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Portland General Electric (POR)

Portland General Electric is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves approximately 900,000 customers with a service area population of 2 million Oregonians in 51 cities. PGE owns 16 generation plants across Oregon and other Northwestern states and maintains and operates 14 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2020, PGE, employees, retirees and the PGE Foundation donated $5.6 million and volunteered 18,200 hours with more than 400 nonprofits across Oregon.

POR stock data

Calendar

27 Jul 22
13 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 91M 91M 91M 91M 91M 91M
Cash burn (monthly) 6.33M (no burn) (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 9.23M n/a n/a n/a n/a n/a
Cash remaining 81.77M n/a n/a n/a n/a n/a
Runway (months of cash) 12.9 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 Aug 22 John Teeruk Kochavatr Common Stock Sell Dispose S No No 53.715 2,000 107.43K 14,112
8 Aug 22 Sims Michael Brett Common Stock Sell Dispose S No No 52.786 1,525 80.5K 11,638
29 Jul 22 John Teeruk Kochavatr Common Stock Payment of exercise Dispose F No No 51.34 358 18.38K 16,112
29 Jul 22 John Teeruk Kochavatr Common Stock Grant Acquire A No No 0 1,100 0 16,470
25 Jul 22 Nicholas Gustin Blosser Common Stock Grant Acquire A No No 0 10,103 0 10,103
92.4% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 339 327 +3.7%
Opened positions 48 48
Closed positions 36 32 +12.5%
Increased positions 132 104 +26.9%
Reduced positions 109 113 -3.5%
13F shares Current Prev Q Change
Total value 4.59B 4.36B +5.3%
Total shares 82.49M 82.32M +0.2%
Total puts 12.1K 74K -83.6%
Total calls 43.5K 46K -5.4%
Total put/call ratio 0.3 1.6 -82.7%
Largest owners Shares Value Change
Vanguard 9.73M $536.46M +3.1%
BLK Blackrock 7.8M $430.25M -11.8%
Wellington Management 6.07M $334.65M +21.8%
Fuller & Thaler Asset Management 4.46M $245.82M +0.5%
FMR 4.17M $230.13M +0.8%
JPM JPMorgan Chase & Co. 3.13M $172.36M +2.5%
STT State Street 2.43M $135.27M +16.1%
Massachusetts Financial Services 2.38M $131.17M +1.4%
CNS Cohen & Steers 2.04M $112.41M +17.3%
Geode Capital Management 1.57M $86.48M -12.7%
Largest transactions Shares Bought/sold Change
Wellington Management 6.07M +1.09M +21.8%
BLK Blackrock 7.8M -1.04M -11.8%
RY Royal Bank Of Canada 210K -845.28K -80.1%
Leeward Investments, LLC - MA 646.98K +646.98K NEW
Norges Bank 0 -495.83K EXIT
STT State Street 2.43M +337.87K +16.1%
CNS Cohen & Steers 2.04M +300.13K +17.3%
Citadel Advisors 46.93K -291.41K -86.1%
Vanguard 9.73M +288.97K +3.1%
Allianz Asset Management GmbH 381.53K +263.29K +222.7%

Financial report summary

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Risks
  • Development of alternative technologies and changes in legislation and regulation may negatively impact the value of PGE’s facilities.
Management Discussion
  • * Includes an allowance for borrowed funds used during construction of $1 million and $2 million for the three months ended June 30, 2022 and 2021, and $3 million and $4 million for the six months ended June 30, 2022 and 2021, respectively.
  • Net income for the three months ended June 30, 2022 was double that of the three months ended June 30, 2021 as total revenues increased while Purchased power and fuel expenses declined. Revenues increased as a result of several factors, including an increase in customer prices to cover anticipated higher net variable power costs as authorized by the OPUC in the AUT. The Company was able to optimize forward contracts for power and natural gas to lower its Purchased power and fuel expense compared to the same period of 2021, thus improving income from operations. Wholesale revenues also increased substantially while Other operating revenues reflected gains from the sale of excess natural gas back into the market. Total operating expenses were comparable to the prior year quarter as the savings in Purchased power and fuel expense mostly offset modest increases in the other line items. Other income declined primarily due to changes in performance of the Non-qualified benefit plan trust assets. Income taxes increased due primarily to higher Income before income tax expense.
  • Net income for the six months ended June 30, 2022 was comparable to the same period of 2021. Wholesale revenues were the largest contributor to higher revenues in 2022 as both volumes and prices have increased. Increases in Retail revenues were led by the increase in customer prices to cover anticipated higher net variable power costs, as authorized by the OPUC in the AUT, which were anticipated to be offset by higher power costs.

Content analysis

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