Intrinsic value of Portland General Electric - POR

Previous Close

$45.57

  Intrinsic Value

$8.28

stock screener

  Rating & Target

str. sell

-82%

Previous close

$45.57

 
Intrinsic value

$8.28

 
Up/down potential

-82%

 
Rating

str. sell

We calculate the intrinsic value of POR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,049
  2,096
  2,150
  2,211
  2,278
  2,351
  2,431
  2,518
  2,611
  2,712
  2,819
  2,933
  3,055
  3,184
  3,322
  3,467
  3,621
  3,784
  3,957
  4,138
  4,330
  4,533
  4,746
  4,970
  5,207
  5,456
  5,718
  5,994
  6,285
  6,590
Variable operating expenses, $m
  1,025
  1,048
  1,075
  1,105
  1,139
  1,176
  1,216
  1,259
  1,306
  1,356
  1,409
  1,467
  1,528
  1,592
  1,661
  1,734
  1,811
  1,892
  1,978
  2,069
  2,165
  2,266
  2,373
  2,485
  2,604
  2,728
  2,859
  2,997
  3,142
  3,295
Fixed operating expenses, $m
  656
  671
  685
  700
  716
  732
  748
  764
  781
  798
  816
  834
  852
  871
  890
  909
  929
  950
  971
  992
  1,014
  1,036
  1,059
  1,082
  1,106
  1,130
  1,155
  1,181
  1,207
  1,233
Total operating expenses, $m
  1,681
  1,719
  1,760
  1,805
  1,855
  1,908
  1,964
  2,023
  2,087
  2,154
  2,225
  2,301
  2,380
  2,463
  2,551
  2,643
  2,740
  2,842
  2,949
  3,061
  3,179
  3,302
  3,432
  3,567
  3,710
  3,858
  4,014
  4,178
  4,349
  4,528
Operating income, $m
  368
  378
  390
  405
  423
  444
  468
  495
  525
  558
  594
  633
  676
  722
  771
  824
  881
  942
  1,008
  1,077
  1,151
  1,230
  1,314
  1,403
  1,497
  1,598
  1,704
  1,816
  1,936
  2,062
EBITDA, $m
  720
  737
  759
  784
  814
  848
  885
  927
  973
  1,023
  1,078
  1,137
  1,200
  1,268
  1,341
  1,420
  1,503
  1,592
  1,687
  1,788
  1,895
  2,008
  2,129
  2,256
  2,391
  2,534
  2,686
  2,846
  3,015
  3,193
Interest expense (income), $m
  104
  131
  137
  144
  152
  161
  171
  181
  193
  206
  219
  234
  250
  266
  284
  303
  323
  344
  367
  391
  416
  442
  470
  500
  531
  564
  598
  635
  673
  713
  756
Earnings before tax, $m
  237
  240
  246
  253
  262
  273
  287
  302
  319
  338
  360
  383
  409
  437
  468
  501
  537
  576
  617
  661
  709
  760
  814
  872
  934
  999
  1,069
  1,144
  1,222
  1,306
Tax expense, $m
  64
  65
  66
  68
  71
  74
  77
  81
  86
  91
  97
  104
  110
  118
  126
  135
  145
  155
  167
  179
  191
  205
  220
  235
  252
  270
  289
  309
  330
  353
Net income, $m
  173
  175
  179
  185
  191
  200
  209
  220
  233
  247
  263
  280
  299
  319
  342
  366
  392
  420
  450
  483
  518
  555
  594
  637
  682
  730
  781
  835
  892
  954

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  8,005
  8,189
  8,399
  8,635
  8,897
  9,184
  9,497
  9,836
  10,201
  10,592
  11,011
  11,458
  11,934
  12,439
  12,976
  13,545
  14,146
  14,783
  15,456
  16,166
  16,915
  17,705
  18,538
  19,416
  20,340
  21,313
  22,338
  23,416
  24,550
  25,743
Adjusted assets (=assets-cash), $m
  8,005
  8,189
  8,399
  8,635
  8,897
  9,184
  9,497
  9,836
  10,201
  10,592
  11,011
  11,458
  11,934
  12,439
  12,976
  13,545
  14,146
  14,783
  15,456
  16,166
  16,915
  17,705
  18,538
  19,416
  20,340
  21,313
  22,338
  23,416
  24,550
  25,743
Revenue / Adjusted assets
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
Average production assets, $m
  6,719
  6,874
  7,050
  7,249
  7,469
  7,710
  7,972
  8,256
  8,563
  8,891
  9,243
  9,618
  10,017
  10,442
  10,892
  11,370
  11,875
  12,409
  12,974
  13,570
  14,199
  14,862
  15,561
  16,298
  17,074
  17,891
  18,751
  19,656
  20,608
  21,609
Working capital, $m
  55
  57
  58
  60
  61
  63
  66
  68
  71
  73
  76
  79
  82
  86
  90
  94
  98
  102
  107
  112
  117
  122
  128
  134
  141
  147
  154
  162
  170
  178
Total debt, $m
  2,543
  2,671
  2,816
  2,980
  3,161
  3,360
  3,576
  3,810
  4,063
  4,334
  4,624
  4,933
  5,262
  5,612
  5,983
  6,377
  6,793
  7,234
  7,699
  8,191
  8,709
  9,256
  9,832
  10,440
  11,079
  11,753
  12,462
  13,208
  13,992
  14,818
Total liabilities, $m
  5,539
  5,667
  5,812
  5,976
  6,157
  6,356
  6,572
  6,806
  7,059
  7,330
  7,620
  7,929
  8,258
  8,608
  8,979
  9,373
  9,789
  10,230
  10,695
  11,187
  11,705
  12,252
  12,828
  13,436
  14,075
  14,749
  15,458
  16,204
  16,988
  17,814
Total equity, $m
  2,465
  2,522
  2,587
  2,660
  2,740
  2,829
  2,925
  3,029
  3,142
  3,262
  3,391
  3,529
  3,676
  3,831
  3,997
  4,172
  4,357
  4,553
  4,760
  4,979
  5,210
  5,453
  5,710
  5,980
  6,265
  6,565
  6,880
  7,212
  7,561
  7,929
Total liabilities and equity, $m
  8,004
  8,189
  8,399
  8,636
  8,897
  9,185
  9,497
  9,835
  10,201
  10,592
  11,011
  11,458
  11,934
  12,439
  12,976
  13,545
  14,146
  14,783
  15,455
  16,166
  16,915
  17,705
  18,538
  19,416
  20,340
  21,314
  22,338
  23,416
  24,549
  25,743
Debt-to-equity ratio
  1.030
  1.060
  1.090
  1.120
  1.150
  1.190
  1.220
  1.260
  1.290
  1.330
  1.360
  1.400
  1.430
  1.460
  1.500
  1.530
  1.560
  1.590
  1.620
  1.650
  1.670
  1.700
  1.720
  1.750
  1.770
  1.790
  1.810
  1.830
  1.850
  1.870
Adjusted equity ratio
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  173
  175
  179
  185
  191
  200
  209
  220
  233
  247
  263
  280
  299
  319
  342
  366
  392
  420
  450
  483
  518
  555
  594
  637
  682
  730
  781
  835
  892
  954
Depreciation, amort., depletion, $m
  352
  360
  369
  380
  391
  404
  417
  432
  448
  466
  484
  504
  524
  547
  570
  595
  622
  650
  679
  710
  743
  778
  815
  853
  894
  937
  982
  1,029
  1,079
  1,131
Funds from operations, $m
  525
  535
  548
  564
  582
  603
  627
  653
  681
  712
  747
  783
  823
  866
  912
  961
  1,014
  1,070
  1,130
  1,193
  1,261
  1,333
  1,409
  1,490
  1,576
  1,666
  1,762
  1,864
  1,971
  2,085
Change in working capital, $m
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
Cash from operations, $m
  524
  534
  547
  562
  581
  601
  624
  650
  679
  710
  744
  780
  820
  863
  908
  957
  1,010
  1,065
  1,125
  1,188
  1,256
  1,327
  1,403
  1,484
  1,569
  1,660
  1,755
  1,856
  1,963
  2,077
Maintenance CAPEX, $m
  -345
  -352
  -360
  -369
  -380
  -391
  -404
  -417
  -432
  -448
  -466
  -484
  -504
  -524
  -547
  -570
  -595
  -622
  -650
  -679
  -710
  -743
  -778
  -815
  -853
  -894
  -937
  -982
  -1,029
  -1,079
New CAPEX, $m
  -132
  -155
  -177
  -198
  -220
  -241
  -263
  -284
  -306
  -329
  -352
  -375
  -399
  -424
  -450
  -477
  -505
  -534
  -565
  -596
  -629
  -663
  -699
  -737
  -776
  -817
  -860
  -905
  -952
  -1,001
Cash from investing activities, $m
  -477
  -507
  -537
  -567
  -600
  -632
  -667
  -701
  -738
  -777
  -818
  -859
  -903
  -948
  -997
  -1,047
  -1,100
  -1,156
  -1,215
  -1,275
  -1,339
  -1,406
  -1,477
  -1,552
  -1,629
  -1,711
  -1,797
  -1,887
  -1,981
  -2,080
Free cash flow, $m
  47
  28
  10
  -5
  -19
  -31
  -42
  -51
  -60
  -67
  -73
  -79
  -83
  -86
  -89
  -90
  -91
  -91
  -89
  -87
  -84
  -79
  -74
  -68
  -60
  -51
  -41
  -30
  -18
  -4
Issuance/(repayment) of debt, $m
  117
  127
  146
  163
  181
  199
  216
  234
  252
  271
  290
  309
  329
  350
  371
  394
  417
  440
  465
  491
  519
  547
  576
  607
  640
  673
  709
  746
  785
  825
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  117
  127
  146
  163
  181
  199
  216
  234
  252
  271
  290
  309
  329
  350
  371
  394
  417
  440
  465
  491
  519
  547
  576
  607
  640
  673
  709
  746
  785
  825
Total cash flow (excl. dividends), $m
  165
  155
  156
  159
  162
  168
  175
  183
  193
  204
  216
  231
  246
  263
  282
  303
  326
  350
  376
  404
  435
  467
  502
  540
  580
  622
  667
  716
  767
  822
Retained Cash Flow (-), $m
  -49
  -57
  -65
  -73
  -81
  -88
  -96
  -104
  -112
  -121
  -129
  -138
  -147
  -156
  -165
  -175
  -185
  -196
  -207
  -219
  -231
  -243
  -257
  -270
  -285
  -300
  -316
  -332
  -349
  -367
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  115
  98
  91
  86
  82
  79
  78
  79
  80
  83
  87
  93
  100
  108
  117
  128
  140
  154
  169
  186
  204
  224
  246
  269
  295
  322
  352
  384
  418
  454
Discount rate, %
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
  107
  85
  73
  62
  54
  47
  41
  36
  32
  29
  26
  23
  21
  18
  16
  14
  12
  10
  8
  7
  5
  4
  3
  2
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Portland General Electric Company is an electric utility that is engaged in the wholesale purchase, transmission, distribution and retail sale of electricity in the State of Oregon. Its service area allocation of approximately 4,000 square miles is located entirely within Oregon and includes approximately 51 incorporated cities, of which Portland and Salem. It has five natural gas-fired generating facilities, which include Port Westward Unit 1 (PW1), Port Westward Unit 2 (PW2), Beaver natural gas-fired generating plant (Beaver), Coyote Springs Unit 1 (Coyote Springs) and Carty natural gas-fired generating plant (Carty). As of December 31, 2016, the Company owned and operated two wind farms, Biglow Canyon Wind Farm (Biglow Canyon) and Tucannon River Wind Farm (Tucannon River). The Company's hydroelectric projects consist of Pelton/Round Butte on the Deschutes River near Madras, Oregon, four plants on the Clackamas River, and one on the Willamette River.

FINANCIAL RATIOS  of  Portland General Electric (POR)

Valuation Ratios
P/E Ratio 21
Price to Sales 2.1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 7.3
Price to Free Cash Flow -130.8
Growth Rates
Sales Growth Rate 1.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.3%
Cap. Spend. - 3 Yr. Gr. Rate -2.3%
Financial Strength
Quick Ratio 0
Current Ratio 0.3
LT Debt to Equity 93.9%
Total Debt to Equity 100.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 4.1%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 8.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 34.7%
EBITDA Margin - 3 Yr. Avg. 33.6%
Operating Margin 17.3%
Oper. Margin - 3 Yr. Avg. 16.3%
Pre-Tax Margin 12.6%
Pre-Tax Margin - 3 Yr. Avg. 12.1%
Net Profit Margin 10%
Net Profit Margin - 3 Yr. Avg. 9.4%
Effective Tax Rate 20.6%
Eff/ Tax Rate - 3 Yr. Avg. 22.4%
Payout Ratio 57%

POR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the POR stock intrinsic value calculation we used $2009 million for the last fiscal year's total revenue generated by Portland General Electric. The default revenue input number comes from 0001 income statement of Portland General Electric. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our POR stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.2%, whose default value for POR is calculated based on our internal credit rating of Portland General Electric, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Portland General Electric.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of POR stock the variable cost ratio is equal to 50%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $642 million in the base year in the intrinsic value calculation for POR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Portland General Electric.

Corporate tax rate of 27% is the nominal tax rate for Portland General Electric. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the POR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for POR are equal to 327.9%.

Life of production assets of 19.1 years is the average useful life of capital assets used in Portland General Electric operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for POR is equal to 2.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2416 million for Portland General Electric - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 89.238 million for Portland General Electric is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Portland General Electric at the current share price and the inputted number of shares is $4.1 billion.

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COMPANY NEWS

▶ Is PGE (POR) a Great Dividend Play?   [Sep-11-18 09:15AM  Zacks]
▶ How Oregon Works: State's utility line workers among nation's highest paid   [Sep-06-18 03:22PM  American City Business Journals]
▶ Here are the Portland stocks driving Wall Street's latest bull run (Photos)   [Aug-22-18 05:29PM  American City Business Journals]
▶ PGE Releases Latest Annual Sustainability Report   [Aug-16-18 08:00AM  Business Wire]
▶ Is PGE (POR) a Great Dividend Play?   [Aug-03-18 10:54AM  Zacks]
▶ Portland General Electric Declares Dividend   [Jul-25-18 06:43PM  Business Wire]
▶ PGE and ratepayers off the hook for $130M cost overruns on Boardman plant   [Jul-18-18 11:39AM  American City Business Journals]
▶ Oregon electric utility regulation under a microscope   [Jul-17-18 09:15AM  American City Business Journals]
▶ With Intel's help, Portland launches smart city pilot aimed at traffic safety   [Jun-18-18 03:34PM  American City Business Journals]
▶ Dividend Stocks Investors Love   [09:02AM  Simply Wall St.]
▶ PGE Seeks 100 Average Megawatts of New Renewable Resources   [May-22-18 04:49PM  Business Wire]
▶ Best Dividend Paying Stocks   [May-15-18 09:02AM  Simply Wall St.]
▶ PGE: 1Q Earnings Snapshot   [Apr-27-18 05:17AM  Associated Press]
▶ Portland General Electric Increases Dividend   [Apr-25-18 06:04PM  Business Wire]
▶ Top NYSE Dividend Payers   [Apr-14-18 09:02AM  Simply Wall St.]
▶ March Top Dividend Payers   [Mar-14-18 09:02AM  Simply Wall St.]
▶ PGE looks to uncork renewable energy bidding   [Mar-02-18 09:55AM  American City Business Journals]
▶ PGE ready to roll with additional electric vehicle charging stations   [Feb-23-18 06:10PM  American City Business Journals]
▶ Portland General Electric seeks 4.8% rate increase   [10:59AM  American City Business Journals]
▶ PGE beats 4Q profit forecasts   [05:19AM  Associated Press]
▶ Portland General Electric Declares Dividend   [Feb-14-18 06:40PM  Business Wire]
▶ Top Dividend Stocks For The Week   [Feb-11-18 08:02AM  Simply Wall St.]
▶ Oregon regulators say tax cut could mean savings for utility customers   [Dec-30-17 12:00AM  American City Business Journals]
▶ OPUC Approves PGE Price Changes for 2018   [Dec-21-17 05:47PM  Business Wire]
▶ Final tax bill ditches biggest threats to PacifiCorp, PGE wind plans   [Dec-20-17 06:23PM  American City Business Journals]
▶ Portland General Electric eyes spending up to $100M on energy storage   [Oct-27-17 06:15PM  American City Business Journals]
▶ PGE beats 3Q profit forecasts   [05:05AM  Associated Press]
▶ Portland General Electric Declares Dividend   [Oct-25-17 06:02PM  Business Wire]
▶ PGE getting access to cheaper power, more renewables   [Oct-02-17 06:00PM  American City Business Journals]
▶ A 1.8% solution: Agreement could dramatically slash PGE's proposed rate hike   [Sep-19-17 06:45PM  American City Business Journals]
▶ Portland council set to approve deals to keep hydropower flowing   [Aug-17-17 06:51PM  American City Business Journals]
▶ PGE misses 2Q profit forecasts   [Jul-28-17 11:14PM  Associated Press]
▶ PGE's Piro set to retire, company taps familiar name to replace him   [10:25AM  American City Business Journals]
▶ PGE Announces CEO Succession Plan   [08:00AM  Business Wire]
▶ Portland General Electric Declares Dividend   [Jul-26-17 05:15PM  Business Wire]
▶ PUC approves Portland General Electric tank farm sale, disappointing environmentalists   [Jun-27-17 04:50PM  American City Business Journals]
▶ PUC delays vote on PGE fuel-tank sale opposed by environmentalists   [Jun-14-17 09:20AM  American City Business Journals]

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