engaging with stakeholders to address wildfire risks.
Reaffirmation of Earnings and Load Growth Guidance
The company reaffirmed its 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share and long-term load growth guidance of 3% through 2029.
Ongoing Capital Investments and Seaside Battery Update
PGE's five-year capital forecast remains consistent, with the Seaside battery project on track to come into service by June, complementing existing battery portfolios.
Negative Updates
Decrease in Net Income
The reported GAAP net income for the first quarter of 2025 was $100 million, down from $109 million in the first quarter of 2024.
Challenges in Wildfire Legislation
Progress on creating a catastrophic wildfire fund has stalled, and discussions with stakeholders are ongoing without definitive resolutions.
Increased Operating Expenses
There was an 18¢ EPS decrease from operating expenses, including 4¢ from O&M, 11¢ from higher depreciation and amortization, and 3¢ from higher interest expenses.
Company Guidance
During the Portland General Electric Company's Q1 2025 earnings call, management provided guidance that reaffirmed their 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share and a long-term earnings and dividend growth rate of 5% to 7%. They reported a GAAP net income of $100 million or $0.91 per diluted share for the first quarter, compared to $109 million or $1.08 per diluted share in Q1 2024. The company also noted strong load growth, particularly from high-tech and data center customers, with a 4.6% total load growth and a 16.4% increase in industrial load. Portland General Electric plans to spend over $120 million on wildfire mitigation in 2025, while also advancing their regulatory strategy for the Seaside battery project. The company emphasized their commitment to cost management and the pursuit of a holding company structure to increase financial flexibility. They also discussed ongoing negotiations with 2023 RFP bidders, aiming for project completion by 2027, and highlighted the importance of federal policies impacting renewable procurement and financing strategies.Portland GE Corporate Events
DividendsBusiness Operations and StrategyFinancial Disclosures
Portland GE Reports Q1 2025 Earnings and Dividend
Positive
Apr 25, 2025
Portland General Electric reported a net income of $100 million for the first quarter of 2025, driven by strong energy demand from high-tech and data centers, despite a decrease from the previous year’s $109 million. The company completed its first full quarter with new battery storage systems, enhancing its renewable integration and system reliability. PGE reaffirmed its 2025 earnings guidance, highlighting ongoing efforts in wildfire policy engagement and operational streamlining, while also announcing a quarterly dividend of $0.525 per share.
Spark’s Take on POR Stock
According to Spark, TipRanks’ AI Analyst, POR is a Neutral.
Portland GE’s overall stock score reflects its solid financial performance, driven by revenue growth and profitability. The company’s valuation is reasonable, offering a stable dividend yield. Technical indicators suggest mixed sentiment, while the earnings call presented both strengths and challenges, impacting the stock’s outlook.
To see Spark’s full report on POR stock, click here.
Business Operations and StrategyFinancial Disclosures
Portland GE Announces 2024 Financial Results and Future Plans
Positive
Feb 14, 2025
Portland General Electric announced its 2024 financial results with GAAP net income of $313 million, or $3.01 per diluted share, and non-GAAP adjusted net income of $327 million, or $3.14 per diluted share. The company outlined key achievements in 2024, including significant investments in clean energy resources, battery storage, and grid resiliency. For 2025, PGE has initiated an earnings guidance of $3.13 to $3.33 per diluted share and continues to focus on enhancing operational reliability and resilience, with plans for further capital investment and wildfire risk mitigation.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.