PORTLAND—Larry Neal Bekkedahl, Senior Vice President of Portland General Electric Co. (NYSE:POR), recently sold 2,000 shares of the company's common stock. The transaction, which took place on November 6, 2024, was executed at an average price of $47.17 per share, resulting in total proceeds of $94,340.
Following this sale, Bekkedahl holds 26,765 shares of Portland General Electric . The transaction was disclosed in a regulatory filing submitted to the Securities and Exchange Commission.
In other recent news, Portland General Electric Company (NYSE:GE) (PGE) has reported a significant increase in its Q3 2024 GAAP net income, which has doubled to $94 million compared to Q3 2023. This growth was driven by improved power cost performance, effective cost management, and strong demand, particularly from the semiconductor and data center sectors. The company has also made strides in renewable energy, with the commissioning of the Clearwater Wind Development and plans to add 500 megawatts of renewable hydro capacity.
PGE's full-year adjusted earnings guidance is now between $3.08 to $3.18 per diluted share. The company is also pursuing federal grants and is engaged in a rate review process. Despite ongoing legislative efforts related to wildfire management and rate case discussions, PGE maintains a long-term earnings and dividend growth guidance of 5% to 7%.
In addition to these developments, PGE reported a $0.10 increase in revenues quarter-over-quarter and a rise in earnings per share by $0.45. The company's 20% stake in the North Plains connector project and the advancement of the Confederated Tribes of Warm Springs project were also confirmed. These recent developments highlight PGE's commitment to enhancing its renewable energy footprint while maintaining financial stability.
InvestingPro Insights
In light of Larry Neal Bekkedahl's recent stock sale, investors might be interested in additional context regarding Portland General Electric's financial position. According to InvestingPro data, the company currently has a market capitalization of $4.91 billion and trades at a price-to-earnings ratio of 13.94, which is considered relatively low in the utility sector.
InvestingPro Tips highlight that Portland General Electric has maintained dividend payments for 19 consecutive years and has actually raised its dividend for the same period. This consistent dividend history may provide some reassurance to investors concerned about the insider sale. The company's current dividend yield stands at an attractive 4.3%, which could be appealing to income-focused investors.
Another relevant InvestingPro Tip notes that the company is trading at a low P/E ratio relative to its near-term earnings growth. This could suggest that the stock may be undervalued, despite the recent insider transaction.
It's worth noting that InvestingPro offers 9 additional tips for Portland General Electric, providing a more comprehensive analysis for investors seeking deeper insights into the company's prospects.
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