Portland GE’s 2021 EPS Outlook Tops Estimates After 4Q Beat

Portland General Electric reported better-than-expected fourth-quarter earnings. Additionally, the utility company’s 2021 earnings outlook came in ahead of analysts’ estimates.

Portland GE’s (POR) 4Q earnings of $0.57 per share dropped 16.2% year-over-year but beat the consensus estimates of $0.41 per share. The company’s 2020 adjusted earnings rose 15.1% year-over-year to $2.75 per share and topped the Street’s estimates of $1.70 per share.

Revenues of $2.15 billion exceeded the consensus estimates by $30 million in 2020 and grew 1% year-over-year, on the back of a recovery in energy demand.

The company’s CEO Maria Pope said, “Improved technology helped reduce costs, as our team learned to overcome the challenges brought on by the pandemic.”

Portland GE initiated 2021 guidance with earnings expected in the range of $2.55-$2.70 per share, which at the midpoint came in higher than analysts’ projections of $2.60 per share. The company maintained its long-term earnings growth target of 4%-6%. (See Portland GE stock analysis on TipRanks).

Earlier on Jan. 12, KeyBanc analyst Sophie Karp upgraded Portland GE to Buy from Hold. In a note to investors, the analyst said that she believes that the stock is heavily discounted at current levels.

Karp maintained a price target of $49 (17% upside potential) for the stock. Shares have dropped about 30.1% over the past year.

Meanwhile, TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Portland GE is currently Very Positive as 4 hedge funds increased their cumulative holdings in POR by 665.5K shares in the last quarter.

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