Portland General Electric Stock Up on Symmetrical Triangle Breakout and FY22 Results

  • Post category:Stock Trading
  • Reading time:8 mins read
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In this article we look at how Portland General Electric stock formed a Symmetrical Triangle breakout pattern on the chart as well recent news releases. Portland General Electric (PGE) is an electric utility company that provides electricity to customers in the Portland, Oregon area. PGE operates several power plants and delivers electricity to homes, businesses, and industries. In addition, PGE also offers renewable energy options such as wind and solar power.

Portland General Electric Stock

Portland General Electric stock confirmed a Symmetrical Triangle breakout on February 17, 2023. The stock is in a technical uptrend.

Portland General Electric stock chart on February 19 2023 with a Symmetrical Triangle breakout chart pattern
Portland General Electric stock chart on February 19, 2023, with a Symmetrical Triangle breakout chart pattern

Portland General Electric stock price looks set to test horizontal resistance at $50.27 in the coming days.

Portland General Electric requests 14% rate increase

On February 16, 2023, PGE filed a GRC based on a 2024 test year requesting an increase that, when including Colstrip related adjustments through a supplemental tariff, results in an overall average increase of approximately 14% in customer prices for 2024. The requested price increase includes an approximate 4.5% increase as a result of higher Net Variable Power Costs expected in 2024. The NVPC projection will be updated periodically during 2023.

The company’s 2024 GRC filing seeks “recovery of investments to modernize our grid to meet growing demand, withstand extreme weather events, support increased renewable energy growth and reflect the rate of inflation since our last rate case in 2022, all in service of our capability to deliver safe, reliable, clean electricity to customers”.

Portland General Electric announces 2022 financial results and initiates 2023 earnings guidance

On February 16, 2023, Portland General Electric Company reported net income based on generally accepted accounting principles (GAAP) of $233 million, or $2.60 per diluted share, for the year ended December 31, 2022. Portland General Electric reported FY22 adjusted EPS of $2.74 versus the consensus estimate of $2.75. The company reported FY22 revenue of $2.65B versus the consensus estimate of $2.51B.

“Our performance in 2022 laid a strong foundation for long-term growth as we took meaningful steps forward in our decarbonization journey, navigated historic power market volatility, and executed well in the face of severe weather,” said Maria Pope, PGE president and CEO. “As we continue to lead the way in the clean energy transition, affordable electricity has been and will be key, requiring further strategic investment in technologies and resources to increase resiliency throughout the State. Looking ahead, our priorities for 2023 and beyond remain grounded in providing safe, reliable, affordable and increasingly clean energy to customers and the communities we serve.”

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Frequently Asked Questions

What is Portland General Electric Company’s stock symbol?

The stock symbol for Portland General Electric Company is POR.

Is Portland General Electric Company stock a good buy?

The answer to this question depends on a number of factors and ultimately comes down to the individual’s personal risk tolerance, investment goals, and financial situation. It is always best to do research and speak with a financial advisor before making any investment decisions. But yes, a symmetrical triangle breakout is bullish meaning the stock is probably a good buy as of February 19, 2023.

How accurate is the symmetrical triangle pattern?

The symmetrical triangle pattern is considered to be a reliable and accurate trading pattern. It is typically used to indicate a potential reversal in the market, where the price action consolidates or narrows before continuing in the reverse direction. This pattern is also often used to signal a breakout. Due to its reliability, the symmetrical triangle pattern is often used by traders to identify potential trading opportunities.

Do any famous investors hold Portland General Electric Company stock?

Yes, famous investors such as Warren Buffett, Bill Ackman, and Jeff Ubben have all been reported to hold shares of Portland General Electric Company.
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