Portland General Electric Company (POR)
NYSE:POR
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Portland GE
(NYSE:POR)
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Rating:60Neutral
Price Target:
$51.00
▼(-2.69% Downside)
Action:Reiterated
Date:05/13/26
The score is driven primarily by steady but constrained financial fundamentals (high leverage and thin/volatile free cash flow despite solid operating cash flow) and weak technicals (below key moving averages with negative MACD). These are partly offset by constructive earnings-call signals (reaffirmed guidance, industrial/data-center load growth, liquidity) and an attractive dividend yield, while corporate events add both growth optionality (Washington acquisition) and added regulatory/financing risk.
Positive Factors
Regulated revenue model
As a rate-regulated utility, PGE earns revenues through OPUC-approved rates and cost-recovery mechanisms, providing durable, predictable cash flows and an authorized return on infrastructure investment. This structural model supports stable earnings and planning for multi-year grid investments.
Negative Factors
Elevated leverage
Debt consistently exceeding equity (D/E ~1.2–1.4) leaves limited balance-sheet flexibility. Increases interest costs and constrains capacity to fund capex or acquisitions organically, raising sensitivity to higher rates and complicating financing for large projects without added dilution or incremental debt.
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Positive Factors
Negative Factors
Regulated revenue model
As a rate-regulated utility, PGE earns revenues through OPUC-approved rates and cost-recovery mechanisms, providing durable, predictable cash flows and an authorized return on infrastructure investment. This structural model supports stable earnings and planning for multi-year grid investments.
Read all positive factors
Portland GE Key Performance Indicators (KPIs)
Portland GE (POR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.58B
Dividend Yield4.38%
Average Volume (3M)1.24M
Price to Earnings (P/E)32.4
Beta (1Y)0.08
Revenue Growth4.28%
EPS Growth-21.65%
CountryUS
Employees2,915
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)2.26
Shares Outstanding115,730,010
10 Day Avg. Volume1,024,693
30 Day Avg. Volume1,239,750
Financial Highlights & Ratios
PEG Ratio-2.17
Price to Book (P/B)1.28
Price to Sales (P/S)1.57
P/FCF Ratio-74.67
Enterprise Value/Market Cap1.87
Enterprise Value/Revenue3.00
Enterprise Value/Gross Profit6.25
Enterprise Value/Ebitda9.19
Forecast
1Y Price Target
$54.33Price Target Upside3.67% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)3.4
Revenue Forecast (FY)$3.74B
Portland GE Business Overview & Revenue Model
Company Description
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...
How the Company Makes Money
Portland General Electric primarily makes money by charging customers for electric service under rates approved by the Oregon Public Utility Commission (OPUC). Its main revenue stream is retail electricity sales to residential, commercial, industr...
Portland GE Earnings Call Summary
Earnings Call Date:May 01, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 24, 2026
Earnings Call Sentiment Positive
The call presented a mix of substantial positives—reaffirmed full-year guidance, strong industrial/data center demand (10% growth), solid liquidity ($954M), a dividend increase (5%), progress on the Washington acquisition and regulatory filings, and accelerated cost-management initiatives—while acknowledging meaningful near-term headwinds driven primarily by unusually mild winter weather, reduced residential and commercial usage (residential down 6.2%), a Q1 EPS shortfall of $0.25, power cost pressures, and ongoing regulatory uncertainties. Management emphasized confidence in cost levers and reiterated guidance, positioning the company as resilient but exposed to weather and regulatory timing risk.Positive Updates
Earnings Results (GAAP and Non-GAAP)
Q1 GAAP net income of $45 million, or $0.38 per diluted share; Q1 non-GAAP net income of $68 million, or $0.58 per diluted share (non-GAAP excludes Jan 2024 storm deferral adjustments and transformation/acquisition expenses).
Negative Updates
Weather-Driven Usage Weakness
Extremely mild winter drove lower seasonal usage: residential load decreased 6.2% (4.6% weather-adjusted) and commercial load decreased 2.9% (2.3% weather-adjusted); total Q1 loads were flat year-over-year with offsetting class impacts.
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Q1-2026 Updates
Positive
Negative
Earnings Results (GAAP and Non-GAAP)
Q1 GAAP net income of $45 million, or $0.38 per diluted share; Q1 non-GAAP net income of $68 million, or $0.58 per diluted share (non-GAAP excludes Jan 2024 storm deferral adjustments and transformation/acquisition expenses).
Read all positive updates
Company Guidance
Portland General Electric reaffirmed full‑year adjusted EPS guidance of $3.33–$3.53 per diluted share and reiterated long‑term earnings and dividend growth of 5–7%, while the board declared a quarterly dividend of $0.55125 (a 5% annualized increase) with a 60–70% payout target; Q1 reported GAAP net income $45M ($0.38/sh) and non‑GAAP net income $68M ($0.58/sh), with Q1 $0.25 below plan (≈$0.09 timing) to be addressed by accelerated cost management (building on $25M saved in 2025) and capital/maintenance optimization. Management now expects 2026 weather‑adjusted load growth of 1.5–2.5%, highlighted 10% YoY industrial/data‑center demand growth and ~10% CAGR in large‑customer capacity to 2030, plans to procure ~2,500 MW from the 2025 RFP, reported quarter‑end liquidity of $954M and an estimated 2026 CFO‑to‑debt above 19%, and noted financing actions including a $550M equity forward, a $350M term loan (maturing Mar 2028) and a $680M delayed‑draw facility to support the Washington acquisition (target close mid‑2027).Portland GE Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
63
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.48B | 3.37B | 3.44B | 2.92B | 2.65B | 2.40B |
| Gross Profit | 1.67B | 1.14B | 1.59B | 1.36B | 1.31B | 1.26B |
| EBITDA | 1.13B | 1.13B | 1.02B | 860.00M | 828.00M | 777.00M |
| Net Income | 251.00M | 306.00M | 313.00M | 228.00M | 233.00M | 244.00M |
Balance Sheet | ||||||
| Total Assets | 13.20B | 13.51B | 12.54B | 11.21B | 10.46B | 9.49B |
| Cash, Cash Equivalents and Short-Term Investments | 8.00M | 76.00M | 12.00M | 5.00M | 165.00M | 52.00M |
| Total Debt | 4.95B | 5.53B | 5.17B | 4.46B | 3.98B | 3.60B |
| Total Liabilities | 9.08B | 9.38B | 8.75B | 7.89B | 7.68B | 6.79B |
| Stockholders Equity | 4.12B | 4.13B | 3.79B | 3.32B | 2.78B | 2.71B |
Cash Flow | ||||||
| Free Cash Flow | 66.00M | -71.00M | -490.00M | -938.00M | -92.00M | -104.00M |
| Operating Cash Flow | 1.16B | 1.12B | 778.00M | 420.00M | 674.00M | 532.00M |
| Investing Cash Flow | -1.08B | -1.20B | -1.30B | -1.36B | -758.00M | -656.00M |
| Financing Cash Flow | -76.00M | 142.00M | 526.00M | 778.00M | 197.00M | -81.00M |
Portland GE Technical Analysis
Positive
52.41
Price Trends
52.33
Positive
50.35
Positive
46.33
Positive
Market Momentum
0.21
Positive
48.21
Neutral
26.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For POR, the sentiment is Positive. The current price of 52.41 is below the 20-day moving average (MA) of 52.56, above the 50-day MA of 52.33, and above the 200-day MA of 46.33, indicating a neutral trend. The MACD of 0.21 indicates Positive momentum. The RSI at 48.21 is Neutral, neither overbought nor oversold. The STOCH value of 26.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for POR.
Portland GE Risk Analysis
Portland GE disclosed 32 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
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $6.19B | 8.41 | 0.04% | 5.63% | 8.85% | 191.04% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $12.09B | 92.85 | 9.34% | 4.15% | 4.84% | 5.77% | |
62 Neutral | $7.90B | 28.93 | 9.42% | 2.72% | -2.03% | 7.94% | |
62 Neutral | $9.80B | 49.27 | 9.47% | 3.82% | 4.11% | -6.40% | |
60 Neutral | $5.58B | 32.39 | 6.25% | 4.38% | 4.28% | -21.65% | |
59 Neutral | $6.57B | 351.37 | 4.35% | 2.80% | 8.46% | -38.43% |
* Utilities Sector Average
POR
Portland GE
47.28
6.52
16.01%
IDA
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139.96
27.44
24.39%
OGE
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98.40
10.16
11.51%
TXNM
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59.25
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ENIC
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0.76
21.29%
Portland GE Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Portland General to Acquire PacifiCorp Washington Utility Assets
Positive
May 12, 2026
On May 12, 2026, Portland General Electric released an investor presentation outlining plans to acquire electric utility operations and certain assets in Washington state from PacifiCorp, a move that would expand its regional footprint. The combin...
Business Operations and StrategyDividendsFinancial DisclosuresM&A TransactionsRegulatory Filings and Compliance
Portland General Electric Posts Lower Q1 Earnings, Reaffirms Outlook
Neutral
May 1, 2026
Portland General Electric reported first-quarter 2026 GAAP net income of $45 million, or $0.38 per diluted share, down from $100 million, or $0.91 per share, a year earlier, as unusually mild winter weather reduced residential and commercial seaso...
Executive/Board ChangesShareholder Meetings
Portland GE Shareholders Back Board, Pay and Auditor
Positive
Apr 28, 2026
At its virtual 2026 annual meeting of shareholders held on April 24, 2026, Portland General Electric shareholders elected all nominated directors, including Robert Hoglund, Marie Oh Huber, Renée J. James, Michael Lewis, Michael Millegan, John...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Portland GE Gains Clarity on 2024 Cost Recovery
Negative
Mar 24, 2026
On March 18, 2026, the Oregon Public Utility Commission issued two final orders allowing Portland General Electric to recover a combined $110 million of previously deferred 2024 costs tied to its reliability contingency event mechanism and January...
Business Operations and StrategyPrivate Placements and Financing
Portland GE Prices Equity Offering to Fund Energy Transition
Positive
Feb 19, 2026
On February 17, 2026, Portland General Electric Company priced an underwritten public offering of common stock at $50.70 per share and entered into forward sale and underwriting agreements covering up to 10,848,125 shares, including the full exerc...
Business Operations and StrategyPrivate Placements and Financing
Portland General Electric Announces Major Equity Financing Initiatives
Positive
Feb 17, 2026
On February 17, 2026, Portland General Electric Company entered into an equity distribution agreement for an at-the-market program to sell up to $500 million of common stock through a syndicate of major banks, including the option to use forward s...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Portland GE to Acquire PacifiCorp’s Washington Utility Assets
Positive
Feb 17, 2026
On February 15, 2026, Portland General Electric agreed to acquire PacifiCorp’s Washington state electric utility operations and selected generation and grid assets for $1.9 billion, in a deal structured through a new subsidiary and financed ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.