Updated 3/13/25
Portland General Electric Company, better known by its ticker POR, may not make daily headlines, but that’s kind of the point. This Oregon-based utility has been around for over a century, delivering electricity to homes and businesses while offering income investors something they truly value—stability.
As a regulated electric utility serving over 900,000 customers, POR sticks to what it knows best. It operates within a concentrated footprint, which helps keep operations focused and earnings fairly predictable. That predictability is exactly what makes it worth a closer look for anyone building a dividend-focused portfolio.
Recent Events
The latest quarterly earnings were a bit of a mixed bag. Net income took a steep hit, falling 44% year over year. But revenue actually increased by nearly 14%, which paints a more nuanced picture. It suggests the drop wasn’t due to lack of demand, but more likely rising operating costs, investments in infrastructure, or weather-driven impacts — all common in the utility world.
POR’s market cap sits around $4.8 billion, placing it in the mid-cap category. That size gives it some agility, but also enough scale to be a reliable player. In the broader utility sector, which is usually less volatile, POR tends to do what it’s supposed to: generate cash and return a chunk of it to shareholders.
Key Dividend Metrics
🪙 Dividend Yield: 4.57%
💰 Forward Dividend Rate: $2.00 per share
🔁 5-Year Average Dividend Yield: 3.83%
🎯 Payout Ratio: 65.61%
📈 Dividend Growth: ~4.1% CAGR over five years
📆 Upcoming Dividend Date: April 15, 2025
🚫 Ex-Dividend Date: March 24, 2025
Dividend Overview
A forward yield of 4.57% puts POR in an appealing spot for yield-seekers. That’s well above the average for both the market and many of its peers. It’s not just the number that stands out — it’s the consistency. POR hasn’t skipped a beat when it comes to dividend payments, and the $2.00 per share payout has shown a steady upward trend in recent years.
The current yield is also being propped up a bit by the stock’s recent price drop. It’s trading closer to the low end of its 52-week range, and for income investors, that can signal opportunity rather than concern. Utilities often see this kind of pattern during investment-heavy periods or macro-driven sell-offs.
Dividend Growth and Safety
POR’s dividend growth isn’t explosive, but it’s steady — and sometimes, that’s exactly what you want. Over the past five years, dividend increases have landed in the 3–4.5% range annually. Not bad for a company that’s also pouring money into grid upgrades and clean energy projects.
The 65% payout ratio is pretty healthy for a utility. It shows the company is prioritizing shareholder returns while still retaining enough cash to invest back into the business. That said, one area that deserves a closer look is cash flow.
POR’s levered free cash flow recently turned negative to the tune of $614 million. In most sectors, that would raise red flags. But utilities operate a little differently. They often run negative FCF when they’re making long-term infrastructure investments — which POR is. Still, that situation bears watching, especially in a higher-rate environment.
Chart Analysis
Current Price Behavior and Moving Averages
Portland General Electric (POR) closed at 43.57 on March 12, 2025, after opening the session at 44.00 and hitting a low of 43.51. The price continues to trade below both the 50-day and 200-day simple moving averages, signaling ongoing weakness relative to recent mid- and long-term trends.
Back in mid-2024, the 50-day moving average crossed above the 200-day moving average in a bullish move. But that momentum didn’t last. By late November, price action began to break down, and in early 2025, the 50-day average sharply turned lower, eventually cutting back below the 200-day line — a classic death cross. That pattern typically indicates a shift from an uptrend to a longer-term corrective phase.
Volume Profile
Volume has been consistent, with occasional spikes — particularly during moments of sharp price declines and attempted rebounds. Notably, the selling pressure that came in December and early January was accompanied by heavier volume, suggesting that those drops were conviction-based. More recently, volume has settled back to average levels, but there hasn’t been any clear surge in buying activity that would signal a strong return of demand.
RSI and Momentum
The Relative Strength Index (RSI) sits below the overbought threshold and has been steadily declining after briefly touching higher levels in February. Back then, the RSI pushed into the 60s during the rebound off the January lows, showing a short-term burst of buying momentum. But that momentum didn’t hold. The RSI has since drifted downward, tracking the lower highs seen in price action — a sign that upside strength is fading.
Candle Activity and Recent Price Action
Looking at the latest five candlesticks, there’s a clear pattern of hesitation. The candles show a mix of narrow bodies and extended wicks, especially on the upper side — which suggests sellers are stepping in on rallies. These upper wicks point to intraday attempts to climb being met with resistance, often leading to a close near session lows.
The volume on these recent days hasn’t spiked, implying that this isn’t panic selling — just more of a controlled bleed lower, which can often be more telling. Buyers don’t appear to be showing urgency, and that’s reflected in both the low momentum and the price sitting beneath key averages.
Technical Context in the Broader Cycle
Zooming out, POR’s price behavior seems to be in a late-stage markdown phase following a failed attempt at a rally. The markup that began in mid-2023 ran into distribution by Q4, when the stock struggled to make new highs and volume patterns became choppier. The subsequent breakdown below the 200-day moving average in January triggered a more defined markdown leg.
There was an attempted recovery in February 2025, but the rejection near the declining 50-day average followed by weak price closes suggests this was more of a dead-cat bounce than a true phase shift. The structure now shows lower highs and lower lows — the textbook definition of a downtrend, still unfolding.
Analyst Ratings
Portland General Electric (POR) has seen a few shifts in analyst sentiment lately, but nothing dramatic. The current consensus leans toward a hold stance, with analysts generally expecting the stock to perform in line with the broader market.
🎯 The average price target sits around $47.00, which is a slight upside from where shares are currently trading. It reflects cautious optimism, but not enough momentum to warrant strong bullish ratings.
🔻 One analyst from a major investment firm recently raised their target from $41 to $42 but kept an underperform rating in place. Their reasoning focused on several ongoing headwinds: less favorable regulatory support in Oregon, a sizable need for equity funding in the coming quarters, and increasing concerns tied to wildfire risks that could affect infrastructure and liability.
⚖️ Another analyst bumped their price target from $42 to $47 while maintaining a neutral or equal-weight rating. That move reflects some confidence in POR’s ability to manage through current challenges but stops short of suggesting the stock is undervalued or poised for a breakout.
Overall, the tone from Wall Street is measured. Analysts recognize POR’s stability as a regulated utility and its importance in the region, but they’re also weighing it against structural and environmental risks that could create pressure on margins and capital needs. So far, the market seems to agree — the stock has been trading in a fairly tight range without any dramatic shifts in volume or sentiment.
Earning Report Summary
Portland General Electric wrapped up 2024 on a strong note, showing progress across both financial and operational fronts. The company pulled in net income of $313 million for the year, which was a noticeable jump from the $228 million they logged in 2023. That improvement showed up in earnings per share as well, which climbed to $3.01 from $2.28 the year before.
Revenue also saw solid growth. POR brought in $3.44 billion in total revenue, up about 13.7% from the previous year. A big part of that came from customer demand and pricing adjustments, combined with some operational tightening. Operating income came in at $396 million, also up year over year, thanks in part to stronger cost control and efficiency efforts.
As far as dividends go, the company kept its quarterly payout steady at 50 cents per share. That puts the annual dividend at $2.00 per share, offering a consistent return for income-focused shareholders. It’s clear the management team is committed to keeping that dividend in place, which isn’t surprising for a utility with a long-standing focus on shareholder value.
Looking ahead, the company is guiding for earnings between $3.20 and $3.40 per share in 2025. That range reflects a mix of planned capital investments, ongoing work on renewable energy initiatives, and of course, some uncertainty tied to regulatory developments and potential shifts in energy demand.
Strategically, Portland General continues pushing toward a cleaner energy mix. They’re putting real money into renewables and modernizing the grid, with the goal of making it more resilient and aligned with both environmental goals and customer expectations. That shift is central to how the company plans to grow — not just in the near term, but over the next decade.
All in all, 2024 looked like a year of forward movement for POR. Earnings are improving, the dividend remains intact, and the groundwork is being laid for the long-term energy transition the industry is heading toward.
Financial Health and Stability
Digging into the numbers, POR shows decent operational strength. Earnings per share sits at $3.01, and return on equity clocks in at 8.8%. For a utility, that’s solid. The company also generates $778 million in operating cash flow, which helps support the dividend.
Now, the not-so-great news: debt. POR carries $5.17 billion in total debt, and the debt-to-equity ratio is a high 136%. That’s a heavy load, even for a utility. The current ratio of 0.92 suggests the company’s short-term assets don’t quite cover its short-term liabilities, hinting at some liquidity tightness.
To be clear, this doesn’t mean the company is in trouble — just that it’s managing through a capital-intensive period. Utilities frequently leverage up for expansion or upgrades, so this is more of a sector feature than a company flaw.
Valuation and Stock Performance
At around $43 per share, POR is sitting near the lower half of its 52-week range. The stock’s 50-day moving average is $42.80, while the 200-day average is higher at $45.28. That tells you POR has been under some pressure lately, but not enough to cause panic.
Valuation-wise, POR looks reasonable. A trailing P/E of 14.5 and forward P/E of 13.6 are both within a comfortable range for the utility space. The PEG ratio at 1.83 reflects modest growth expectations, but that’s not surprising for a mature utility.
The stock is up about 7.6% over the past year, slightly trailing the S&P 500. But it does so with a beta of 0.57, which means less volatility — and that’s often music to a dividend investor’s ears.
Risks and Considerations
No investment is without risk, and POR has a few worth noting.
One is the debt load. While common in the sector, high debt always carries some exposure, especially if refinancing becomes more expensive.
Second is cash flow. The negative levered free cash flow number stands out, and although it’s tied to investment activity, it still puts pressure on financial flexibility.
Then there’s regulation. POR is a regulated utility, which helps with revenue stability but also limits pricing power. Any unfavorable changes from regulators can directly impact profitability.
Lastly, that sharp dip in quarterly earnings — down over 40% year-over-year — needs to be monitored. One quarter doesn’t make a trend, but it’s a reminder that even utilities aren’t immune to earnings bumps.
Final Thoughts
Portland General Electric isn’t flashy, and that’s part of the appeal. For income-focused investors, it offers a solid dividend yield, a reliable payout history, and a business model that leans into predictability.
While the debt and cash flow picture aren’t perfect, they’re not unusual for a utility in expansion mode. What matters more is that the dividend appears safe, the yield is attractive, and the business has the kind of stability dividend investors tend to value most.
In a world where yield can be hard to come by without taking on big risks, POR sits comfortably in the “steady and dependable” camp — and for many, that’s exactly the kind of stock that earns a place in a long-term, income-focused portfolio.