Portland General Electric Bumps Up Annual Dividend By 5.5%
Integrated energy company Portland General Electric (POR) has declared a quarterly dividend of $0.43 per share, increasing its annual dividend by 5.5%, or $0.09 per share.
Portland General Electric evaluates its dividend policy based on its capital requirements and is targeting a long-term dividend payout ratio of 60% to 70%.
The payable date for the quarterly dividend is set for July 15 or before. The record date for shareholders is June 25.
Additionally, last week, the company along with Daimler Trucks North America unveiled “Electric Island,” which is a charging site for heavy-duty electric trucks. The move will aid in developing and deploying zero-emission commercial vehicles.
Electric Island has eight charging stations that can charge electric vehicles of all sizes including electric cars, buses, box vans, and semi-trucks.
Maria Pope, President and CEO of Portland General Electric, commented, “Our partnership with Daimler Trucks North America shows how working together we can accelerate the clean energy transition.” (See Portland General Electric stock analysis on TipRanks)
On April 26, Wells Fargo analyst Aaron Rakers reiterated a Hold rating on the stock and raised the price target to $52 (4.8% upside potential) from $45. Rakers points to a change in the “impact of non-qualified benefit trust and an absence of D&A from Boardman” as the reason for the upward price target revision.
Based on 5 unanimous Hold ratings, the consensus among analysts is that Portland General Electric is a Hold. The average analyst price target of $49.50 implies the stock is fairly priced at current levels. Shares have gained about 21.3% over the past six months.
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