Portland General Electric falls after $480 mln stock offering

Portland General Electric Co

18/02/2026 12:31

** Portland General Electric Co POR.N shares down 3% premarket at $51 after overnight $480 mln follow-on priced

    ** Oregon-based utility late Tues announced ~9.5 mln shares at $50.70 with forward sale component

    ** Offering price represents
    3.5% discount to last close

    ** Co entered into 2-yr forward sale agreements with lead bookrunners Wells Fargo and BofA

    ** Upon settlement of agreements, co says intends to use net proceeds for general corp purposes and investment in renewable energy and non-emitting dispatchable capacity related to its 2023 All-Source Request for Proposal, which may include debt repayment, including commercial paper

    ** Early Tues, Berkshire Hathaway BRKa.N-owned PacifiCorp said it's selling its wind, natural gas generation and distribution assets and infrastructure in Washington state for $1.9 bln, citing liquidity concerns as it battles wildfire litigation in Oregon

    ** Manulife Investment Management MFC.TO to take 49% stake in the Washington utility business

** Portland General has ~115.6 mln shares outstanding for roughly $6 bln market cap

** POR shares, which fell 2.7% on Tues, have still gained ~26% over the past year

    ** Of 12 analysts, 3 rate the stock "strong buy", 8 "hold", while 1 recommends "strong sell"; median PT $52, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))